SANTIAGO, Feb 13 (Reuters) – Chilean shipping firm Compania Sud Americana de Vapores said on Thursday it is planning two capital increases for a total of up to $600 million to get the funds necessary for a planned tie-up with Hapag-Lloyd.
Vapores is poised to take a 30 percent stake in Hapag-Lloyd AG, making it the single largest shareholder of the German shipping company.
But low freight rates, high fuel prices and expensive leases mean the Chilean shipper, the majority of which is owned by the billionaire Luksic family, needs fresh funds.
Vapores will launch a $200 million capital hike in the first half of the year to help finance the purchase of seven container ships from Samsung Heavy Industries, the company said in a statement.
If Vapores fails to raise the money, controlling group Quinenco will step in to buy the remaining shares.
That capital hike could be followed by another for up to $400 million, contingent on the completion of the tie-up with Hapag-Lloyd.
Vapores’ board said the second capital hike, scheduled for the second half of 2014, would have to rake in at least $200 million.
The funds from the second increase would be used to subscribe to 259 million euros in Hapag-Lloyd’s first capital increase, boosting Vapores’ stake in the German company to around 34 percent.
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
Total Views: 1546
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.