Cade Deepens Review of BTP Ownership Change and Its Impact on Tecon Santos 10

Brazil's Administrative Council for Economic Defense (Cade) decided to deepen its competition review of the transactions that could change the corporate control of Brasil Terminal Portuário (BTP), the container terminal at the Port of Santos. The decision, announced on September 23, 2026, involves the Maersk and MSC groups, the terminal's current partners, and seeks to gauge the impact of a potential corporate reorganization on competition in the port sector, against the backdrop of the upcoming Tecon Santos 10 tender.

The case file considers two possible scenarios: that APM Terminals, part of the Maersk group, acquires the 50% stake in BTP held by MSC, or that Terminal Investment Limited (TiL), affiliated with MSC, buys out Maersk's stake. Either transaction would leave the acquiring company with exclusive control of the terminal. Cade's General Superintendence had approved both transactions without restrictions in August, but the agency's acting president, Diogo Thomson de Andrade, proposed that the case be referred to the Tribunal for review, leading to the September 23 decision to deepen the analysis.

Cade noted that a potential corporate split between Maersk and MSC does not necessarily mean the end of their commercial relationships, since both shipping lines maintain integration with port operations and could retain long-term contracts, vessel-sharing agreements and other commitments that affect competition. For that reason, the agency withdrew its initial requirement that a possible win by Maersk or MSC in the Tecon Santos 10 tender be subject to prior approval, although it maintained its concern over the concentration effects of those ties.

The tender process for Tecon Santos 10, at the Saboó berth, remains delayed: the Brazilian government again missed a deadline for the technical working group (GTT) to deliver its final report on the participation rules, despite National Secretary of Ports Alex Sandro de Ávila having said it would be ready by the end of September. The main point of disagreement is whether companies that already operate terminals in Santos and shipping lines should be restricted to a second phase of the bidding process, as recommended by the Federal Court of Accounts (TCU), or whether the Civil House (Casa Civil) will manage to impose a more open, single-phase model.

At the Federal Court of Accounts (TCU), senior minister Walton Alencar Rodrigues called for a thorough investigation into possible liability on the part of officials involved in the Tecon Santos 10 process and criticized Ecoporto Tecondi's historical conduct at the Port of Santos. The project, planned for the Saboó area, involves an estimated investment of R$6.45 billion, a 25-year lease term and a projected capacity of 3.25 million TEUs per year.

Beyond the change of control, BTP is also facing a separate dispute before Cade over a fee known as THC2, which the terminal charges independent logistics operators such as Marimex when containers are moved to off-dock depots. The Federal Public Prosecutor's Office is challenging the legality of this charge, while Cade's tribunal plans to review four related cases before year-end, in a dispute involving more than US$930 million that could redefine competition rules for container terminals at Brazilian ports.