CLI buys two terminals from Rumo at the Port of Santos

Buoyed by the purchase of two terminals previously owned by Rumo in the port of Santos, the company Corredor Logística e Infraestrutura (CLI), controlled by IG4 Capital and the Australian Macquarie Asset Management, is ready to bring its operations up a notch, also influenced by the increase in cargo throughput at the port of Itaqui, where the same company is one of the partners of the Maranhão Grain Terminal (Tegram).

The conclusion of the deal in Santos occurred on Monday, Nov 14. With a capital injection of R$ 500 million from the Macquarie Infrastructure Partners V (MIP V) fund – an operation that sealed the entry of the Australian company as a partner – CLI took over 80% of the T16 and T19 terminals — which, in fact, are integrated and treated as one — for BRL 1.4 billion. Rumo maintained 20% of the asset’s shares, which has a total capacity of 16 million tonnes per year, split equally between grains and sugar.

With the capital increase, Macquarie, one of the largest global investors in infrastructure, with a portfolio of almost US$ 800 billion, took over 50% of CLI. In the port of Santos, 7.5 million tonnes of sugar and 4.2 million tonnes of grains (soy and corn) are expected to be handled in 2022. In Itaqui, the volume should reach 4 million tonnes of grains (soy and corn) in 2022, compared to 2.8 million in 2021, when the flow of products was hampered by the failure of the second corn crop — in Itaqui as a whole, grain exports tend to total 13 million tonnes this year.

“With the prospect of record soybean and corn harvests in this 2022/23 season, the scenario for operations in Santos and Itaqui next year is very favorable,” said Helcio Tokeshi, director and partner at IG4, to the Valor press agency. “It is evidence of the positive results our white flag terminal model can generate,” he said. In this business model, the company works with all interested trading companies, and what determines the partnership’s success are the services offered and the efficiency of the operation.

In Itaqui, added Marcos Pepe Bertoni, director of operations at CLI, contracts with trading companies were recently renewed for periods between two and three years, and the expectation, without crop failures, is for a substantial increase in the volumes of soybeans and corn exported.

This is why the company and its Tegram partners — Glencore, Terminal Corredor Norte (linked to trading company NovaAgri), and ALZ Terminais Portuários (controlled by Amaggi, Louis Dreyfus Company, and Zen-Noh Grain) — are still planning to start expansion “phase 3” of the terminal, to expand the static storage capacity from 500 thousand to 900 thousand tonnes.

Expansion “phase 3,” recalls Pepe, entails investments between R$ 500 million and R$ 600 million. . From CLI’s point of view, there is a financial opportunity window to pay the part of the investments that correspond to them since the purchase in Santos was made without generating debt, which reduced the company’s leverage.

Source: Valor Econômico

Para ler o artigo original completo, acesse: https://valor.globo.com/agronegocios/noticia/2022/11/14/cli-conclui-aquisio-de-terminais-da-rumo-no-porto-de-santos.ghtml

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