In 2021, Decree 949/2020 empowered the Ministry of Transport to call for and award the tender for the public works concession for the modernization, expansion operation and maintenance of the signaling system and dredging and redredging tasks (the “Tender” and the “Concession”, respectively) of the waterway between kilometer 1238 of the Paraná River and the Natural Deep Water Zone in the outer Río de la Plata (the “Waterway”).
Subsequently, given the imminent expiration of the awarded concession contract, the General Port Administration S.E. took over the Concession for a 12-month period, which was extended until a new concessionaire was awarded. Provision 34/2024 of the Ports and Waterways Subsecretary called for a public tender for the selection of the new concessionaire, but it was cancelled after receiving only one bid.
In this context, after a public hearing and the submission of comments by the interested parties, Resolution 67/2025 (“Resolution 67”) of the Argentinean Ports and Waterways Agency (“ANP” for its Spanish acronym) called for a new Tender and approved its general terms and conditions and technical specifications (the “Tender Documents”).
The most relevant aspects of the call are detailed below:
1. Tender Schedule
- Deadline for submitting questions regarding the Tender Documents: January 28, 2026, at 11:59 p.m.
- Deadline for submitting bids: February 27, 2026, at 1:00 p.m.
- Opening of Envelope No. 1: February 27, 2026, 1:00 p.m.
2. General Conditions of the Tender
The Tender is a multi-stage tender, which requires bidders to submit their bids in three envelopes: the first for documentation proving compliance with the legal requirements, the second for the technical memorandum and a works plan, and the third for the financial bid, which must include the pricing sheet for Stages 0, 1 and 2.
3. Submission of Bids
Bids must be submitted exclusively through the Contrat.Ar platform, for which interested parties must be previously registered in the category “State Co-contractors,” subcategory “Concessionaire Law No. 17.520” in accordance with Provision 84/2024 of the National Contracting Office and Resolution 35/2024 of the Deputy Executive Chief of Staff.
4. Participation and Special Requirements
As a condition to participate, bidders must be legal entities, either domestic or foreign, with the power to enter into legal obligations in Argentina. These entities may participate individually or in associations, but cannot choose both options or participate in more than one.
Legal entities directly or indirectly controlled by sovereign states or state agencies, as well as temporary joint ventures, among others, are excluded from the Tender.
If awarded, bidders must establish a special purpose vehicle with an equal or greater term than the Concession’s maximum. In addition, it must prohibit any change in ownership that affects its control.
5. Economic Requirements
Bidders must prove compliance of the following financial requirements:
- Total net assets greater than US$ 300,000,000;
- Minimum turnover greater than US$ 450,000,000, in all respects;
- Solvency factor greater than 1.40;
- Liquidity factor greater than 0.9;
- Debt ratio less than 2.5; and
- An average annual turnover from dredging activities greater than US$ 300,000,000 and minimum profitability of US$ 30,000,000 for all activities.
6. Experience Requirements
Bidders must have experience in dredging works in ports and channels for the improvement and maintenance of navigation conditions, conducted with their own equipment, which must exceed a volume of 1,000,000 m3 of removed materials. These works must have been made in waterways that allow the navigation of vessels with a depth of more than 8 m.
Only records dating from after 2016 will be taken into account. In the case of associations, only the records of the member with a share of forty percent (40%) or more will be considered.
In particular, bidders are required:
- Total dredging volume of not less than 15,000,000 m3;
- Monthly dredging volume exceeding 500,000 m3, excluding backfilling or filling, with own equipment with a draft of less than 8.5 m;
- Experience in the implementation or maintenance of signaling systems;
- To have six suction dredgers built after 1994, with a maximum draft of 8.5 m and an installed onboard power of no less than 4,000 kW. In addition, the combined hopper capacity of four of the dredgers must not be less than 20,000 m3.
- Emissions rating and ISO 9001, 14001, and 45001 certifications.
Bidders must appoint a technical representative, who will represent the Concessionaire before the National Executive Branch and the ANP (the “Issuing Authority”) and receive service orders. This person must be a civil or port engineer and must demonstrate experience in positions related to the organization, management, inspection, and/or technical representation of dredging works in Argentina.
7. Technical Memorandum
Bidders must submit a technical report and a work plan indicating the tasks to be performed, the volumes to be removed, and the dredgers to be used in each sector and for each task.
The descriptive report of the tasks to be performed must include, among other information, the mobilization and demobilization plans, the delivery plan, minutes and transfer of the concession and equipment, stages, and expected deadlines.
The work plan and program must include the general proposal for dredging, signaling, technification, and spill response.
8. Financial Offer
The financial offer shall consist of the transport tariff for the segments between the Paraná and Río de la Plata rivers, for each of the Concession’s stages.
Furthermore, the bidder must submit:
- The financial plan for the concession, stating the expected income and expenses;
- A financing commitment for a minimum amount equivalent to 50% of the total investments foreseen for the works;
- Estimated price for the dredging service for port access.
9. Bid Bond
As a condition of validity of their bids, bidders must include a bid bond of US$ 20.000.000, for a period equal to the bid validity term, including any possible extensions.
10. Award
The contract will be awarded to the bidder who, after successfully passing envelope 1’s evaluation, obtains the highest scores out of a total of 200 points, taking into account both their technical (envelope 2) and financial (envelope 3) proposals.
11. Main Characteristics of the Contract
The concession contract consists of the modernization, expansion, operation, and maintenance of the signaling system, dredging and redredging tasks, and maintenance of the Waterway. It will have a term of 25 years, which may be extended for an additional period not exceeding 20% of the original term.
The concession is divided into the following three stages:
- Stage 0: it will last for one year from the date of takeover, during which maintenance and improvements to the signaling system must be carried out. In addition, the bidder must submit the necessary documentation for the execution of the dredging works in Stage 1.
- Stage 1: upon approval of the documentation, the concessionaire shall perform the works corresponding to Stage 1, consisting of: (i) widening of the Brown Channel and (ii) deepening and adaptation of the riverbed of the Paraná Bravo and Paraná Guazú rivers. During this stage, the concessionaire must submit the necessary documentation for the execution of the works in Stage 2.
- Stage 2: begins with the submission of the relevant documentation and extends throughout the execution of the Stage 2 dredging works until the end of the Concession.
12. Contractual Guarantees
12.1. Contract Performance Guarantee
A guarantee of US$ 40,000,000 must be provided in favor of the Issuing Authority to secure the contract.
12.2. Special Guarantee
The concessionaire must also provide a guarantee in the amount of US$ 35.000.000 to secure the obligation to settle the outstanding debt with current creditors of the Waterway.
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For more information or inquiries on this matter, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, or Manuel Crespi.