Corporate acquisitions and vessel purchases demonstrate the potential for market growth in inland barge transport in South America, while electric-vessel designs are unveiled in Europe
Companies providing cargo transport on inland waterways in South America have positioned themselves for growth to cater for rising demand and economic growth.
This year, key corporate transactions have been announced and vessels added to the fleets of pusher vessels operating on rivers in nations with increasing populations, and maritime cargo imports and exports.
Paraguayan shipowner and operator Girona – Rio Sur Transporte y Logistica has taken delivery of a new pusher tug for operations along 2,695 km of the Paraguay River.
The vessel owner transports dry bulk cargo along the Paraguay-Paraná Waterway (PPW), where low water levels are a recurring challenge, requiring specialised assets to continue operations.
Concordia Damen delivered Veronica V to Girona – Rio Sur following its construction by the Dutch builder to its CDS 4115 design. This is a 41-m shallow-draught river pusher with a beam of 15 m and 4,030 kW of installed power.
Girona – Rio Sur will use this vessel to push up to 12-barges in a configuration 281 m in length and 48 m wide. Its shallow draught ensures year-round navigation as this pusher tug can operate in water depths as low as 1.8 m, which the company says is a significant advantage over many other push boats navigating these waterways.
In Q4 2024, Uruguayan shipowner Transporte Fluviales Frey Bentos (TFF) took delivery of a shallow-draught river pusher tug from Concordia Damen after its construction to a CDS2410 design in Werkendam, the Netherlands.
This 24-m vessel has around 1,860 kW of power from two Caterpillar C32 engines, generating 930 kW at 1,800 rpm each. TFF will use the pusher to transport cellulose pulp from Fray Bentos to the port of Nueva Palmira.
Concordia Damen has started building a roro pontoon, to be named Lastdrager 29, for Koninklijke Van der Wees Transporten. In this project, the shipyard will build two coupling pontoons for loading and unloading high and heavy cargo of up to 600 tonnes.
Corporate deals
In South America, shipping group Norsul has acquired coastal navigation operations from Hidrovias do Brasil, including its cabotage business, in a R$715M (US$123M) deal. This sale will enable Hidrovias to focus on its inland waterways operation and further invest in the fleet.
Norsul will transport bauxite from the Porto Trombetas mine to the alumina refinery in Barcarena, Brazil, under a long-term contract that is due to expire in 2034. The business sale contributes to reducing Hidrovias’s level of financial leverage and is subject to regulatory approvals and compliance with the usual conditions precedent in this type of transaction.
In another deal, Rocktree Logistics Group is set to purchase Atria Soluciones Logísticas and its subsidiaries from Southern Cross Group to expand its global footprint across the commodities and agriculture transport sector.
Atria is one of the largest logistics companies operating on the PPW and owns push boats and barges, port terminals, an offshore floating crane, a shipyard and repair facility and other land-based assets. Rocktree owns and operates tugboats, barges, shuttle vessels and offshore floating terminals for transhipping commodities for export.
Atria’s acquisition will enable Rocktree to rapidly scale its global platform into the Americas, unlock opportunities in the food and feed supply chain, and optimise grain transport operations.
“This transaction represents an important step in our history, as we will significantly expand service offerings,” says Rocktree chief executive Daniele Pratolongo. “Our combined company will be well-positioned for day-one scalability, long-term growth and value creation as we work together to expand our leadership in logistics solutions across the globe.”
In connection with the transaction and other expansion plans, Rocktree has secured private credit financing of up to US$350M from the Blue Ocean maritime investment platform, managed by EnTrust Global.
“Equally important to this acquisition is the firm that has helped to finance it,” says Mr Pratolongo. “As we continue to expand Rocktree’s offerings with Atria under our wing, this financing will help fuel our next phase of growth, which may include a combination of organic growth initiatives coupled with other strategic merger and acquisition opportunities.”
The acquisition is expected to close in Q1 2025, subject to the satisfaction of customary conditions. Evercore served as financial advisor while a group of law firms led by Proskauer Rose and Beccar Varela served as legal advisors to Rocktree. BNP Paribas served as financial advisor while a group of law firms led by Salaverri, Burgio & Wetzler Malbrán served as legal advisors to Southern Cross Group.
