Chilean Compañía Sud Americana de Vapores or CSAV is considering selling its container shipping operations following another revenue loss in the third quarter of the year.
The liner saw a net loss of US$343 million in the third quarter after losing $339 million in the previous quarter as operational costs continued to rise and freight rates to weaken.
Last year, the company reaped $149.5 million in profit in the third quarter.
To stem further financial drains in the fourth quarter, CSAV has reportedly halted four of its services. It is also teaming up with other carriers to jointly serve on the Asia-Africa, South America-Europe, Asia-west coast of Latin America, Asia-Brazil, and India-Europe lanes next summer.
CSAV said the route revamp will enable it to significantly shore up its vulnerability to volatile market conditions, which are expected to carry over into the new year.
