Chile's Compania Sud Americana de Vapores (CSAV) cargo volume increased 48 per cent in the first four months of the year to 1.16 million TEU, and in April the company shipped 284,000 TEU, a 37 per cent year on year increase.

CSAV chartered more containerships this year, and was ranked No 1 this month in Drewry Maritime Research's latest report on schedule reliability, knocking Maersk from the No 1 slot, reported Newark's Journal of Commerce.

But CSAV has also been plagued by record low freight rates since January 2010, and the carrier's rate index of 1,573.1 in April was down two per cent from March, and 5.3 per cent below that of what it achieved a year ago.