The liner carrier CSAV said Friday it had operating losses of $175.6 million in the first quarter, a slight decline from the $182 million it lost in the same period in 2011.
Operating revenue in the quarter fell 42.7 percent year-on-year, to $832 million, largely a result of CSAV cutting its operating fleet and withdrawing from a host of services.
The line’s container volume fell to 499,800 TEUs (a 43 percent fall exactly in line with its revenue decline) suggesting its efforts to raise profitability in the past year has bore little fruit. However, in March the line did record its highest average revenue per TEU level in 16 months, albeit on far lower volume than in March 2011.
CSAV 1Q losses narrow marginally
