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A good news story about a carrier, for a change. Cia Sud Americana de Vapores (CSAV) had become the world’s seventh largest shipping line when the economy failed in 2008. Controlled by a wealthy Chilean family, it has cut loss-making routes, returned chartered vessels, and has focused on becoming a niche Latin American carrier. And now, as the 20th largest shipping line, it is back in the black after a record $1.25 bn loss in 2011, and a darling of the investment community.

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