Chilean shipowner CSAV has posted a profit in the fourth quarter as its investment in Hapag-Lloyd paid off.
Net earnings to 31 December were $11m, it said, without giving a comparative figure.
CSAV has a 25.5% holding in its German boxship partner, which has also merged with UASC.
It put the profit down to the successful combination with UASC, the positive evolution of unit transport costs and an increase in volumes.
