CHILEAN carrier CSAV has posted a loss of US$412.6 million in the first half of 2009 against a profit of $18.3 million in the same period last year due to lower volumes and freight rates.

First half revenue fell 36.7 per cent year on year to $1.54 billion as the global surplus of excess container tonnage reduced freight rates, reported Newark's Journal of Commerce.

The carrier's operating costs declined 24.8 per cent to $1.72 billion in the first six months of the year, which the company attributed to a 40 per cent drop in fuel prices on the previous year.

The report noted that CSAV has been attempting to raise fresh capital in recent months to keep afloat. It raised $145 million in July, mainly in the form of new equity from existing shareholders.

It also sold its nearly 26.77 per cent stake in port services company Agunsa in July in an auction that raised $36.8 million.

More recently, it exchanged equity stakes with owners of its chartered ships in exchange for lower rates, the report added.