Neltume argues that a second container terminal project in Montevideo can move forward

Neltume Ports defended the legal viability of the Montevideo Container Terminal (MCT) project, an initiative that provides for the construction of a second container terminal at the Port of Montevideo. The company, majority shareholder of Montecon, estimates an investment of US$ 900 million in the undertaking.

The company's argument relies mainly on Judgment No. 719 of the Administrative Litigation Court (TCA), dated December 17, 2025. The decision annulled Clause 3.5.4 of the management regime for Terminal Cuenca del Plata (TCP), approved by Decree 114/021.

The provision restricted the granting of concessions for new facilities specializing in containers while TCP's concession remained in force, unless the terminal reached more than 85% of its annual capacity for two consecutive years. According to Neltume's interpretation, the rule created a barrier to the entry of competitors and secured a monopolistic position until 2081.

Following the annulment, the company argues that the Uruguayan state is no longer subject to that limitation when assessing new concessions, permits, or authorizations. The company also says that the TCA decision requires the authorities to consider free competition and prevent the formation of de facto monopolies.

Neltume distinguishes this interpretation from another provision related to TCP, Decree 115/21, which granted berthing priority to vessels of the specialized terminal. As reported by the sources, the company's legal adviser considers that this preference may be allowed for reasons of efficiency, provided it is compatible with a competitive environment.

The dispute also involves the legal stability clause included in the agreement between the Uruguayan state and Katoen Natie, the controlling company of TCP. The Belgian company maintains that its rights and obligations should not be adversely affected by regulatory changes introduced after the 2021 contract.

Neltume, however, argues that the TCA judgment does not constitute a subsequent regulatory change. In the company's view, the court declared void from the outset a clause considered incompatible with the legal order in force, which would create a legal situation different from the one protected by the stability clause.

The project still depends on a decision by the Uruguayan government. If it is accepted, a process should be opened to receive parties interested in the concession. Katoen Natie has already indicated that it may initiate arbitration proceedings against Uruguay if the initiative moves forward.

The dispute therefore brings together two positions on the possibility of installing a new container terminal at the port: on one side, Neltume argues that the court decision removed the restriction on competition; on the other, Katoen Natie invokes the provisions of the 2021 contract and its legal-protection mechanisms.