CSAV to acquire seven new containerships

Integration of seven 9,300 TEUs vessels worth USD 570 million will increase CSAVs own fleet to around 55 percent
 
The Board of Directors of Compañía Sud Americana de Vapores S.A. (CSAV) has approved an investment plan of USD 570 million consisting in the acquisition of seven new containerships. The 9,300 TEUs vessels will be built by Samsung Heavy Industries (SHI), South Korea. They will be delivered as from the end of 2014. It is planned to finance the newbuilding order with 40% equity (about US$230 million) and 60% financial debt (about US$340 million). CSAV also has the option to order up to seven additional vessels on similar conditions.
 
The objective of this investment is to replace part of the existing chartered capacity. Thus, CSAV will increase its own fleet from the current 37% to around 55%, in line with the industry average and far from the 8% owned at the beginning of 2011. These new vessels will significantly improve the fuel-consumption efficiency (main cost of the industry) of the CSAV fleet and will lower vessel-chartering costs; allowing the company to operate one of the most efficient containerships fleet of the industry.
 
Compañía Sud Americana de Vapores (CSAV) is a Chilean shipping company, operating more than 30 liner services around the world. Founded in 1872, it is one of the oldest shipping companies in the world and one of the largest in Latin America.

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