Summary
Investment manager I Squared Capital has advanced to the second round of a bidding process to acquire Porto Sudeste, a Rio de Janeiro port valued at about $5 billion and currently owned by Trafigura Group and Mubadala Capital, according to people with direct knowledge of the talks who spoke on condition of anonymity because the negotiations remain private.
Bidders moving to next stage
Alongside I Squared, a consortium including iron ore producer Vale SA and steelmaker Gerdau SA has also been admitted to the second phase of the sale. Another party named by the sources is M Resources, a logistics company based in Brisbane, Australia. The identities of these groups were disclosed to the sources but have not been publicly confirmed by the sellers.
Asset history and recent performance
Trafigura and Mubadala, the investment arm of Abu Dhabi’s sovereign fund, acquired a controlling stake in Porto Sudeste in 2014 from MMX Mineracao & Metalicos, which was one of the former billionaire Eike Batista’s mining ventures. The terminal reported a record shipment volume of 27.8 million tonnes of iron ore in 2025, up from 21.9 million tonnes in 2024, according to its most recent financial statement.
Despite the year-over-year increase, the facility continues to operate below its stated handling capacity of roughly 50 million tonnes, as disclosed in the same financial filing.
Process and confidentiality
The sale is being conducted through a multi-phase bidding process. People familiar with the matter said several bidders have advanced to the second phase, but they declined to provide further details because the talks are private. No timetable or final sale terms were disclosed by the sources cited.
Market and sector implications
The transaction, if completed, would involve participants from the mining, steel, logistics and infrastructure investment sectors. The port’s sizable iron ore throughput and remaining capacity are central commercial considerations for potential buyers evaluating operational upside and long-term utilisation.
What remains uncertain
Key elements of the process remain undisclosed at this stage, including final bidders’ proposals, the timeline for a potential agreement and whether the port will be sold as a controlling stake or under different commercial terms. The private nature of the negotiations limits the amount of verified public detail available.
Further reporting will be required to confirm final outcomes and transaction specifics as parties make public disclosures.