By Brazil Stock Guide – Ultrapar Participações S.A. (UGPA3) announced on Monday (Nov. 3) that its subsidiary Hidrovias do Brasil S.A. (HBSA3) has completed the sale of its coastal shipping operation to Companhia de Navegação Norsul for approximately USD 129 million (about BRL 715 million). The deal, initiated on February 27, 2025, marks a significant realignment in Ultrapar’s logistics portfolio.
According to information originally published by Broadcast (Estadão), the transaction aligns with Hidrovias’ strategy to streamline its business focus and enhance financial efficiency.
“This transaction allows Hidrovias to optimize its portfolio by focusing on more synergistic and complementary businesses, while reinforcing its financial position,” the company said in a filing to the Brazilian Securities and Exchange Commission (CVM).
Quarterly results and performance outlook
In its third-quarter earnings report, Hidrovias do Brasil (HBSA3) reported a 9.3% year-over-year increase in revenue, driven by strong logistics performance in the northern corridor. Adjusted EBITDA rose 6.8%, supported by higher volumes and cost efficiency.
Executives from Ultrapar (UGPA3) stated during a Q&A session with analysts that the divestment will reduce the group’s leverage by 0.3x and release capital for investments in its energy and infrastructure operations. Management reaffirmed its 2025 guidance for net revenue growth between 5% and 7%, citing stable domestic demand and ongoing portfolio optimization.
When asked about long-term strategy, company executives emphasized that while cabotage “was an important chapter,” future growth will stem from “integrated logistics and continental transport solutions.”complementary businesses, while reinforcing its financial position,” the company said in a filing to the Brazilian Securities and Exchange Commission (CVM).
Quarterly results and performance outlook
In its third-quarter earnings report, Hidrovias do Brasil (HBSA3) posted a revenue increase of 9.3% year-over-year, driven primarily by stronger logistics demand in the northern corridor. Adjusted EBITDA rose 6.8%, supported by operational efficiency gains and cost management.
Ultrapar (UGPA3) executives noted in a Q&A session with analysts that the divestment will reduce debt leverage by 0.3x and free capital for investment in core businesses such as energy distribution and integrated logistics. Management reaffirmed its 2025 guidance for net revenue growth between 5% and 7%, citing robust domestic demand and strategic portfolio adjustments.
During the Q&A, analysts questioned how the sale might affect Hidrovias’ long-term maritime presence. Executives responded that while cabotage was “an important chapter,” future growth will come from “integrated transport and infrastructure solutions across the continent.”
The sale also underscores Norsul’s ambition to expand its coastal shipping capacity in Brazil, consolidating its role as one of the leading players in the maritime logistics market.