News / CSAV takes a hit after UASC merger with Hapag-Lloyd

© Mohamed Ahmed Soliman

This year’s merger of United Arab Shipping Company (UASC) with Hapag-Lloyd has pushed the German shipping line’s erstwhile largest shareholder, Chilean carrier CSAV, to a first-half loss of $201.4m.

Announcing its interim results in Santiago this morning, CSAV management said the reduction in its shareholding after the UASC merger created a $167.2m “dilution accounting loss”.

“Due to the closing of this merger, CSAV diluted its participation in Hapag-Lloyd from 31.35% to 22.58%, resulting in a dilution accounting loss of $167.2m. This effect is explained by the ...