More than 5 billion reais set aside to start Santos-Guaruja tunnel project

The Sao Paulo state government said it deposited 2.64 billion reais on March 31, representing half of the public contribution for the immersed Santos-Guaruja tunnel project, whose total public funding is estimated at 5.2 billion reais. The information was provided by the state Secretariat for Investment Partnerships (SPI).

In a statement, the secretariat said the project is moving forward in line with the schedule set out in the concession contract signed on Jan. 28, 2026. The obligations related to the public contribution are following the timetable and conditions established in the agreement.

SPI added that the supplemental credit authorization published in the state’s official gazette ensures the budget availability of the funds and forms part of the project’s regular financial execution flow. The publication appeared on March 20. Regarding financing, the state of Sao Paulo has already had compliance with the technical requirements recognized by the National Treasury Secretariat of the Finance Ministry, advancing to the final stage of formalizing the operation.

The other 50% of the Santos-Guaruja tunnel funding is the responsibility of the federal government, through the Santos Port Authority, or APS, which said the resources are already available in a dedicated account, ensuring the project’s financial security.

The money is being held in an escrow-type guarantee account, separate from APS’s general cash accounts. Port Authority President Anderson Pomini said the amount is being updated and, once cleared by Brazil’s federal audit court, the TCU, it will be transferred to another account and may be used from March next year by the company responsible for construction.

On March 18, the TCU ruled that APS may not make federal contributions to the public-private partnership until governance over the management of the funds is improved. A formal legal instrument addressing the issue must also be presented within 30 days.

Pomini said the Sao Paulo state government would share the draft contract with APS. If the port authority agrees, the state-run company will sign it. Otherwise, changes will be made. The contract signed on Jan. 28 did not include either the port authority or the Ministry of Ports and Airports.

APS said the governance model proposed to the TCU is advancing in discussions with the state government and that the project schedule remains unchanged. SPI said negotiations are still under way.

Clause 12 of the contract establishes that, within 60 days of signing, the federal government must deposit 2.64 billion reais into the federal funding account. If that does not happen, the state government may make the deposit or finance the corresponding amount, with an additional 40 days to take the necessary steps.

The Port of Santos

The Port of Santos plays a pivotal role in both Brazilian and global logistics, serving as Latin America’s busiest container gateway and a key hub for the movement of agricultural commodities, industrial goods, and consumer products. Its strategic position on Brazil’s southeastern coast connects the country’s main production and consumption centers to major trade routes across Asia, Europe, and the Americas, making it a critical link in global supply chains. As a result, cargo trends at Santos are closely watched as an indicator of broader shifts in regional trade flows and international shipping demand.

See below a historical overview of long-haul container throughput via the Port of Santos starting from January 2022. The chart was prepared using DataLiner data and does not include cabotage, transshipment, or other internal movements:

Long-haul container throughput via the Port of Santos | Jan 2022 to Jan 2025 | TEU

Source: DataLiner (Click here to request a demo)

Source: A Tribuna

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