Sale of the EAS internal pier has dragged on for months with a clash between Filipinos and Danes

The auction for the sale of the internal pier of the Atlântico Sul Shipyard has a new date set. However, we still do not know if this will in fact be the final chapter of the controversy surrounding the process. This is because, at other times, when we thought that the auction event would actually happen, a new fact moved the local justice system, involving Tecon and Maersk; and everything was locked.

This is a fight of giants. Tecon, a company headquartered in the Philippines, already operates in the Port of Suape, where the Atlântico Sul Shipyard is located (municipality of Cabo de Santo Agostinho – PE), and intends to purchase the entire space for sale, together with the group North Tabor Capital, who together presented a proposal of R$ 1,2 billion, in addition to the promise to bring in two new companies to resume ship production.

It was the Filipinos who asked more than once for the auction of the Atlântico Sul Shipyard to be suspended in order to try to beat Maersk. The first time they were unsuccessful. Secondly, now partners with the international consortium, the request was accepted and the suspension happened one day before the auction event, which would take place on July 06th.

Tecon argued “that it was necessary to comply with the constitutional principle of isonomy in order to guarantee equal opportunities, however the Company under Reorganization (Shipyard) decided to grant Stalking Horse status to the company APM Terminais BV (APMT), a member of the Maersk group, to give rise to a pre-established condition of privilege, constituting the prerogative of the preemptive right through the opportunity to cover the best offer”.

Maersk was in advanced talks with the Port of Suape. The Danish proposal is BRL 895 million for the south pier and an investment of up to BRL 2,6 billion in a new terminal for the movement of 400 containers on site. The operation of TEUs, currently, is seen by the port administration as more interesting from the point of view of profitability, if compared with the manufacture and repair of vessels.

Auction dates for the Atlântico Sul Shipyard

The Justice of Ipojuca, a municipality neighboring Cabo de Agostinho, both on the south coast of Pernambuco, defined in common agreement with the creditors, that the auction of the Atlântico Sul Shipyard will take place on Thursday (21), and the proposals may be presented until the day before.

Shipyard breaks silence and criticizes Tecon and allies

an important blog of politics and economics in Pernambuco says that the Government of Pernambuco demanded that the Atlântico Sul Shipyard publicly position itself in relation to the controversy involving Tecon and Maersk over the auction.

Then, the Shipyard began to criticize Tecon for not even having paid a visit to the place of sale. Regarding the status of Stalking Horse granted to Maersk, management says that it is something very common in the judicial recovery process worldwide and that this, in addition to being included in the public notice, was approved twice by the creditors.

Regarding North Tabor Capital, an ally of Tecon, the Shipyard informs that the group has no credibility, since the auction process follows legal rules and provided for in the public notice, approved by the court and by the trustee, with the consent of the creditors, determining, even , what are the requirements for qualifying bidders, the sources of funding and the guarantees that will be provided; and none of these requirements would have been presented.

Is the EAS auction controversy nearing its end?

The Atlântico Sul Shipyard must bring the auction process to court. Management sees the project as a great generator of jobs, with a valuable asset capable of generating wealth by optimizing the use of the area in a positive way, paying creditors and meeting the needs of the region.

The Atlântico Sul Shipyard has around 500 employees. Between 2007 and 2014, the entire EAS generated more than 11 jobs. At that time, the state of Pernambuco was pointed out as a situation of almost full employment (when the unemployment rate does not exceed 6%).

In 2021, EAS performed services on 11 vessels, generating revenues of BRL 65,4 million, making possible a net cash generation of BRL 26,6 million. The enterprise is managed by the contractors Queiroz Galvão and Camargo Correa.