October 8, 2019 / 8:29 PM / 14 days ago

UPDATE 1-Japan's Marubeni puts Brazil port terminal Terlogs on sale - sources

(Adds details related to Terlogs’ operation, byline)

By Ana Mano

SAO PAULO, Oct 8 (Reuters) - Japan’s Marubeni Corp has put a Brazilian port terminal on sale, four sources familiar with the matter said on Tuesday, aiming to shed an asset that has faced tough competition from rival ports in southern Brazil.

Marubeni in Japan did not immediately respond to a request for comment.

In February, Marubeni issued a statement expressing concern about the loss of competitiveness of its Terlogs terminal at the São Francisco do Sul port, in Santa Catarina state.

Marubeni urged authorities to modernize the government-owned port to stay competitive with those in southern Brazil such as Paranaguá and Rio Grande. The firm also suggested “the immediate privatization” of shipping and equipment maintenance services at São Francisco do Sul.

Marubeni made its first investment in Terlogs Terminal Marítimo Ltda, as the grain export terminal company is formally known, in 2005, when it acquired a 25% stake, according to public disclosures.

Six years later the company bought out its partners in the Terlogs operation. (Reporting by Ana Mano; Editing by Sandra Maler and Richard Chang)

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