CSAV notches up $108m

Compania Sud Americana de Vapores (CSAV) has raised $108m to go towards a series of containership newbuildings.
CSAV chief executive Oscar Hasbun

CSAV chief executive Oscar Hasbun

The amount raised represents 53% of the $202m that the company expects to raise from its capitalization exercise.

The latest fund raiser sees the Quinenco Holdings, the controlling shareholder of the shipping company, increased its stake to 50.9%.

CSAV said the remaining shares will be offered again to shareholders in a second pre-emptive right period, which will begin on 7 August.

The purpose of the capital increase, which was approved by shareholders in March, is to complete the financing for seven new 9,300-teu vessels.

They are being built by South Korea’s Samsung Heavy Industries with deliveries starting at the end of 2014.

In May CSAV and Hapag-Lloyd confirmed that they will merge in a deal that will create the world’s fourth largest carrier.

The companies have signed a binding agreement but the marriage is still said to be subject to regulatory approval.

The combined entity will control about 200 vessels with a total carrying capacity of 1mteu and boast an annual turnover of over $12bn.

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