CSAV pays heavy price for recovery

The net loss in 2012 was, however, a significant improvement over the net loss of US$1,023m in 2011 (after adjustments for the divestment of SAAM which took place in February 2012). CSAV managed to post its second consecutive quarter of positive operating (EBIT) earnings in the Q4, with an operating profit of US$8.4m which follows from the US$37.3m operating profit in Q3.

The improved results largely reflect the effects of the restructuring undertaken by the company since 2011, which led to a 56% reduction of its containership carrying capacity, demoting it from the seventh to 20th place, according to Alphaliner’s carrier capacity rankings.

CSAV has recorded a total loss of US$342m from the