CSAV’s second quarter operating loss narrowed sharply year-over-year to $61.7 million from $381.4 million as the Chilean ocean carrier reaped the benefits of higher freight rates and a radical financial restructuring.
The smaller loss in the three months to June 30 was also a marked improvement on the $175 million deficit in the first quarter of 2012.
Losses from discontinued operations totaled an additional $75 million, including provisions of $57 million for the second quarter.
CSAV Chief Executive Oscar Hasbun said the results were in line with expectations, and the improve performance likely would continue into the third quarter.
CSAV is the world’s 20th-largest carrier with a fleet of 58 ships with a combined capacity of 260,805 20-foot-equivalent units, of which 10 are owned and the remainder are chartered, according to container market analyst Alphaliner.
The Chilean carrier restructured its finances and downsized its operations in a bid to stem a loss that ballooned to $1.25 billion in 2011. It has more than halved its fleet from a peak of 588,000 TEUs in the first quarter of 2011, according to Alphaliner.
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