Mediterranean Shipping Co. subsidiary Terminal Investment Ltd. will purchase the remaining 50 percent of shares in the port at Portonave, Brazil, valued at almost $400 million.
Geneva, Switzerland-based ocean carrier Mediterranean Shipping Co. (MSC) will gain full control of Brazilian reefer port in the city of Portonave, once the remaining 50 percent of the shares are transferred from TPI Trifuno, according to a report from industry news outlet ShippingWatch.
While still subject to approval, the transaction will be handled via MSC’s port operator subsidiary Terminal Investment Ltd. for a total consideration of $393 million.
The port is one the Brazil’s most important in terms of food exports, and the transaction will solidify MSC’s position as one of the largest cargo carriers in the country, writes ShippingWatch. According to recent estimates from Brazilian analytics firm Datamar, MSC handles around 25 percent of the reefer container transport out of Brazil, the report said.
With Maersk Line’s acquisition of Hamburg Sud, Hapag-Lloyd’s merger with CSAV in 2014 and UASC just this year, and CMA CGM’s plan to take over Mercosul Line, the South American market will more than likely be dominated by four major shipping groups.
MSC takes full ownership of Brazilian reefer port
