The norm, in detail
Waterway: a 25-year private concession
Res. 36/2026 ANPYN (award Jun 19, 2026, Jan de Nul-Servimagnus)
in executionNATIONAL
State, institutions and security
What changed and who it applies to
What changed
The operation, maintenance, dredging and modernization of the Trunk Waterway (Paraná-Paraguay Waterway), the route through which ~80% of Argentine foreign trade exits, is placed under concession for 25 years. DEFINITIVELY AWARDED (Res. 36/2026 ANPYN, Jun 19, 2026) to the consortium Jan de Nul N.V. (Belgium) + Servimagnus S.A. Estimated revenue ~USD 15,000 M over 25 years via toll. The signing of the concession contract is still pending (max. 30 days from the award); the 13.5% reduction in logistics costs is activated with the signing. verif · Jun 19, 2026 ↗
In force
A 25-year concession; the term runs from the signing of the concession contract (pending as of Jun 19, 2026, max. 30 days from the definitive award). prob · Jun 19, 2026 ↗
Who it affects
Exporters (agriculture/grains), Greater Rosario and coastal ports, shipping companies; toll users (USD 3.80/NRT initial, rising to 4.65 and 5.78 in stages). prob · Jun 5, 2026 ↗
The norm
Resolución 36/2026 of the Agencia Nacional de Puertos y Navegación (ANPYN), signed on Jun 18, 2026 and published in the Boletín Oficial on Jun 19, 2026 (notice 343322). It makes the final award of Licitación Pública Nacional e Internacional N° 1/2025, the national and international public tender (Process 508-0002-LPU25). The first tender had been annulled in Feb 2025 (a single bid); the preliminary award came on Jun 6, 2026. verif · Jun 19, 2026 ↗
Our reading
It takes the State off the artery through which ~80% of foreign trade exits and sets rules for 25 years: dredging, modernization and predictability for the whole export chain (R3 · stability → long-term investment). The counterweight we measure: the rising toll (USD 3.80 → 5.78/NRT) — the thesis wins if efficiency outpaces the cost. thesis
Where it lands, province by province2
Santa Fe Santa Fe (the Greater Rosario hub, the core of agro-exports) is the most exposed: a modernized waterway with a long-term private operator lowers logistics costs and gives predictability (favorable), but the rising toll is a direct cost for the chain (adverse). Net: it depends on whether the efficiency gain outweighs the toll. mixed stability → long-term investment thesis
Buenos Aires Buenos Aires ports on the Paraná de las Palmas and the access to the ocean benefit from a route dredged and maintained to international standard. favorable stability → long-term investment thesis
The other rules on this subject22
Property shield: expropriating costs more, evicting is fasterBill PE-13/2026 (Message 22/26) — majority committee report in the Senatepending
AySA up for bid: the State sells 90% to a private operatorRes. 704/2026 MECON (Official Gazette, May 15, 2026)in execution
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading