Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

CSAV Leads Chile’s 2013 Gains After IM Trust Says Buy

Cia. Sud Americana de Vapores SA, Latin America’s largest shipping company, rose to a four-month high as brokerage IM Trust SA assigned a buy rating after a fleet overhaul that began early last year lowered costs.

CSAV jumped 3.7 percent to 50.64 pesos at the close of trading in Santiago, its highest since Sept. 13. It was the fifth consecutive increase, bringing this year’s gain to 18 percent, the most among members of Chile’s benchmark index.

Shares of CSAV, which is based in Valparaiso and controlled by Chile’s richest family, probably will reach 70 pesos by year-end, analysts Ignacio Spencer and Francisca Manuschevich wrote in an e-mailed report today.

“We consider as positive the company’s increasing exposure to trades where it has competitive advantages, such as South American routes,” the analysts wrote. CSAV’s young fleet, with an average age of three years, will generate an “attractive” level of cash, according to the analysts.

The company also has moved to cut unprofitable routes and reduce dependence on leased vessels, the analysts said.

CSAV lost $290 million during the first nine months of 2012, compared with a loss of $868 million a year earlier.

CSAV is controlled by heirs of founder Andronico Luksic, with his son Guillermo serving as chairman. The Luksic family began building its 37 percent stake in the shipping company in March 2011 through the acquisition of shares directly from the company’s former controllers, the Claro family, and by buying new shares at a capital increase in early 2012.

Andronico Luksic’s widow, Iris Fontbona, is ranked 31st in the Bloomberg Billionaire’s Index.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.