The value of CSAV has fallen 45 per cent since it announced a US$1.2bn share increase, but Chile's richest family believes it can turnaround the beleaguered shipper.
Quinenco, the Santiago-based holding company owned by the Luksic family, has agreed to buy US$1bn of the new issue, giving it overall control of CSAV, even though CSAV posted a US$525m loss in the first half of 2011.
The company has advised shareholders that its annual results will be "very negative" and analyst Jorge Rios told Bloomberg: "This company is generating value destruction. There is no way the stock is going up in the short term."
Meanwhile, CSAV has announced it will redirect its Americas service away from Guayaquil to Buenaventura and Balboa, believing the new route will better meet growing demand for a direct service between the West Coast of South America and the East Coast of North America and the Caribbean.
The first ship on the new weekly route will be the northbound MV CSAV Itajai 106 NB, which is scheduled to leave San Antonio on 24 October and arrive at Buenaventura on 4 November.
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