Chilean carrier CSAV said its first quarter loss on continuing operations narrowed to $175 million from $213 million a year ago, but that rising rates improved results toward the end of the quarter.
The operational results did not include discontinued operations from SAAM, the terminals, tugs and logistics unit that CSAV spun off last year. CSAV’s net loss, including $27 million in costs related to a financial restructuring, was $203 million.
CEO Oscar Hasbun said that if rates continue to rise through the peak season, CSAV could break even on operations later this year. “During March and April, we have noted significant improvements in market conditions, although still not sufficient to produce positive results,” he said.
Hasbun cited industrywide weakness in rates and high fuel prices, and said “CSAV’s ability to reach breakeven is related to the behavior of these variables and the way in which the various players in our industry face the present complex scenario.”