BACK from the brink of collapse, Chilean containership company CSAV has achieved a profit in the first half of 2010 driven by rising volumes and freight rates.
The shipping line reversed a loss of US$402 million in the first six months of 2009 to register a net profit of $37 million in the first half of this year.
The company said that it made a profit of $69 million in the second quarter, with top line revenue surging ahead 64 per cent year on year to $2.5 billion.
The carrier said in a statement that it expected third quarter earnings to exceed those of the second quarter. However, CSAV cautioned that the outlook remained very uncertain and any deterioration would likely impact future earnings.
"Although our short-term forecasts are more favourable for the reasons already exposed, there is still great uncertainty, which must be considered by our shareholders," said the statement.
In the seven months to July container liftings were up by 60 per cent to 1.5 million TEU, while average freight rates had recovered 55 per cent from the low of August 2009, reported London's Containerisation International. The company is forecasting that overall box carryings will be up by 63 per cent by year-end compared to the previous year at 2.9 million TEU.
The report added: "CSAV has been taking advantage of low charter rates to expand shipping capacity on the back a recovering global trade. In the 18 months to June 2010 it reckons to have increased onboard ship capacity by 66 per cent and now boasts 127 box vessels with a collective capacity of 478,000 TEU.
Two further 6,600-TEU ships are due for delivery between Q3 10 and Q2 11 with an additional five 8,000 TEU scheduled by the first quarter of 2012. The Chilean carrier is now estimated to be the eighth largest container line, a giant leap from last year's 16th place."
Source : HKSG, 17.08.10.
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