Santiago, November 15, 2024 |

The results for the first nine months of the year total US$194.6 million, reversing the first semester loss of US$130.3 million. The figures are explained by Hapag-Lloyd’s good result, where CSAV’s share was US$540.6 million, offset by a tax expense of US$343.2 million, derived from dividends distributed from Germany during the year.

“We had an excellent quarter thanks to continued strong demand, as the Red Sea crisis has absorbed the significant increase in vessel entry in 2024, helping recover the industry’s structural supply-demand balance. Preserving the balance between supply and demand is relevant for predicting the industry’s performance going forward. In this context, the orderbook of ships scheduled to be delivered by 2027 should not pose a risk to this equilibrium. However, if the situation in the Red Sea shifts, this could temporarily affect that balance,” said CSAV’s CEO, Oscar Hasbún.

Hapag-Lloyd

Hapag-Lloyd, the shipping line in which CSAV has a 30% stake, reported EBITDA of US$3.592 billion and EBIT of US$1.939 billion for the first nine months of the year, while net income reached US$1.833 billion.

At the end of October, the shipping company improved its outlook for 2024, projecting EBITDA between US$4.6 and US$5 billion, and EBIT between US$2.4 and US$2.8 billion.

Recently, Hapag-Lloyd announced orders for 24 new container ships, a major step to upgrade and decarbonize the fleet, as they will feature efficient LNG and bio-methane engines and will be prepared to use ammonia. Twelve of these units will have a capacity of 16,800 TEU while an additional 12 will have 9,200 TEU, to be delivered between 2027 and 2029. The total investment is US$4 billion.

Finally, the new agreement with Maersk, “Gemini Cooperation,” continues to move towards a February 2025 debut, with bookings expected to begin in December of this year. This network will offer 57 liner services, 340 vessels and a combined capacity of about 3.7 million TEU.