(BARC) Barclays

BUENOS AIRES (AFX) - FM Navegacion (FMN) said it is integrating the Parana-Paraguay river fleets of Fluviomar SA and Samuel Gutnisky SA.

FMN will operate 100 barges and eight tug boats, effective March 1. Dry cargo capacity is 100,000 tonnes, 60,000 cubic metres of tankers and 26,000 HP of tug boats. It will also have two floating elevators at Kilometre 458 on the Parana, with capacity to transfer 10,000 tonnes per day from barge to ocean carrier.

A joint-service between FMN and Cia Naviera Horamar SA and Brazil's Cinco-Bacia takes the total to over 250 barges, 28 tugs.

Two strategically situated shipyards at the north and mid-range of the Paraguay-Parana waterway will contribute to safety and flexibility of services, it said. One is at Corumba, Brazil, while the other is Gutnisky's yard and repair facility at Corrientes, Argentina.

A new door-to-door grain service Multimodal Bulk Services Cargo (MBSC) has also been set up with the support of Platetrade and Allied Maritima, to operate a parcel service from the River Plate to the Atlantic and Pacific coasts of South America.

FM Navegacion CEO will be Andres Guzman, with Gustavo Alonso in charge of operations.

lac/mkp

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