The 1933 German sticker album [llz33] says (my translation):
377. Compania de Vap. Sud-Americana - Valparaiso
Shipping lines: Chile - Peru - Ecuador
Cargo and passenger steamboats: 9
Tonnage: ca 31,200 Regt. brutto.
A white flag with a red saltire. S, C, A, V, in blue, in the four quarters, respectively. Ivan Sache, 24 March 2001
CSAV, Compañía Sudamericana de Vapores (South American Steamship Company), is a Chilean publicly traded shipping company, presently the largest in Latin America. CSAV, one of the oldest shipping companies in the world, was founded in 1872.
quoted by Phil Nelson, September 1999
image by Jorge Candeias and António Martins, 18 June 2004
The logo includes a flaglike wavy drawing like this flag. Jorge Candeias, 8 January 1998
A contemporary logo which is certainly much nicer than many. Jan Mertens, 29 October 2003
I cannot see that this is any more than a logo. There is also the question of the logo background which appears to have been assumed to be white (logically) whereas the company website now shows a blue background, both for the logo and its surroundings changed from the previous grey. Neale Rosanoski, 16 June 2004
Only one Chilean firm in the 1930 Larousse Commercial house flag pages [hok30]: Cia SudAmericana de Vapores, Valparaiso. The author made a mistake and shown under this name the flag of the Sud Atlántica Sociedad Anónima de Navegación, of Buenos Aires (well, the company names are similar). Jan Mertens, 29 October 2003 and 1 May 2004
Larousse Commercialis [hok30] is not the only one to get it wrong, as Talbot-Booth 1936 [tbb36] makes the same error but corrects it in his 1937 edition [tbb37]. Neale Rosanoski, 16 June 2004
After Brown's Flags and Funnels, 1995 [lgr95], Naviera Chilena del Pacifico, Valparaiso — blue flag, fly-diagonal red stripe, bordered white; in canton white disk, red "NCP". Jarig Bakker, 6 February 2006
This Chilean shipping company was founded in 1953. Its house flag is white with two horizontal thin blue stripes near the bottom of the flag and a letter S in blue flanked with two blue stars in the middle of the field. (Source: Somarco website) Ivan Sache, 3 July 2002
image by António Martins-Tuválkin, 1 November 2008
A purple house flag – well, flagoid! That is a rare sight. It belongs to South Pacific Corretaje Marítimo Ltda., a maritime brokerage company established at Santiago.
Founded in 1976 as tanker brokers, South Pacific now deals in dry cargo as well. Carried products mentioned are "crude [oil], clean products, forestry products, coal, copper concentrate, grains, fertilizers, and scrap." Oil deliveries involve major brands and locally important carriers, forest products especially are brokered all over the world.
As to buying/selling or scrapping/building ships, the main contacts mentioned are "Sonacol, Sonap, Empremar, Nachipa and Puerto Ventanas."
Above-mentioned flag(-oid) is purple having in its centre a rather small white disk bearing black initials “SP” without serifs. Jan Mertens, 28 September 2008 Other sites:
White flag divided by a yellow-blue saltire and with a yellow disc charge with a blue T placed over the saltire in the middle of the flag. Image after a photo of an actual flag, from Joseph Nüsse's website. Ivan Sache, 24 August 2002