A Filipino company that already operates in the EAS would have allied with a group of American businessmen to compete with the Danes
The auction for the sale of the internal pier of the Atlântico Sul Shipyard, at the Port of Suape in Pernambuco, gains another chapter, when it was thought that the process would finally be finalized. On the day that the auction event was to start, the Court of Justice in the city of Ipojuca (PE) decided to suspend it, in response to a request from the Filipino company Tecon. The information that still emerges is that the Filipinos, who already operate a terminal in the place, would have joined the consortium north tabor capital (which until last week was known as a secret group) to beat Maersk in the dispute.
Maersk is the world's leading container operator and originates from Denmark. The company has long has an eye on the Atlântico Sul Shipyard. The Danes have been having conversations with EAS, which is in a situation of judicial recovery, and has already revealed that it intends to initially operate 400 TEUs (measure equivalent to a 20-foot container), if it wins the auction, also promising the generation of thousands of jobs.
Tecon's initial proposal, supposedly together with the American group of investors, is BRL 1,2 billion for the entire Atlântico Sul Shipyard, in addition to the promise to bring two new companies to operate in the place and resume ship production. The proposal so far presented by Maersk is BRL 895 million for the south pier and an investment of up to BRL 2,6 billion in a new container terminal at the site.
The Atlântico Sul Shipyard had the idea of carrying out sales by parts in this auction, as in 2021 there were no interested parties when the entire land was for sale.
Tecon's justification for suspending the auction
The Justice in Ipojuca had rejected another request to suspend the auction, presented by Tecon, and thus, the process would start this week. According to the records of that request in the first instance, “the company that filed the lawsuit claimed that it is necessary to observe the constitutional principle of isonomy in order to guarantee equal opportunities, however the Atlântico Sul Shipyard decided to grant Stalking Horse to the company APM Termianis BV (APMT), member of the Maersk group”.
Now, however, by interlocutory decision, the judge of the Pernambuco Court of Justice, Bartolomeu Bueno, asked for the auction to be suspended, accepting the justification of observing the constitutional principle of isonomy.
Also according to the magistrate, “it is verified, at least a priori, the presence of the legal requirements for granting the requested suspensive effect, synthesized in the concepts. It appears in the records that the appellee decided to grant the status of Stalking Horse to APTM to, only then, lead to the initiation of the competitive process in focus already with such pre-established condition”, describes the decision.
Stalking Horse is the initial and anticipated offer that an interested buyer makes to try to close a deal with a company that is in judicial recovery, conferring the prerogative of preference upon the opportunity to cover the best offer.
Ship production would not be a good deal in the evaluation of the Port of Suape
As mentioned above, the objectives of Tecon and North Tabor Capita are: to bring two new companies to operate at the site and to resume ship production at the Atlântico Sul Shipyard. However, the director-president of the Port of Suape, Roberto Gusmão, does not see with good eyes the fact that EAS continues in the vessel production business.
“It's like selling popsicles at the North Pole”, evaluated Gusmão. "Let's wait. We have to have competition to be competitive in prices and shipping routes in Suape. Otherwise, I love you out of the game, from the new world logistics matrix that will be made post war Ukraine and COVID. And the container sector is fundamental in this. It exports and imports products with higher added value. Out of the country and in between ports, even more so with the new cabotage law”, he adds.
