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Friday, April 12, 2013

Largest Chilean shipping line to purchase 7 vessels

Chilean shipping line Compania Sud Americana de Vapores announced it would purchase seven ships and prepay debt at a cost of $570 million.

The line said it would buy the ships from Hyundai Heavy Industries of South Korea, replacing leased vessels to increase its owned fleet to 55 percent from 37 percent.

The new vessels will start to be delivered in late 2014, and Vapores has an option to buy an additional seven.

The Luksic family, Chile's richest, became Vapores' majority shareholders in early 2012 when the company completed a $1.2 billion capital increase.

For more of the Reuters story: reuters.com



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