Brazlian operator halts investment

According to capital expenditure budgets prepared for LLX, suspending the Port Brasil project decreased its total expected capital expenditures by approximately 50%, to $2bn from $3.9bn thereby abating the company’s cash outflow requirements, especially in the short term.

It is the first time that the spreading credit-crisis has effected a port in South America.

LLX will now focus on the ongoing construction of Port Acu and the development of Port Sudeste, with scheduled start-up in 2010 and 2011, respectively.