Chilean shipping company Compañía Sud Americana de Vapores (CSAV) has refuted earlier reports that it is selling its container shipping operations after incurring huge losses in the second and third quarters of the year.
The company said in a statement that it was reshuffling its routes to concentrate on selected markets, and seeking joint ventures with other container lines to enhance its efficiency and quality of service.
CSAV added that it is not looking for a buyer but for a strategic partner for its container business.
Reports surface that the company intended to sell off its container shipping operations after seeing a net loss of US$343 million in the third quarter and a net loss of $339 million in the previous quarter. The company cited rising operational costs and slumping freight rates for its back-to-back losses.
Last year, the company reaped $149.5 million in profit in the third quarter.
The company said that it plans to set apart its container shipping operations from the port and terminal businesses so the latter may grow further.
