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CSAV REPORTED NET INCOME OF US$4,337 MILLION FOR 9M2022

Santiago, November 18, 2022 | Compañía Sud Americana de Vapores (CSAV) reported positive results for 9M2022, with net income of US$4,337 million, thanks to the solid performance of Hapag-Lloyd, in which CSAV holds a 30% stake.

Hapag-Lloyd, meanwhile, recorded EBITDA of US$16,649 million and EBIT of US$15,143 million in the first nine months of the year, while net income totaled US$14,665 million.

“The third quarter shows the best result of the year, which is attributable to better average freight rates supported by a strong contract base. Nevertheless, at the end of this period, we already observed less port congestion and more complex economic conditions. The lower volumes resulting from this slowdown and new fleet additions are also reflected in lower spot rates,” said CSAV Chief Executive Officer Óscar Hasbún. He added that the cost structure has also increased.

In this scenario, Hapag-Lloyd has maintained its projections for 2022, with EBITDA fluctuating between US$19,500 million and US$21,500 million and EBIT between US$17,500 and US$19,500 million. This forecast is subject to developments in supply chains, the conflict between Russia and Ukraine and the effects of the pandemic.

The most outstanding recent milestones include agreements for Hapag-Lloyd to purchase a stake in Spinelli Group (Italy) and SAAM’s port (ten terminals in the Americas) and logistics businesses (Chile).