Latin America’s biggest container ship company slumped 2.1 percent to 411 pesos in Santiago trading, the lowest price since Dec. 22. The drop extended a five-day decline to 11 percent.
Vapores lost $38.6 million in 2008 and forecast “important” losses this year as slowing demand coincides with increased supply of vessels, according to a Jan. 30 statement. The Valparaiso, Chile-based company plans to cut services between Asia and northern Europe this quarter.
“The company was explicit with shareholders at the meeting last Friday that this would be a very bad year” and that cash flow is “very vulnerable,” Patricia Pellegrini, an analyst at Larrain Vial Corredores de Bolsa, said today by phone from Santiago.