The liner carrier CSAV said Tuesday it had first-half operating losses of $265 million, 55.7 percent lower than in the same period in 2011.
Revenue for the Chile-based carrier fell 32.5 percent to $1.8 billion. First half volume fell 52.7 percent to 820,200 TEUs.
CSAV’s second quarter was much stronger than a year prior, with the line losing $61.7 million from operations, compared to $381.4 million in the same period in 2011.
“Losses from discontinued operations were an additional $75 million, corresponding to the deep operational, financial and corporate restructuring implemented by CSAV,” the line said. “Of these, $57 million relate to provisions for the second half of the year.”
CSAV is now the 20th largest carrier in the world by fleet capacity, after reaching all the way to 8th in 2010.
CSAV Chief Executive Officer Oscar Hasbún said the operating results are in line with those projected at the start of the year and results have been improving month by month. Hasbún said the line expects that trend to continue during the third quarter.
Hasbún also noted freight rate improvement in the second quarter will reflect in CSAV’s third quarter performance “as the company’s accounting shows the results with a greater time lag than the rest of the industry. The results reported today reflect an important percentage of the activity of the first quarter when the market was still not showing the signs of improvement which are evident now.”
Most global carriers reported a small profit in the second quarter. – Eric Johnson
CSAV narrows losses
