Saturday, February 26, 2011

CSAV boss QUITS after supervising company's METEORIC rise

resignation of Jaime Claro Valdes_csav_compania_sud_americana_de_vapores_quantumindonesiablog

CHILE's Compania Sud Americana de Vapores (CSAV) - which moved from 16th to 6th place on the global container shipping league tables in less than two years - must now find a new president with the resignation of Jaime Claro Valdes, the man who made it happen.

Mr Claro Valdes took over the company in November 2008 on the sudden death of his brother Ricardo Claro Valdes by heart attack, after which his presidency supervised the meteoric rise of the financially troubled company, then ranked 16th to skyrocket to sixth place, ahead of APL, Cosco, Hanjin and China Shipping, which rounds out the top 10.

To this, Mr Claro Valdes can now add recent financial results, reporting a net CSAV profit of US$181.5 million in 2010 compared to a loss of $653.4 million in 2009. The Valparaiso-based company moved 2.9 million TEU - 62 per cent ahead of 2009 downturn year and also 32 per cent more than in 2008. In 2009, CSAV only moved 291,000 TEU.

CSAV posted record revenues of $5.45 billion in 2010 - 80 per cent more than in 2009. A company statement said "2010 was better than forecast, characterized by sharp fluctuations and ending with an uncertain outlook. Global trade has grown in recent decades at larger rates than GDP, and container trade has experienced an even larger growth."