Business, Logistics, Sea

No early plans for sell-off, says CSAV

[ November 30, 2011   //   Chris ]

Chilean shipping line CSAV has refuted reports that it has asked its financial advisor to find a buyer for its container business. While the operator said it had implemented a “profound” restructuring plan to tackle the challenges faced by the company and the industry, its plan “involves the search for a strategic partner for our container business” but its financial advisor Celfin Capital had not been specifically instructed to find a buyer.

The plan involves a $1.2bn capital injection and redesign of the services portfolio to focus on markets where CSAV had clear competitive advantages.

It also planned to separate the cargo shipping business from the port and terminal operation.