CSAV to cut Asia-North America as losses forecast for 2009

COMPANIA Sudamericana de Vapores SA, Latin America's biggest container shipping company, has posted a net loss of US$38.6 million for 2008, compared with a profit of $117 million the previous year, as the global economic crisis weakens demand for consumer goods.

Consequently, CSAV is forecasting important losses this year, and plans to reduce services between Asia and northern Europe this quarter to cut costs.

We will probably have important losses in 2009, said a company statement reported by Bloomberg. A significant part of these losses should occur in the first quarter.

Valparaiso, a Chile-based company, revealed that it will also suffer losses on fuel hedging this year, mostly in the first quarter.

Source: Portnews