Navios South American Logistics, a subsidiary of Navios Maritime Holdings, has inaugurated its newly completed iron ore transshipment and storage facility in the Nueva Palmira Free Zone, Uruguay.
Navios Logistics has a 20-year commitment to provide Brazil’s Vale International S.A. with storage and transshipment of iron ore and other commodities for a minimum of 4 million tons annually.
The service contract, signed in 2013, went to arbitration in June 2016 after Vale announced that it would not be able to meet its contractual obligations.
In December 2016, an arbitration tribunal in London ruled that the contract remains in full force and effect.
With the inauguration of the facilities, Navios Logistics has received indications of interest from other parties for transshipment services, although no assurances can be provided such will materialize into contracts, the company said.
Angeliki Frangou, Chairman of Navios Logistics, said: “Our state-of-the art facility can transship 10 million tons per year, with a loading rate of 3,900 tons per hour, can accommodate simultaneous loading of ocean-going vessels and unloading barges, and has an initial storage capacity of not less than 700,000 tons of iron ore. The facilities include a new pier for loading ocean-going vessels, a new pier for unloading river barges, and a new mooring location for barge convoys.”