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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