CSAV ship

German carrier Hapag-Lloyd’s presence in Asia and the North Atlantic will combine with Chilean carrier CSAV’s strong position in Latin America.

Hapag-Lloyd and the Chilean Compañía Sud Americana de Vapores (CSAV) are joining forces, by merging CSAV´s container business activities into Hapag-Lloyd, becoming the fourth-largest liner shipping company in the world. The corresponding contracts for the merger of the two companies were signed back in April in Hamburg. With approval from all the relevant global authorities all condition precedents were fulfilled.

Annual savings of at least USD 300 million are anticipated simply as a result of network optimizations, improvements to productivity and reductions in costs. The merged company will have around 200 vessels with a total capacity of approximately one million TEU, transporting some 7.5 million TEU every year and will set up its fourth regional headquarter in Valparaiso, Chile. With revenue of around USD 12 billion, the combined entity joins the elite group of international shipping companies.

From a Hapag-Lloyd news release