CSX TAKES $300-MILLION CHARGE ON SEA-LAND SALE

   CSX Corp. said that it will take of third-quarter pre-tax charge of about $300 million related to the sale of the international shipping activities of its subsidiary Sea-Land Service.
    CSX agreed last month to sell the international shipping business of Sea-Land to Denmark’s A.P. Moller for $800 million.
    CSX said that it has to write down the value of Sea-Land’s assets because they must now be reclassified as assets for sale and revalued.      This means that the agreed sale’s price, after transaction costs, is below the current book value of Sea-Land’s assets, a spokesman for CSX told American Shipper.
    Having taken the write-down charge in the third quarter, CSX will not incur a capital loss on the sale when it is completed in or around the fourth quarter.