Chile's shipping company Compañía Sudamericana de Vapores (CSAV) is the world's 16th largest carrier with 281,796 TEUs of fleet capacity. The group operates in two segments: freight transport services and ports services. The company offers a range of freight transport services, including shipping bulk and containerized cargo, vehicles, refrigerated and frozen products, and general cargo; while its port services range from loading and unloading, tug boat, warehouse, and dockyard services to terminal concessions. CSAV was founded in 1872 and is based in Valparaiso, Chile. CSAV is controlled by holding company Quiñenco, the investment arm of local group Luksic. In 2014, the company signed an agreement to merge with Germany's Hapag-Lloyd, creating the world's fourth largest shipping company. Under the deal, CSAV will contribute with its container business in exchange for an initial 30% stake in the merged entity, making the Chilean firm its largest shareholder.