DP World buys stake in Sao Paulo port

   Container terminal operator DP World is entering the Brazilian market through a joint venture in a terminal near Sao Paulo, the company said Sunday.
   DP World, along with Brazilian conglomerate Odebrecht, has agreed to buy a majority stake in the Embraport project, a new facility that is scheduled to have 1 million TEUs of capacity by 2012.
   The terminal has been developed until now by Brazilian company Coimex, which has retained a stake in the terminal in the deal. Financial details were not disclosed.
   DP World said it would invest about $500 million in the first phase of the project. At full build out, the terminal will have capacity of 1.5 million TEUs.

Sharaf

'This is an unparalleled opportunity to enter Latin America's largest economy and establish a strong position on the East Coast, building on the network we already have in the region to expand our offering to our customers,' said Mohammed Sharaf, chief executive officer of DP World. 'With strong origin and destination cargo, Embraport fits our business model well.'
In South America, DP World operates terminals in Argentina and Venezuela.

FreightWaves Staff