Prospects darken for CSAV as July box volume slips 2pc to 264,200 TEU

Time:2011-08-24 Browse:48 Author:RISINGSUN

CHILEAN carrier Compania Sud Americana de Vapores (CSAV) has announced a two per cent year-on-year decline in container throughput to 264,200 TEU in July.

This was the lowest monthly volume posted since June 2010, a situation blamed on weak rates and markets, which induced CSAV to abandon long-haul strings two months ago.


The big factor in the decline, reported Paris-based maritime consultancy Alphaliner, was CSAV`s withdrawal from the Far East-US west coast trade in June, when the ASIAM service was suspended.


In March, CSAV had already withdrawn from the Far Ear-US east coast trade. CSAV also withdrew two services in July, the Far East-West Med, or the Mare Nostrum Service, and the NACSA Mexico-WCNA service.


CSAV also combined its India-Europe (IMEX) service within joint services with MSC, under a wider rationalisation programme with the Geneva-based carrier.


CSAV has also stripped away tonnage from 588,000 TEU in March to 494,000 TEU today. Since embarking on an aggressive strategy in 2009, CSAV`s global ranking had climbed from 16th to seventh, but has since slipped back to 10th. CSAV suffered a net loss of US$186 million for the first quarter of 2011 and is expected to announce a negative result when it releases its second quarter report later this week.