Antitrust regulator set to clear Maersk-MSC deal ahead of STS 10 auction

The technical staff at Brazil’s antitrust regulator Cade is expected to approve a deal proposed by global shipping giants Maersk and MSC to reorganize control of Brasil Terminal Portuário, or BTP, in Santos, allowing both carriers to compete in the future Tecon Santos 10 auction.

According to officials at the agency, Philippine terminal operator International Container Terminal Services Inc., or ICTSI, which is trying to block the carriers from taking part in the auction and asked to be admitted as an interested third party in the cases, is expected to have its request rejected by Cade.

Maersk and MSC filed the request in July. The companies are seeking prior approval from the competition authority to take part in the auction, which may restrict participation by companies that already operate at the Port of Santos. Through their subsidiaries, the two carriers each own 50% of BTP, one of the largest port terminals in São Paulo state.

Under the proposal submitted to Cade, if Maersk wins the future Tecon Santos 10 auction, MSC would acquire Maersk’s stake in BTP. If MSC wins, the opposite would happen: Maersk would take full control of BTP.

ICTSI, which also intends to compete in the auction, argues that Maersk and MSC are not merely reorganizing their ownership of BTP, but structuring an agreement to divide between them the two main container assets involved in the Port of Santos expansion.

Even if Cade’s General Superintendence approves the deal, the case could still be taken to Cade’s tribunal if any commissioner requests a review within 15 days. Because the case is being handled under a fast-track procedure, the decision is expected to be published in the coming days. Cade is not currently considering extending the review period.

The strategy would allow the world’s two largest container shipping lines to remain eligible for the new terminal auction without continuing to hold a joint stake in BTP at the same time. The companies argue that the transaction is a straightforward corporate reorganization, conditional on the auction result.

Although the tender notice has not yet been published, company representatives argue that the signals given by the government are enough to submit the transaction for Cade’s review.

Dispute over STS 10

The antitrust case has opened a new front in the dispute over the auction. STS 10 is the largest project to expand container-handling capacity at the Port of Santos.

According to Datamar container throughput data, the Port of Santos imported 780,406 TEUs in the first half of 2026. Exports, meanwhile, totaled 697,538 TEUs. The chart below compares deep-sea container movements in both directions:

Exports & Imports | Port of Santos | Jan 2022 – Jun 2026 | TEUs

Source: DataLiner (click here to request a demo)

The terminal is expected to require about R$6.4 billion in investment from the winning bidder and significantly increase the port’s cargo-handling capacity.

The project has dragged on for years because of a dispute over which companies should be allowed to take part in the tender, an issue the government has yet to settle definitively.

The initial model backed by Brazil’s port regulator Antaq restricted the participation of companies that already operate container terminals in Santos.

Brazil’s audit court TCU also supported restrictions on the participation of major shipping lines. The argument is that allowing already-established companies into the auction could increase concentration in a market considered highly concentrated.

The discussion shifted this year after the Chief of Staff’s Office began supporting a solution that would allow companies already present in Santos to participate, provided they commit to selling their existing assets if they win the auction. Even so, there has been no final decision and no tender notice has been published.

Following that government signal, Maersk and MSC structured the agreement now under Cade review. The companies see a possible antitrust clearance as proof that they would be eligible to participate in the auction.

TCU officials say that if the government changes the tender model, the court will need to carry out a new feasibility review, which could delay the auction even further. The court could also disagree with the executive branch and reaffirm that already-established companies and shipping lines should not be allowed to compete.

ICTSI challenge

In its filing with Cade, ICTSI argues that the Maersk-MSC agreement would not produce effective deconcentration. If one of the carriers wins the auction, one company would keep BTP and the other would control Tecon Santos 10.

According to the Philippine company, the result would be that both competitors remain in the market, with only a redistribution of assets under individual control.

ICTSI says Maersk and MSC together accounted for 49.1% of container-handling demand at the Port of Santos in 2025.

The company also argues that the agreement could represent coordination between competitors to reduce the risks associated with the Tecon Santos 10 auction itself. It therefore requested the opening of a case to investigate a possible market-sharing arrangement.

Source: Valor Econômico

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