News / CSAV and Hapag-Lloyd may face more cost-cutting after spilling red ink in Q1

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In the first three months of the year, Chilean ocean carrier CSAV reduced its net loss by 31%, compared with the same period of 2013, recording a deficit of $66m.

However, the result last year included a $40m provision in anticipation of an anti-trust settlement in its car-carrier business.

CSAV’s container business, which, subject to regulatory approval, will be merged with that of German carrier Hapag-Lloyd in return for an initial 30% stake in the new entity, suffered a shocking quarter-on-quarter 10.6% ...