Portal de Periódicos da CAPES

A model of lease of port areas: a new contribution

2011; SciELO; Volume: 5; Issue: 3 Linguagem: Inglês

10.1590/jv5n3p1

2238-1031

Carlos Henrique Rocha, Ivan Ricardo Gartner, Luiz Ricardo Cavalcante,

Fiscal Policy and Economic Growth

Este artigo tem dois propositos. O primeiro e oferecer um modelo de precificacao de arrendamentos portuarios. O segundo e estabelecer um contrato entre o porto e o arrendatario que possa ser negociado em bolsa de valores; o contrato e um papel negociavel nos mercados monetarios e de capitais. O modelo apoia-se na restricao orcamentaria intertemporal do porto e no custo de oportunidade da infraestrutura portuaria. O modelo e do tipo parceria publico-privada (PPP), pois queda na movimentacao de cargas na area do arrendamento, devido a questoes sistemicas (macroeconomicas), por exemplo, faz o porto obter menor receita de arrendamento. Resumo The aim of this paper is twofold. The first one is to propose a pricing model of port real asset and the second is to establish grounds for agreements between the lessees and the ports. The pricing model is based on the port’s time budget constraint and opportunity cost of infrastructure. The lease fee includes a fixed part and a variable part that is indexed to the intensity of cargohandling. The less cargo is handled at the leased area in a given year the less lease revenues the port will obtain. The port lease model proposed in this paper looks more like a public-private partnership and differs from concession or permission grants. The agreement between the port and the lessee should occur by means of securities that can be traded in the Brazilian stock market. These securities can be traded with investors; in the port’s perspective, securities can be viewed as a source of funding.