13.7 C
Monday, September 21, 2020
Home Port News ATCO to acquire 40% stake in Neltume Ports

ATCO to acquire 40% stake in Neltume Ports

Calgary-based natural gas, electrical and real estate giant ATCO Ltd. is getting into the transportation business after buying a stake in a South American port operator.

ATCO has purchased 40 per cent of shares in Neltume Ports, which operates 16 port facilities and three stevedoring businesses, primarily located in Chile and Uruguay.

The Canadian company spent C$450 ($340) million in the deal and Nancy Southern, chair and CEO with ATCO, said the investment will allow Neltume to finance growth opportunities and has strengthened ATCO’s partnership with Neltume’s parent company, Ultramar.

Read more on Calgary Herald.

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

Interasia buys newbuilding resale pair

Japanese intra-Asia carrier Interasia Lines has purchased a pair of feeder ship newbuildings from a Chinese ship builder. Purchased for US$34.5 million in August, the...

Woke lines playing the uneven field

Liner shipping companies have had a bumper year with profits in 2020 expected to exceed any year in the history of container shipping. All...

Box rates still on the way up after regulatory warnings

Both the Pacific and Asia to Europe rates have shown increases this week even after regulatory authorities in China, the US, Europe and South...

More Port of Felixstowe congestion riles freight forwarders

An increase in container volumes in the rush to beat China’s Golden Week holidays and technical issues with the Port of Felixstowe’s vehicle Booking...

German carrier raises Subcontinent rates and Ukrainian demurrage

Hapag-Lloyd has announced price increases for demurrage on exports from Ukrainian ports, which can be seen here, and a general rate increase (GRI) on...