Cia. Sud Americana de Vapores SA rose the most in two weeks in Santiago on speculation that the restructuring of its operations will help the shipping company return to profitability amid signs of global economic recovery.
CSAV climbed 6.6 percent to 45.38 pesos at the close in Santiago, the steepest gain since March 1 when it spun off logistics unit Soc. Matriz SAAM SA.
The stock has surged 31 percent since the SAAM spinoff, which followed a $1.2 billion capital increase that saw Chile’s Luksic family secure a controlling 37 percent stake. CSAV had a record $1.25 billion loss last year when slowing demand, rising fuel prices and a glut of vessels pulled down rates, triggering efforts to cut unprofitable routes and reduce costs. Oscar Hasbun was named yesterday as the company’s new chief executive.
“Hasbun has led the restructuring of the company since he joined in March 2011 and he’s the one who proposed cutting less profitable routes,” said Jorge Sepulveda, an analyst at Euroamerica Corredores de Bolsa SA. “He has the full support of the Luksics. It’s a positive sign.”
Hasbun will take over as CEO from Arturo Ricke, the company said yesterday in a regulatory filing.
Global stocks rallied today after the U.S. Federal Reserve raised its assessment of the economy. The weekly Shanghai Containerized Freight Index has gained for three straight weeks and posted a record 19 percent increase on March 2.
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