Argentina loosened safety regulations on shipments traveling along a key grains transport river, a move which could boost cargo moved through the waterway up to 7%, the nation's security minister said on Monday.
Ships traveling along the Parana-Paraguay waterway will now be able to carry more cargo, Security Minister Patricia Bullrich said on X, adding it would make firms more efficient and reduce costs but without affecting safety.
Argentina is the world's top exporter of soybean oil and flour, the third-largest exporter of corn and a top wheat supplier. More than 80% of the nation's agricultural exports are shipped along the river.
"With clear rules, predictability and firm decisions, we guarantee a more competitive waterway," Bullrich said.
The Rosario Grains Exchange called the tweak in regulations "important progress" toward improving efficiency for agricultural exports.
The nation's ports chamber and grains export chamber did not immediately respond to requests for comment.
The government has renewed its focus on the waterway in recent weeks after an auction process for maintenance contracts of the Parana River was embroiled in scandal and scrapped.
A fresh tender will be launched after a probe into possible sabotage of the auction is wrapped up. Just one firm, Belgian dredger DEME Group, bid in the initial round. DEME said it did not know why others did not compete, though the government is looking into potential "pressure" by DEME onto its competitors.
DEME however said that the tender had been biased in favor of Jan de Nul, the current concession holder.
(Reuters - Reporting by Maximilian Heath; Writing by Kylie Madry; Editing by Natalia Siniawski and Lincoln Feast.)