CSAV Lluta for Hapag-Lloyd

When Hapag-Lloyd finalized its deal with Compania Sud Americana de Vapores (CSAV) it created the fourth largest container line in the world. H-L's 151 ships plus CSAV's 50 or so are also to be integrated, allowing the new large size Hapag-Lloyd to use the most effective ships for their many services. Hapag-Lloyd is nearing the end of its program to build supersize (13,000 TEU) ships but CSAV's own large program is just starting, so there will likely be a shake out of smaller, chartered, ships.

Today a familiar looking ship (it has several sister ships working for Zim) arrived, still bearing the name CSAV Lluta. Ironically, the ship is actually owned by a German company, Reederei Karl Schluter, and is on charter to CSAV - now Hapag-Lloyd.

Built as Jules Verne by Jiansu Yangzijian Shipyard in Jiangyin, China, it is 4,256 TEU (698 reefer) ship of 40,451 grt, 50,466 deadweight.

The Hapag-Lloyd deal has been characterized as a reverse takeover. Hapag-Lloyd purchased CSAV, but the price was a one third ownership position in H-L, making CSAV the largest single shareholder. Former shareholder TUI is finally out of the container business, with the City of Hamburg and Kuehne the other major shareholders (holding about 40% between them). The rest of the company is widely held, but a new share offer is expected before the end of 2015. 

The appearance of  double Ls in Lluta and Lloyd is an ironic coincidence. Rio Lluta is a 147km river in northern Chile, that flows from the Peruvian borderland to the Pacific.

Lloyd comes from one of the ancestral firms, Norddeutscher-Lloyd, which merged with Hamburg-Amerika AG to form Hapag-Lloyd. However it originates with Edward Lloyd, the 17th-18th century owner of a London coffee house, who provided a forum for ship owners to broker cargo and trade news. Lloyd's customers formed a self-insurance scheme which is now Lloyds of London. Lloyd's Register also took its name from the same coffee shop owner, as did Lloyd's List shipping newspaper.

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