The Port of Santos, the largest terminal in South America, which will close the year with R$ 4 billion in cash, has scheduled the signing of the contract with the Portuguese company Mota-Engil for February. Mota-Engil won the auction held in September 2025 at B3 for the construction of the Santos-Guarujá immersed tunnel.
In total, the project will cost R$ 6.8 billion. Of this total, R$ 5.1 billion will be divided between the state and federal governments. The tunnel will be 1.5 kilometers long, with 870 meters built below the port channel.
The expectation was that the contract would be signed by the end of 2025, but the extension request came from the company, due to the need to obtain documents for the agreement. The signing event will also mark the beginning of the construction site preparation phase.
The ceremony, which will be attended by President Luiz Inácio Lula da Silva and Governor Tarcísio de Freitas, who are each trying, in their own way, to politically capitalize on the initiative, will be held eight months before the elections for the Palácio do Planalto (Presidential Palace) and the Palácio dos Bandeirantes (São Paulo State Government).
“I see that there is a dispute over who deserves credit, and I argue that it is a joint effort of both the federal and state governments. Without the support of each of them, the project would not have gone ahead,” says Anderson Pomini , president of the Santos Port Authority (APS), in an interview with NeoFeed .
The construction site preparation phase is expected to last throughout 2026, and construction is scheduled to begin effectively in January 2027 with the start of excavations. With this, the tunnel should be completed in 2030.
In addition to the investments for the tunnel construction, APS has already allocated approximately R$ 12.5 billion to be invested by 2028 in projects such as new viaducts and the expansion of the port channel's draft to accommodate larger ships.
According to the company president, the cash position of the Port of Santos shows a different management model from that adopted in other state-owned companies, such as the Post Office. He believes that credit, in this case, should also be shared with the previous management.
"The previous government organized the finances. They wanted to privatize, which is a mistake, in my opinion, and it didn't happen. Even so, they cleaned up the company," he says.
“We received [APS] with R$ 2 billion in cash. Today it has R$ 4 billion. We treated the port like a private company. We maintained this efficiency, integrated it with the private market, and projected the port into the future.”
According to the president of APS, the decision by the Ministry of Ports to follow the recommendation of the Federal Court of Accounts (TCU) to remove the current shipowners already operating in Santos from the auction of the Tecon 10 megaterminal is correct.
“It was the right decision. If 100% of the containers in Santos are already divided between Santos Brasil, BTP, and DP World, assigning this terminal to one of them would create market concentration. It is correct that they do not participate,” he states.
The Port of Santos is expected to close the year with net revenue of R$ 1.4 billion, handling a volume of 190 million tons of cargo.
Below are the main excerpts from Pomini's interview with NeoFeed :
When will the contract for the construction of the Santos-Guarujá tunnel be signed?
It will be signed by February 10th. At the same event, we will inaugurate the construction site, with the presence of President Lula and the Tarcísio government. Once the site is set up, the company's team has 12 months to study the soil, carry out expropriations, and refine the project details. The actual excavation will begin in January 2027. It was initially scheduled to be signed between December and January, but the company needed more time due to documentation and international certifications, including those required for financing.
The fact that 2026 is an election year, for both president and governor, could hinder the progress of the tunnel construction?
I see there's a dispute over who deserves credit, and I argue that it's a joint effort between the federal and state governments. Without their support, the project wouldn't have happened. There's a shared responsibility. And I don't believe the election year will hinder it. The governance of the Port of Santos is top-notch, even though it's a public company. Even if politics tries to influence it, the port's management remains independent. And the work should be completed three years after the start of excavations. It will be finished by mid-2030.
The 2026 budget includes R$ 3 billion in investments. Are the tunnel funds included?
Our investment plan follows a schedule of various infrastructure projects at the port, not just the tunnel. R$ 12.5 billion will be invested between 2025 and 2028. In 2026 and 2027 alone, R$ 6.14 billion will be invested in various actions, such as increasing the port's draft to accommodate larger ships, the perimeter road, and new viaducts.
"If China were to impose such a massive tariff, then the Port of Santos would be greatly impacted."
At the start of the US tariff hike, you told NeoFeed that the impact wouldn't be significant. Has that prediction come true?
Yes. What we export to the United States isn't as significant as what we send to Asia. If China were to apply a tariff of this type, then the Port of Santos would be greatly impacted. What goes to the American market doesn't even represent 15%. China accounts for 60%. There's a lot of competition for cargo. When meat, coffee, and orange juice stop arriving, other cargoes occupy the space on the docks. In fact, in the first month of the tariff increase, we saw an increase in cargo .
What has been the result of the green tariff implemented by the port, which provides discounts for ships that emit fewer gases?
Our perspective is to increase actions to encourage terminals and ships to decarbonize the port. By 2025, there have already been R$ 17 million in tariff discounts . In three years, this volume has already reached R$ 40 million. The Port of Santos has a responsibility to promote this agenda and set an example for other port terminals.
When is the concession process for the Itatinga hydroelectric plant, which supplies the port, expected to be completed?
The call for bids will be made in January to hand over the power plant to the market. Currently, the plant generates 12 megawatts (MW) of electricity and will increase to 29 MW with investments of R$ 500 million. This energy will be traded on the market and will supply the port with all its needs. The new company will also study the generation of green hydrogen, which can be used for the fleet of ships. It will be a 25-year concession, which will include the revitalization of the plant's area, located in Bertioga.
With these actions, does the port gain in productivity compared to other ports in the world?
Yes. Three years ago, the Port of Santos was the 43rd largest in the world. Today it is the 37th. And with the anticipated auction of the Tecon 10 terminal, it will be among the 20 largest in the world in terms of capacity.
"If, today, 100% of the containers in Santos are divided between Santos Brasil, BTP, and DP World, assigning this terminal to one of them would create a market concentration. It's simple math."
What is your assessment of the decision by the Ministry of Ports and Airports to follow the recommendations of the Federal Court of Accounts (TCU) and remove from the bidding process the shipping companies already operating in Santos?
The decision was correct. If, today, 100% of the containers in Santos are divided between Santos Brasil, BTP, and DP World, assigning this terminal to one of them would create market concentration. It's simple math. It's right that they don't participate. The decision was unanimous among Antaq, TCU, and the Ministry of Ports. Everyone expressed this opinion. And there was a lot of legal action during this period. But that only delays the process. There's no more time to lose. The project is ready. We need to finalize this and start operations. The auction will be held next year.
How was the year 2025 for the Port of Santos?
The Port of Santos is a window that represents the thermometer of the Brazilian economy. If we have GDP growth, the lowest unemployment rate in history, and the largest grain harvest in history, all of this will be reflected in the terminal. We are directly connected to 200 countries and 600 destinations. With reduced employment, people consume more and buy manufactured goods. That's why the port achieved historic results in 2025.
What does this mean in terms of revenue?
We expect to close the year with R$ 1.4 billion in net revenue. Up to September, we reached R$ 1.29 billion, and the volume of cargo handled in the last few months of the year has been very high. We should close the year with growth close to 4%. We will break last year's record for cargo handling and reach close to 190 million tons. In November alone, it was 19 million tons.
Why is the financial performance of the Port of Santos, which belongs to the federal government, so different from that of other state-owned companies, such as the Post Office?
The Port of Santos is going against the grain compared to other public companies, especially the Post Office. The Port Authority is currently experiencing its best moment in terms of financial results because it operates like a private company. And I must say that this work is not solely the result of this administration. The previous government organized the finances. They wanted to privatize, which is a mistake, in my opinion, and it didn't happen. Even so, they cleaned up the company. We need to share the credit. We received it with R$ 2 billion in cash. Today it has R$ 4 billion. We maintained this efficiency, integrated with the private market, and projected the port into the future.
On the other hand, in the case of the Post Office, does the previous management also bear responsibility?
Yes. You can't blame only this administration. Attributing responsibility solely to the company's last presidents isn't correct. A company is the result of years of planning and organization. I took advantage of the good times, distanced myself from the talk of privatizing the port, and imposed an efficient management rhythm. Just as the previous government deserves credit for the port's success, it's also responsible for this difficult moment for the Post Office. We treated the Port Authority like a private company.
