AXS-Alphaliner Newsl..

ALPHALINER Weekly Newsletter 2009-Week 16
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CORPORATE UPDATES
CSAV Top 10
Shareholders as at end
Dec 2008
Shareholder Name % Share
MARITIMA DE INVERSIONES
(CLARO FAMILY)
45.59%
BANCHILE BROKERS 3.34%
PHILTRA LIMITADA 3.15%
AFP CUPRUM PENSION FUND 2.86%
CHILE ELECTRONIC STOCK EXC 2.79%
AFP HABITAT PENSION FUND 2.70%
LARRAIN VIAL BROKERS 2.47%
AFP CAPITAL PENSION FUND 2.34%
BANCO DE CHILE FOR
CHAP XIV 3 rd PARTIES
1.96%
HENDAYA CONSULTING 1.94%
Total TOP 10 69.14%
CSAV Newbuilding
Delivery Schedule
2009-2012
Dely Teu Shipyard
Aug-09 6,589 CSBC*
Sep-09 6,589 CSBC
Nov-09 6,589 CSBC*
Jan-10 6,589 CSBC
Mar-10 6,589 CSBC*
May-10 6,589 CSBC
Jul-10 12,552 Samsung*
Oct-10 12,552 Samsung
Jan-11 12,552 Samsung*
Apr-11 12,552 Samsung
Jun-11 12,552 Samsung*
Oct-11 12,552 Samsung
Jan-12 12,552 Samsung*
Mar-12 12,552 Samsung
_______________________________
* LT Charter from Peter Dohle
CSAV also have additional charter
arrangements with Seaspan and
Hermann Buss
CSAV to raise $750M of new equity
CSAV is planning to raise up to $750M of new equity as it faces a
challenging year ahead that could see it lose up to $300M in 2009.
The company plans to raise $350M from current shareholders, with a first
exercise expected to raise $130M in rights issue scheduled to be completed
in the first half of the year. The company now plans to raise a further
$220M from its shareholders in a second rights issue.
A further $400M could come from the capitalisation of outstanding charter
party commitments on ships that CSAV currently have on charter, which
will give the shipowners a direct equity stake in the company in lieu of
charter payments.
CSAV’s commitments on newbuildings include four 12,500 teu vessels at
Samsung and three 6,500 teu vessels at CSBC with a total value of $890M.
These ships were acquired from German owner Peter Dohle who has the
largest exposure to CSAV. Dohle has 13 ships currently on long term charter
to CSAV and a further 7 newbuildings scheduled for delivery between 2009
and 2012 for Chilean carrier. Dohle is believed to be taking the lead
amongst the group of owners in negotiating the capitalisation of charter
contracts.
One of the companies affected is Pacific Shipping Trust (PST) which has
filed an update to the Singapore stock exchange that CSAV is seeking to
reduce charter rates on two PST-owned 4,250 teu ships by 30% of which
part of the reduction could be capitalised. Other owners that could be
affected could include Seaspan and German owners, Hermann Buss, Laeisz
Schiffahrt and NVA.
In a press release, CSAV said that meetings were held in Hamburg during
the second week of April with “shipowners, ship financing banks and
shipyards and to address the tasks necessary for CSAV to counter the
pressures the company is facing due to the very difficult economic
environment.” The company reported that “the discussions went very
positively and in a highly constructive way” and that the restructuring plan
“has found positive reception and details of such a proposal are currently
being worked out.”
Besides the meetings with ship-owners, discussions are taking place with
other stakeholders, including shipyards to negotiate the current new
building program. CSAV is confident that as part of the overall
restructuring process, agreements will be made with the shipyards as well
in due time.
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