Herbert announced the formation of a new joint venture with the Brazilian shipping and waterway logistics company Norsul - Northeast.

Based on a 50-50 partnership, Northeast plans to begin providing container coastal transportation and feeder services at Brazilian ports in the first quarter of 2024.

Northeast will leverage the advantages of its two parent companies to operate independently in the region.

Andr é s Kulka, Senior Managing Director of Herbrot Latin America, stated, "The Brazilian coastal transportation industry is constantly growing, processing over 1.2 million TEUs in 2022. Northeast will provide its customers with comprehensive logistics and fast and efficient solutions to fully utilize the growing demand of the Brazilian coastal transportation market

"The establishment of Northeast is an important milestone that combines the expertise of Hapag Lloyd and Norsul. Northeast will promote access, increase capacity, and involve the company in using coastal shipping as a transportation method while conducting business at the largest port in Brazil." said Norsul CEO Angelo Baroncini.

Gustavo Paschoa, CEO of Northeast, will lead this new joint venture. He has extensive industry experience in transportation and logistics in Brazil, including past executive positions in Norsul, Damco, DSV, and Penske Logistics.

The cooperation between Herbert and Norsul has previously been approved by the Brazilian national competition regulatory agency, the Administrative Committee for Economic Defense (CADE). The application to operate as a Brazilian shipping company (EBN) has also been authorized by the board of directors of Ag ê ncia Nacional de Transportes Aquavi á rios (ANTAQ).