CCNI emerges from slump with $47 million net profit for 2010

CHILEAN carrier CCNI has posted a 2010 full-year net profit of US$47 million, marking a big turnaround after a net loss of $42 million in 2009 that prompted financial restructuring last year.

Revenue generated through its core container shipping business, as well as the car carrier and break bulk divisions rose 35 per cent year on year to $823 million.


The positive earnings follow the renegotiation last year of a $61 million reduction in charter rates in return for equity from European owners, in addition to a $46 million debt to equity swap, reports Alphaliner, which said it is the only ocean liner in the top 30 to rely solely on chartered box ships.


The report added the carrier plans to acquire container vessels this year financed by debt, equity and operating cash flow.