Log-in, the Brazilian coastal shipping and port specialist, has joined its Sao Paulo-listed rival Santos Brasil in channelling funds into port development in the north of Brazil.
In a statement to the Brazilian bourse, the company said it was developing a US$119 million container facility in Manaus in the heart of the Amazon, close to Latin America¡¯s second largest free trade zone.
It will develop the 600,000 sq m facility in connection with local investor Juma. Log-In will own 70 percent of the new company, Lajes Log¨ªstica. Juma is a holding company with investments in the beverage, vehicle and industrial gas industries.
The project revolves around the development of an area of 600,000 sq m, with an annual nominal capacity of 250,000 TEUs in its first phase.
Log-In¡¯s principal business is its coastal shipping routes between Buenos Aires and Fortaleza in the north of Brazil. The investment in ports further along the Amazon is part of plans to extend its services from Fo in the medium term.
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Source: cargonewsasia
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