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Port of Santos privatization to reduce tariffs by 30%

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The privatization of the Port of Santos, the largest in the country and through which 28% of all Brazilian foreign trade passes, will require R$16 billion in investments and lead to an immediate 30% drop in the main tariff paid by shipping companies. The future owner of the port complex will need, among other interventions, to increase the depth of the channels from 15 meters to 17 meters and to pay for a tunnel linking Santos to neighboring city Guarujá.The privatization model, which was studied by the Brazilian Development Bank (BNDES), is virtually ready and should be put out for public consultation in the second half of November.The contract will be in force for 35 years, with the possibility of extension for more five years, in order to accommodate any needs for economic and financial rebalancing. The auction, scheduled for the end of 2022, will be won by the highest bidder.To avoid potential conflicts of interest, the government decided to limit the participation of operators of leased terminals in the port and of shipowners. They will only be allowed to have up to 15% individually or up to 40%, when added together, in the block of shareholders.The auction is scheduled for the last quarter of 2022 and Infrastructure Minister Tarcísio Freitas said he is confident in drawing large international investors to the dispute. Back from a recent tour in New York, where he went to pitch Brazilian concessions, Mr. Freitas reported having heard special interest for the privatization of the port. "Santos is our crown jewel," the minister told Valor, stressing the prospect of turning it into a hub for ships in Latin America.BNDES studies indicate that demand...

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