CSAV seeks $360m equity boost
Chiles largest shipping group, CSAV, has announced plans to raise a
further $360m in fresh equity in December as it seeks to bolster its
flagging cash reserves.
A sharp fall in revenues and a net loss of $561m for the groups
container line in the first nine months has left the group needing to
inject further capital in 2010 to stay afloat.
It is already in the process of raising $235m from existing
shareholders as part of plans to inject $740m by the end of the year.
The companys main shareholders including Maritima de Inversiones
(Marins) have already committed to invest more than $113m and have
until December 10 to acquire up to 417m shares on offer.
A week later shareholders will be asked by the company to dig deeper
with a further $360m needed. A shareholders meeting is scheduled in
Valparaiso for December 18.
German shipowners with vessels on hire to the Chilean group have also
agreed to inject $360m into the group in return for up to 20% of the
company as part of an agreement to reduce the companys charter rates.
Source: Lloyd's List
i personally wonder if it makes sense to pump even more multi millions into sinking boats like CSAV or CMA CGM or Hapag Lloyd or, or....
All these companies really have "made money" in the past years before
"the crisis" - where did all that wealth go to ?
Why are they unable to generate income by raising the freightrates per
container above the break-even level, instead of fighting for imaginary but worthless marketshares by lowering rates further and further.
Right, this is in fact a bit unfair, cause they do their best....
read what's actually going on:
Box capacity glut to last until 2013
Former Maersk executive Jesper Kjaedegaard, who is now Mercator
International partner and president of the Chamber of Shipping, said
with 1.3m teu of vessels laid up, more than 1.5m teu due to be
delivered by December 2010 and around 200,000 teu taken out of the
market through slow steaming, the industry was looking at close to 3m
teu in excess capacity by the end of next year unless there was a
major upturn in trade or scrapping of old vessels.
In addition as vessels deployed on individual trades tend not be fully
utilised in the current market so there is in reality more excess
capacity than simply the number of idle vessels would indicate. He
warned there would be casualties in the industry although he would not
name which companies would be likely to fail.
Although gloomy about the outlook for the container shipping industry
as a whole, low charter rates do present an opportunity for new
entrants.
As vessels in the 4,000 teu capacity range are either cascaded in
favour of newer, larger ships, or returned to charterers, it has
resulted in a glut of cheap tonnage. A new entrant looking to start a
service on the transpacific trade would be paying in the region $6,000
per day to time charter a 4,000 teu vessel. By contrast the cost for a
shipowner of operating a 4,000 teu vessel is around $5,000-$6,000 per
day excluding finance and drydocking costs.
Lloyd's List
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WCSA lines shall raise rates throughout 2010
Member lines of the West Coast South America Discussion Agreement have
agreed on four staggered rate increases of $350 per 20-foot container
and $500 per 40-foot container over the next year for southbound
shipments from the U.S. East and Gulf coasts.
The rate increases are to take effect Jan. 18, April 1, July 1 and
Oct. 1.
WCSADA also approved similar staggered increases on shipments from the
U.S. East and Gulf coasts to the East Coast of Colombia of $200 per
20-foot container, $400 per 40-foot container and $9 per cubic meter
for less-than-container load cargo. The increases go into effect on
the same dates as the above hikes.
Finally, the lines approved a $500 per 20-foot container increase for
northbound cargo from the West Coast of South America.
The rate increases are voluntary and non-binding.
American Shipper
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France to rescue CMA CGM by using state investment funds
Frances state investment arm, Fonds Strategique d'Investissement
(FSI), has announced it is prepared to invest in the troubled
Marseilles-based CMA CGM Group, which is saddled with US$5.6 million
in debt.
The company, the world's third biggest container shipping line, after
Maersk and Mediterranean Shipping Company, must repay loans taken to
finance new ships. It was planning to defer or cancel delivery of 60
ships while disposing of older ships and minority holdings to raise
cash.
The Asia/Northern Europe lines, which account for nearly a quarter of
CMA CGM volume have returned to profitability since October, said the
company. In October, CMA CGM revealed that it has lost $515 million in
the first half of 2009 on revenues of $4.8 billion, after making a
$123 million profit in 2008 on revenues of $15 billion.
CMA CGM has a fleet of 91 owned and 272 chartered ships with a
combined capacity of more than one billion TEU.
Schednet
this agin is a bit of a surprise cause CMA CGM is not French owned
but controlled by the lebanese Sade family
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Hanjin expect industry-wide recovery next year
Hanjin chairwoman Choi Eun-Young, whose company is a major operator on
Asia-US routes, said she anticipates the downturn in the industry will
end late next year, reported Reuters.
The Korean carrier, Hanjin Shipping, expects to see its own losses
narrow next year, she said, without elaborating. Ms Choi was speaking
at a news conference to mark the launch of Hanjin Shipping Holdings, a
holding company split from Hanjin Shipping.
Schednet
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Evergreen Hikes Freightrates
Fees on freight from Asia to India and Middle East to rise Dec. 15
In a continuing drumbeat of rate increases on its global services,
Evergreen Line on Wednesday announced that it will boost rates on all
cargoes and commodities including reefer and special equipment it
carries on two services from the Far East that is onboard as of Dec.
15.
It will increase rates by $75 per 20-foot container on its services
from the Far East to ports in the Middle East.
It is also increasing rates by $100 per TEU on services from the Far
East to the Red Sea, Sri Lanka, Pakistan and BangladeshJOC
