CHILEAN container shipping line CSAV expects to carry about 60% more cargo during this year than in recession-hit 2009, and should return to the black by the end of the second quarter.

In a presentation to investors, the company said that first quarter revenues had increased by 34.% to reach $1.1bn, compared to $827 in the same period in 2009.Earnings before interest, tax, depreciation and amortisation registered a $16m loss for the period, compared to a $239m loss in the first quarter of last year.Container shipping accounted for revenues of $1.1bn and an operating loss of $44m for period, while its port operating arm, SAAM, posted revenues of $85m and an operating profit of $15m.During the second quarter of 2010 we expect a positive net income returning to profitability, it said in a statement,adding that its carrying capacity is expected by to increase by 65% between January 2009 and now.

CSAV took advantage of opportunities and grew during the crisis, building the foundations for development in the long term.However, it has in the recent past come under fire from close competitors for aggressive pricing after being saved from bankruptcy by its major creditors, which included in its bailout cut-price charter rates.The line said it expected to carry 2.9m teu this year, compared to 1.8m teu in 2007. It carried 2.2m teu in 2008.It also outlined an ambitious fleet development plan, which will see an increase in the proportion of owned vessels.

At the beginning of this year, it operated 88 charted vessels with a total shipboard capacity of 297,520 teu, and owned eight vessels with a total capacity of 36,402 teu.Chartered vessel will be increased to 130 by next January representing total capacity of 482,546 teu — thereafter dropping down to 123 vessels in 2012 and 2013, while its owned tonnage would increase to 10 vessels next year, 15 in 2012 and 16 in 2013, which would have shipboard capacity of 97,714 teu and represent 17% of its total fleet.

Source : Llyods List,June 14,2010