The liner carrier CSAV said Monday it made an operating profit of $8.4 million in the fourth quarter of 2012, a huge improvement on the $158.1 million the line lost in the same quarter in 2011.
The improvement came despite a 15.1 percent year-on-year drop in operating revenue in the quarter to $845.4 million and a 5.3 percent drop in container volume to 463,484 TEUs. The fourth quarter operating profit was also significantly less than the $37.3 million the line secured in the third quarter of 2012.
CSAV said freight rates worsened by 3.2 percent from the third quarter to the fourth quarter, while volumes tumbled 5.3 percent. The Chile-based line attributed the improved results in the second half of 2012 to more efficient cost structures, both in terms of fixed and variable costs, and better ship utilization.
The company said it had cash reserves of $212 million at the end of 2012.
CSAV is the 20th biggest line in the world in terms of fleet capacity, according to maritime analyst Alphaliner. - Eric Johnson