Vapores Falls to Nine-Year Low After Report of $100 Million Loss
Cia. Sudamericana de Vapores SA fell to the lowest price in almost nine years after an executive told Chilean newspaper El Mercurio that the company is running at a loss amid higher oil prices and lower transport rates.
Latin America’s largest container shipper slid 4.6 percent to 241.1 pesos at 9:02 a.m. New York time and earlier plunged to 235 pesos, the lowest intraday price since August 2002.
Vapores may post a loss of about $100 million in the first quarter, Deputy Chairman Arturo Claro said in an interview with the Santiago-based newspaper. Cash flow problems could occur if the situation continues for six months, El Mercurio quoted him as saying.
Vapores plans to sell $500 million of new shares as well as a stake in port operator SAAM.
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