TBS International's Brazilian Joint Venture

Wednesday, July 14, 2010

TBS International plc (NASDAQ: TBSI) announced its joint venture, Log.Star Navegacao S.A., obtained an operational license in Brazil to provide domestic shipping services. Lof.Star is a Brazilian flag shipping company that will concentrate on the movement of breakbulk, bulk parcels, heavy lift, general and project cargoes along Brazil's coastline and Amazon River basin. TBS owns 70% of the joint venture with the remaining 30% owned by Log-In Logistica Intermodal S/A (BOVESPA: LOGN3), a publicly-traded Brazilian logistics company with major shareholders including Vale and Petros (pension fund of Petrobras). TBS expects to use its international breakbulk shipping expertise to meet the growing demand of a Brazilian coastal and Amazon River domestic transportation service.

Joseph E. Royce, Chairman, Chief Executive Officer and President, commented, "We are very pleased to capitalize on our 15 year presence in Brazil and enter into a new market segment, building on our domestic market knowledge, our international breakbulk shipping expertise and our long standing customer relationships. Brazil's coastal trade accommodates an increasing volume of cargo, and the Brazilian economy has strong long-term fundamentals. We are pleased to have partnered with such well known and respected industry participants. We believe this new joint venture will position us to further increase our presence in Brazil, strengthen our operational base and provide additional future growth."

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

FPSO Petrojarl Knarr Delivered to Norway

Three tugs of Fairmount Marine have towed the brand new FPSO Petrojarl Knarr from South Korea to Norway in just 61 days. Petrojarl Knarr, one of world’s largest

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1385 sec (7 req/sec)