Thursday, January 30, 2020

Shipping: Chile's CSAV Now Largest Shareholder In Germany's Hapag-Lloyd

From The LoadStar, January 29:
Chilean shipping company CSAV has become the largest single shareholder in Germany’s Hapag-Lloyd, overtaking Klaus Michael Kuehne’s investment fund.

This month, the Chilean company, which became a large, but minority, shareholder in Hapag-Lloyd following the 2015 takeover of CSAV’s container shipping assets, boosted its stake from 27.8% to 30% after acquiring shares from Qatar Holdings, reducing its stake from 14.5% to 12.3%, according to Alphaliner.

CSAV general manager Oscar Hasbun described the purchase as “a new example of our long-term commitment to Hapag-Lloyd and our confidence in stability that the company has given the shareholders’ pact that we have with Kuehne Maritime and the city of Hamburg.”

The shares cost CSAV around US$330m and was accompanied by the company’s decision to exit the car-carrying ro-ro business, which it said had “historically represented less than 1% of the total assets of CSAV....MORE