Securitisation of leases of port areas and installations in Brazil

Carlos Henrique Rocha and Paulo Augusto P. Britto

Maritime Policy & Management, 2010, vol. 37, issue 2, 163-174

Abstract: The Brazilian Federal and State Governments’ lack of funds for investing in port infrastructure is notorious. Accordingly, there is a need to seek out other sources of finance to address the needs of Brazilian ports. One of the options available in the financial market is securitisation whereby credit rights over future cash flows can be associated to regularise financial assets. In the case of ports, the leasing of the port areas generates the credit claims. This article proposes the securitisation of future cash flows stemming from the leasing of port areas and installations as an alternative source of finance for the authorities. It introduces the proposal, portrays the model for leasing port areas and the main concepts concerning the securitisation of credit claims and also simulates an operation based on credit claims on proceeds from port leasing using data from a hypothetical bulk-grain shipping terminal.

Date: 2010
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DOI: 10.1080/03088830903533833

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