CSAV will close its Maritime Vehicle Transport Business to focus on its Container Shipping Business
Santiago, January 23, 2020. Compañía Sud Americana de Vapores S.A. (“CSAV”) decided today to close its Maritime Vehicle Transport Business (“Ro Ro Business”) and to put an orderly termination to that activity.
The decision was taken by CSAV in the context to focus all its economics and administration efforts on managing and developing its main business: its stake in the German shipping company Hapag-Lloyd AG, in which CSAV is to date its main shareholder, in addition of being a member of the controlling shareholders agreement with the City of Hamburg and Kühne Maritime.
From this date, CSAV will communicate its customers of its decision to close the Ro Ro Business and the operational solutions to ensure the continuity of their transport needs.
CSAV estimates that the closure of the Ro Ro Business will not cause material costs from a financial point of view due to the relative size of this Business for CSAV. As a reference, the Ro Ro Business has historically represented less than 1% of the total assets of CSAV.