CSAV Exits RoRo Business
- Business & Finance
Chilean shipping company Compañía Sudamericana de Vapores (CSAV) has decided to close its maritime vehicle transport (RoRo) business and focus on its container shipping business.
“The decision was taken by CSAV in the context to focus all its economics and administration efforts on managing and developing its main business: its stake in the German shipping company Hapag-Lloyd,” the company said in a statement.
To date, CSAV is the main shareholder in Hapag-Lloyd, in addition to being a member of the controlling shareholders agreement with the City of Hamburg and Kühne Maritime.
As explained, the closure of the RoRo business would not cause material costs from a financial point of view due to the relative size of this business for CSAV. The RoRo business has historically represented less than 1% of the total assets of CSAV.
Founded in 1872, CSAV is one of the largest shipping companies in Latin America. It offers transportation services, such as the maritime carriage of liquid and solid bulk cargoes, refrigerated cargo, cars and heavy equipment.