GENEVA, Switzerland-headquartered Mediterranean Shipping Company (MSC) has taken control of 100 per cent of the Portonave Container Terminal at the Port of Navegantes, one of Brazil's most important export ports and a vital gateway for food exports.
MSC's sister company Terminal Investment Limited (TIL) paid out BRL1.30 billion (US$393 million) to buy out Triunfo, which previously controlled the other 50 per cent of the port, according to Container Management.
The Brazilian antitrust authority and regulator has not yet approved the sale and their decision is dependent upon whether the deal meets a set of requirements.
Portonave, which handles ships of up to 10,000 TEU with an annual capacity of 1.5 million TEU, is the only container terminal at the Port of Navegantes. The facility is equipped with a 900-metre pier and six ship-to-shore (STS) cranes.
MSC is one of the biggest carriers in Brazil, which is Latin America's largest economy, and this deal is set to strengthen its position.
The carrier already accounts for 25 per cent of reefer container transport out of Brazil. About two thirds of this market are set to be controlled by only three shipping companies - MSC, Hapag-Lloyd and Maersk Line, which is acquiring Hamburg Sud.
