COMPAÑIA SUD-AMERICANA DE VAPORES.

The flag is white with a red saltire and blue S, C, A and V letters in the four quarters, as described by the source. It was seen on Santiago Star at Lyttelton on 28 June 1989, without a note of the blue shade. Nüsse’s old and new table-flag photographs show a change of lettering style. Rio Enco confirms the funnel. Stewart’s buff-orange funnel is considered probably a printing problem because it appears in the red-funnel section. CSAV Norasia’s website shows the same flag, while its chartered ships appear to retain owners’ colours.

This flag-like wavy design comes from a website logo. Rosanoski sees no evidence that it is more than a logo, particularly since actual flags show C181. The website background changed from grey to royal blue, while FOTW assumed white; none establishes an actual flag field.