Are ocean carriers beginning to crack?
Has CSAV finally managed to overcome its financial difficulties?
Judging by the three new services that CSAV has announced over the last few weeks – the most significant of which is its re-entry into Asia-western Mediterranean trade – it seems the Chilean carrier has finally managed to overcome its financial difficulties.
Last year it appeared that CSAV was on its knees, announcing a US$560.7m loss for the first nine months of 2009.
It raised cash by renegotiating cheaper charter rates with German shipowners in exchange for shares in the company, and announced two other fundraising activities through share sales that are understood to have raised almost $400m.
And it seems these cash-raising activities have put the carrier in a position where it feels safe enough to launch new services.
Also, the new Asia-west Mediterranean service – coupled with research by AXS Alphaliner that shows container lines are starting to return laid-up tonnage back into service – raises an interesting question.
There has been surprise from analysts that carriers have managed to resist the temptation to re-introduce capacity to capitalise on all-in spot rates on the Asia-Europe trade, which have reached a 10-year high, and grab market share.
So, could CSAV’s new Asia-Med service and the figures released by Alphaliner be a sign that carriers have finally started to crack?
If they have, with the rush to get cargo out before the Chinese new year over, rates could start to slide again.
Last year it appeared that CSAV was on its knees, announcing a US$560.7m loss for the first nine months of 2009.
It raised cash by renegotiating cheaper charter rates with German shipowners in exchange for shares in the company, and announced two other fundraising activities through share sales that are understood to have raised almost $400m.
And it seems these cash-raising activities have put the carrier in a position where it feels safe enough to launch new services.
Also, the new Asia-west Mediterranean service – coupled with research by AXS Alphaliner that shows container lines are starting to return laid-up tonnage back into service – raises an interesting question.
There has been surprise from analysts that carriers have managed to resist the temptation to re-introduce capacity to capitalise on all-in spot rates on the Asia-Europe trade, which have reached a 10-year high, and grab market share.
So, could CSAV’s new Asia-Med service and the figures released by Alphaliner be a sign that carriers have finally started to crack?
If they have, with the rush to get cargo out before the Chinese new year over, rates could start to slide again.
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