
HMM, South Korea’s largest container carrier, is setting its sights on Brazil’s largest port, Santos, as part of CEO Choi Won-hyuk’s push to expand the company’s overseas terminal operations.
Following its recent move in Spain’s Algeciras port, HMM signaled interest in participating in port infrastructure development in Brazil after meeting with the country’s waterway authority.
Several media outlets reported that an HMM Brazil delegation met with Caio Farias, director of the National Waterway Transportation Agency (ANTAQ), on July 9 to discuss potential cooperation on terminal development.
HMM is eyeing the Tecon 10 terminal project, which aims to develop a 153-acre site in the Saboó area of Santos. The project would expand container handling capacity by 50% and build a terminal capable of processing up to 3.5 million TEUs annually, making it the largest port expansion in Latin America. The total investment is estimated at $1 billion, with a 25-year operating concession.
ANTAQ has recommended a two-stage bidding process, initially excluding shipping lines that already own terminals in Santos to prevent market concentration. This effectively blocks major carriers Maersk, MSC, and CMA CGM from participating, though Maersk has filed a lawsuit against ANTAQ in São Paulo court, arguing the exclusion is unfair. Industry watchers warn the ongoing litigation could delay the bidding, which is already two years behind schedule.
ANTAQ is expected to launch the bidding process by the end of the year and has been in contact with potential bidders, including HMM.
Since taking office in March, CEO Choi has prioritized securing overseas terminal assets, citing past difficulties from a lack of terminal access. Soon after his appointment, he met with the Algeciras Port Authority in Spain to discuss development at the Total Terminal International Algeciras (TTIA) site. In late June, HMM submitted a letter of intent to invest in the TTIA southern site. The company is now extending its reach beyond the U.S. West Coast (LA and Long Beach) and East Coast (New York) into Europe and South America.
HMM is reportedly positive about investing in Santos. Im Sang-dae, head of HMM Brazil, told Folha de S.Paulo that the company aims not only to increase its regular container services to Brazil but also to grow as a terminal operator in the country, adding, “We want to strengthen our presence in Brazil.”