The dredging works of Paranagua port (state of Parana) contracted by the government for about US $ 120 million are delayed, which can lead to fines over the executing company, according to a report of the Federal Court of Audit obtained by Agency Infra. Paranagua port acitivy represents around 14 per cent of all Brazilian ports.
After dredging is completed, Paraguana terminals will be able to receive larger vessels, both container and bulk. It would be possible to berth vessels with draft up to 12.8 meters, which could reduce freight costs to producers. Every meter less than draft removes, on average, 700 containers from a container ship, according to studies on the subject.
In early September 2017, Chinese company China Merchants Port Holding (CMPorts) announced the purchase of 90 percent of Paranaguá Container Terminal (TCP) and logistics company TCP Log, for a total of US $ 925 million.
The American fund Advent, which had 50% of TCP, sold all its share. The remaining shareholders – the Spanish companies Galigrain and TCB – also went out of business. The three founding partners: Pattac, Soifer Participações and TUC Participações Portuárias sold part of the shares, but together they hold 10% of the assets.