Spain’s Development Minister, Íñigo de la Serna, has announced that he will present new stevedoring legislation to the Cabinet “as soon as possible”.
The minister is being driven by demands from potential investors, who are showing reluctance to part with their money until reform in the stevedoring sector is implemented.
In Algeciras, the port authority said it is having difficulty finding a bidder for its third container terminal because of the uncertainty over the stevedoring situation. Valencia is also in the process of trying to attract new investors for its expansion zone.
In both cases, Chinese investors have a strong case for strengthening ties with their two largest Spanish trading ports. However, mistrust of the whole reform process is rising.
Rumours have circulated of secret negotiations taking place and parts of the proposed legislation being reviewed in private.
There could be causalities, too. JP Morgan is rumoured to be planning a sell off of part of its terminal operating group Noatum. If true, this is attributed to a company decision to spin off Marmedsa, which mostly handles dry bulk, into a new company, Noatum Maritime, which would effectively divide Noatum into two. PWC is said to be already undertaking due diligence. When approached for comment, Noatum said that it was not company policy to comment on rumours.
