Compañía Sud Americana de Vapores
| Compañía Sudamericana de Vapores, SA
|
|
|---|---|
 |
|
| legal form | Corporation |
| ISIN | CLP3064M1019 |
| founding | 1872 |
| Seat |
Valparaíso and Santiago , Chile
|
| management | Oscar Hasbún Martínez (CEO) Francisco Pérez Mackenna (Chairman of the Board of Directors) |
| Number of employees | <1000 |
| Branch | shipping |
| Website | www.csav.com |
The Compañía Sudamericana de Vapores (CSAV) is a Chilean shipping company . Until the merger of its container division with the German shipping company Hapag-Lloyd in 2014, it was Latin America's largest shipping company. CSAV has existed since 1872 and is a traditional Chilean company. The current CEO is Oscar Hasbún Martínez.
history
The CSAV was founded in 1872 and is therefore one of the oldest shipping companies still in existence worldwide. In 1873 the CSAV was listed on the Santiago de Chile Stock Exchange . The company began with coastal shipping , the services of which quickly expanded into a growing network of routes along the west coast of South America up to the Panama Canal, which was then under construction . In later years, the shipping company expanded its lines first to the ports of the United States , then to Europe , Asia and the South American east coast.
In April 2011, the Chilean Quiñenco holding took part in the CSAV. Quiñenco now holds 56% of the CSAV shares. Quiñenco is a subsidiary of Grupo Luksic owned by the Luksic family and employs around 68,000 people through its investments. Due to the global shipping crisis, CSAV recorded significant losses in 2011. 2011 was the worst year in the company's history. As a result, CSAV carried out far-reaching restructuring measures from May 2011: it concentrated its business on the home market of Latin America , expanded its fleet , deepened strategic alliances and reduced costs. The company closed fiscal year 2012 with losses of US $ 314 million. This was a 74.9% improvement over 2011. In 2013, CSAV posted losses of $ 169 million - 46% less than the previous year.
At the end of 2013, 50 container ships sailed for CSAV on 32 lines (plus feeders) across all oceans and transported around 2 million TEU per year. Between 2011 and 2014, CSAV invested a total of around 1.6 billion US dollars in new, modern container ships, including seven with a capacity of 9,300 TEU. The last of these ships were delivered in 2015. With the modernized and enlarged fleet, CSAV reduced its fuel costs and replaced previously chartered ships with their own.
2014: Merger of the container business with Hapag-Lloyd
From January 2014 the CSAV held merger talks with the German shipping company Hapag-Lloyd . On December 2nd, 2014, both shipping companies announced the successful completion of the merger of their container divisions. The new company is the sixth largest container shipping company in the world with a total transport capacity of almost 1 million TEU , a freight volume of almost 7.5 million TEU per year and a total turnover of almost 9 billion euros per year. The merger is already generating synergies, the value of which is expected to increase to around USD 400 million annually by 2017.
CSAV's piece, liquid and refrigerated goods as well as vehicle transport are excluded from the transaction. The shipping company remains listed on the stock exchange in Santiago de Chile .
In return for the transfer of its container business, CSAV initially received 30% of the shares in Hapag-Lloyd. This share was increased to 34% in the course of a capital increase at the end of 2014. This makes the CSAV the largest shareholder in Hapag-Lloyd. In this role, the CSAV is sending its CEO, Oscar Hasbún Martínez, and its Chairman of the Board of Directors, Francisco Pérez Mackenna, to the Hapag-Lloyd Supervisory Board with effect from the merger . In the course of Hapag-Lloyd's IPO, CSAV's stake was adjusted to 31.35%.
Current
In the course of the merger, CSAV's container business was fully integrated into Hapag-Lloyd. This process has largely been completed, with annual synergies of $ 400 million exceeding expectations.
The CSAV continues to operate general cargo services with a focus on the transport of chilled and frozen goods as well as bulk and vehicle transport services. Own and chartered refrigerated ships , bulk carriers and car transporters are used . In addition, the CSAV offers intermodal transport and other transport services. A door-to-door service was operated by the company's subsidiary Sudamericana Agencias Aéreas y Marítimas (SAAM) until 2012 , but CSAV has since separated from it.
In the 2014 fiscal year, CSAV generated a profit of $ 389 million. This result is largely influenced by the transfer of its container division to Hapag-Lloyd, which was valued at a total of 619 million US dollars.
In August 2016, Hapag-Lloyds shareholders approved the merger with the Arab competitor United Arab Shipping Company ( UASC ). The transaction is scheduled to close in 2016, subject to approval by the competition authorities. As a result of the merger, Hapag-Lloyd will have a fleet of 240 ships and a capacity of around 1.5 million TEU , making it one of the top 5 in the industry. The merger will give the Arabs around 28% of the shares in Hapag-Lloyd. Together with the city of Hamburg and the entrepreneur Klaus-Michael Kühne, CSAV will continue to control a majority of 52% in Hapag-Lloyd.
Web links
- CSAV homepage (English, Spanish, Portuguese)
Individual evidence
- ↑ - ( Memento of the original from May 6, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Archive link ( Memento of the original from November 25, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Bloomberg, January 23, 2013
- ^ Journal of Commerce, April 26, 2012
- ↑ Bloomberg, March 28, 2013
- ↑ Business News Americas, February 28, 2014
- ↑ Annual report CSAV 2013
- ↑ Journal of Commerce , April 4, 2013 ( Memento of the original from April 13, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Shipping Online
- ↑ World Maritime News, October 30, 2014
- ↑ http://www.alphaliner.com/top100/
- ↑ http://ir.hapag-lloyd.com/hapaglloyd/pdf/news/1545883.pdf
- ↑ http://ir.hapag-lloyd.com/hapaglloyd/pdf/news/1545883_attachment.pdf
- ↑ Announcement of the merger deal (CSAV), December 2, 2014
- ↑ Hamburger Abendblatt, February 5, 2015
- ^ Announcement of a change in the Supervisory Board (Hapag-Lloyd), December 3, 2014
- ↑ CSAV Q2 2016 Results Presentation ( Memento of the original from October 5, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Hapag-Lloyd presentation of July 18, 2016, p. 17
- ↑ Port Technology International, March 30, 2015
- ↑ Handelsblatt, August 26, 2016
