Chinese carrier Cosco shows interest in Santos superterminal auction

Cosco, the Chinese shipping giant and the world’s fourth-largest carrier, has signaled interest in bidding for the new container superterminal at the Port of Santos (SP). The move came during a recent virtual meeting with Brazilian authorities but was accompanied by concerns: the company fears being barred from participating due to Antaq (National Waterway Transport Agency) regulations.

The agency’s restrictions prohibit companies with shareholdings in existing terminals from competing in the first phase. Cosco holds a residual stake of less than 5% in a minority fund of a Santos terminal, which, in theory, would already exclude it from the bidding process.

Historic auction
The tender, called Tecon Santos 10, is considered the largest port lease in Brazil’s history. The new terminal is expected to increase container handling capacity in Santos by 50%. The port is responsible for the largest cargo flow in Latin America and is already operating close to saturation.

Check below the historical trend of long-haul container throughput at the Port of Santos starting from January 2022. The chart excludes cabotage, internal container moves, and cabotage operations, and was prepared using DataLiner data:

Long-Haul Container Throughput at the Port of Santos | Jan 2022 to Jul 2025 | TEU

Source: DataLiner (Click here to request a demo)

At present, only the Philippine company ICTSI and Brazil’s JBS Terminais appear as firm contenders. Other global operators such as Hapag-Lloyd and Hutchison Ports showed initial interest but withdrew. Meanwhile, MSC and Maersk, the industry leaders, are barred from entering the auction since they already control the BTP terminal operating in Santos.

International pressure
The dispute has also mobilized embassies. On Wednesday (17), the president of Brazil’s Federal Audit Court (TCU), minister Vital do Rêgo, is scheduled to meet with ambassadors from Denmark, the Netherlands, and Switzerland — countries directly linked to companies interested in Tecon Santos 10.

Meanwhile, the case’s rapporteur at the TCU, minister Antonio Anastasia, awaits an opinion from the antitrust regulator Cade on the competitive impacts before presenting his vote. The Court’s technical unit has already recommended relaxing the rules, allowing incumbent companies to participate as long as they divest from their current stakes in Santos.

Correction: The article published on September 18, 2025, incorrectly stated that ONE had withdrawn from the STS10 terminal tender. The company clarified that it has not withdrawn. The text was updated on September 24, 2025, to correct that information.

Source: Portal Cantagalo

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