Saturday , 14 December 2019
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Chilean shipper Compania Sud Americana de Vapores (CSAV) said that it was in merger talks with German container shipping company Hapag-Lloyd. According to Reuters, CSAV has faced steep losses in the recent years brought about by lower shipping rates, high fuel prices and expensive leases.

CSAV and Hapag-Lloyd in merger talks

CSAV said in a statement that it is in talks with diverse actors in the industry for a possible tie-up in the container-shipping business.

Reuters, citing a report by German news daily Die Welt, said top executives of CSAV and Hapag-Lloyd met two weekends ago in Miami and reportedly discussed a number of options, including a merger. Talks between the two companies, however, were at an early stage.

Under the stewardship of the Luksic family, CSAV spun off its SAAM storage and logistics unit in 2012. It had bought ships to replace those that were leased as part of a plan to reverse losses.

The Luksic family is the richest household in Chile. They became CSAV’s majority shareholders after the company completed a US$1.2bn capital increase in 2012.