The German shipping company, of which Compañía Sud Americana de Vapores is one of the main shareholders, reported better-than-expected EBIT and EBITDA.

Positive revenue for the 2020 fiscal year is primarily attributable to an improved freight rate and shipping volumes that were only slightly below last year’s levels.

Santiago, January 27, 2021. Compañía Sud Americana de Vapores (CSAV), considered as positive the preliminary earnings for 2020 reported today by Hapag-Lloyd, the fifth-largest shipping company worldwide and of which CSAV is one of the main shareholders, with significantly higher EBIDTA and EBIT despite the Coronavirus pandemic.

According to the figures provided by the German shipping company, EBIT for 2020 was approximately US$1.5 billion while EBITDA exceeded US$ 3 billion. These earnings are primarily the result of a combination of an improved freight rate, lower fuel prices and the success of the Performance Protection Program, which the company enacted to mitigate the impact of COVID-19.

EBIT also includes one-off expenses of approximately US$140 million in the fourth quarter of 2020, primarily related to revaluing some ships.

Meanwhile, revenue for the 2020 fiscal year was up approximately 3%, totaling US$14.6 million, mainly thanks to an improved average freight rate, whilst shipping volumes were only slightly below last year’s levels (-1.6%), after a sharp recovery beginning in September.

“Preliminary earnings reported by Hapag-Lloyd showed that despite pandemic-related uncertainty – which still looms – the shipping company has managed to continue its favorable operational evolution. As one of its main shareholders, this performance has directly influenced our positive earnings this past year, reaffirming CSAV’s sound position as an attractive investment vehicle in the German shipping company, ratifying our long-term commitment to it,” explained Óscar Hasbún, Chief Executive Officer of CSAV.

The preliminary earnings reported by Hapag-Lloyd anticipate a good outlook for CSAV, which will announce 2020 earnings in March.