Libra Terminais S.A. plans to maintain warehousing and cut staff by 50%

In a hearing at the Brazilian Bankruptcy and Judicial Recovery Court in São Paulo, Libra Terminais S.A clarified its decision to close operations, pledging it will maintain storage services at its bonded warehouses in Santos while making staff cuts of the current 800 or so workforce by 50%.

The court ordered the hearing to understand Libra Terminais S.A.’s decision to shut down, with the current contract valid until 2020. The concession contract requires the terminal to move 400,000 containers per year until 2020.

The worker’s union Settaport, which represents about 500 workers, has lodged a labor action suit against Libra Terminais S.A to try and guarantee employment until the termination of the operational contract.

The following DataLiner graph shows the significance of Libra Terminais S.A. and DP World terminals in terms of export since 2009:

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