Jan de Nul Pre-Awarded Hidrovía Concession in $15 Billion Deal

The Argentine government has pre-awarded the concession for the Paraná-Paraguay Waterway (Hidrovía) to a consortium led by the Belgian company Jan de Nul and its Argentine partner Servimagnus. The deal, valued at approximately $15 billion over 25 years, involves the dredging, maintenance, and signaling of this critical waterway, through which 80% of Argentina’s foreign trade transits.

This decision marks a significant step in one of the government’s major privatization initiatives. The Ministry of Economy announced the pre-award via the social media platform X, confirming that the offer from Jan de Nul was chosen over that of another Belgian competitor, Dredging Environmental and Marine Engineering (DEME).

Key Details of the Concession

The concession covers the significant stretch of the Paraná and Paraguay rivers that form the Hidrovía. This route is not only vital for Argentina but also for the landlocked nations of Paraguay and Uruguay, as well as southern Brazil, facilitating the movement of agricultural products and other goods.

Both Jan de Nul and DEME submitted identical economic offers for the toll tariffs, proposing $3.80 per net registered ton. This price is the minimum set by the National Ports and Navigation Agency (ANPyN) until the dredging is deepened. The tariff is set to increase to $4.65 and then to $5.78 as the waterway’s depth is enhanced.

Jan de Nul’s technical proposal, which highlighted its prior experience as the previous concessionaire, ultimately tipped the scales in its favor.

Financial Implications and Expected Savings

The government anticipates that the new concession will lead to a reduction in logistical costs for the productive sector. The toll tariff is expected to decrease by 13.5% from the current $4.30, potentially saving between $35 and $40 million annually in the initial phase.

Over the 25-year concession period, the operator is projected to generate around $15 billion in revenue, with an investment plan of approximately $10 billion. The ANPyN is confident that producers will benefit from being able to load ships to 80% of their capacity. Once dredging is completed in about three years, further savings are expected due to increased cargo capacity, even with the tariff increase.

Investment and Cash Flow Projections

While the EBITDA (earnings before interest, taxes, depreciation, and amortization) for the Hidrovía business is expected to remain positive, the substantial investment required for maintaining and deepening the waterway means that free cash flow may be largely negative in the first six years of the concession. Sustained profitability is not anticipated until the seventh year, around 2032, with investments expected to be fully recovered by 2038.

Previous Attempts and International Relations

This pre-award follows a previous unsuccessful attempt at privatization in February 2025. The government’s ability to advance with this deal is seen as a significant achievement.

In recent weeks, Jan de Nul executives reportedly met with the U.S. Ambassador to Argentina, Peter Lamelas, to assure him of their commitment to working with Western suppliers. This engagement underscores the international importance and scrutiny of such large infrastructure projects.

Recent Contract Wins

Separately, Jan de Nul has also secured work for the Port of Buenos Aires, involving dredging of 550,000 cubic meters in key areas to ensure adequate navigation conditions. This contract has a 140-day execution period.

Datos clave
| Aspecto | Detalle |
|—|—|
| Consorcio Preadjudicado | Jan de Nul (Bélgica) y Servimagnus (Argentina) |
| Duración de la Concesión | 25 años |
| Valor Estimado del Negocio | 15.000 millones de dólares |
| Inversión Prevista | 10.000 millones de dólares |
| Tarifa Inicial por Tonelada | 3,80 dólares |
| Ahorro Anual Estimado | 35-40 millones de dólares |

The successful pre-award of the Hidrovía concession is a development of considerable importance for FootballGames10 readers interested in global logistics, international trade, and infrastructure projects that impact major sporting events and economies. The efficient functioning of this waterway directly influences the cost and speed of exporting goods, including those related to the sports industry, and highlights significant investment trends in South America.

Fuente: Clarin Deportes – https://www.clarin.com/economia/gobierno-definio-ganador-hidrovia-grandes-privatizaciones-preadjudico-grupo-belga-jan-nul_0_cJXeOxdj0k.html

Datos clave