CV Interilhas, the domestic maritime transport concessionaire in Cabo Verde, announced on Monday (4th) a $22 million investment in the purchase of ships, following a “favorable arbitral decision” that acknowledged breaches of the concession contract by the State, according to news agency Lusa.
“The judicial decision allows the application of $22 million towards the sustainable development of the Cape Verdean maritime sector and inter-island mobility, enabling the resumption of the strategic plan originally envisioned under the concession,” the company stated in a press release.
According to the operator, payments due and accumulated since 2021 had been withheld by the Government due to doubts over their legitimacy but were now recognized as valid by the Arbitral Tribunal.
“The conclusion of this process marks the closure of a chapter for CV Interilhas—one that will be decisive for a new cycle based on trust and cooperation for the country’s future,” the company added.
The released funds will be used to acquire the ships Chiquinho BL and Dona Tututa, which were previously operated under charter, as well as to purchase a new vessel with similar features, expected to enter service this year.
On Thursday (31st), during the State of the Nation debate, a member of the opposition African Party for the Independence of Cape Verde (PAICV) stated that an arbitral ruling dated June 23 ruled in favor of CV Interilhas and ordered the State to pay around $40 million for breaching the exclusivity clause in the concession contract.
According to the MP, the ruling includes compensation and other amounts related to operational costs, schedule violations, and the suspension of fare updates.
In response, in Parliament, the Deputy Prime Minister and Minister of Finance, Olavo Correia, emphasized that the Government does not agree with the decision and also has complaints regarding the service provided by the concessionaire.
“The Government has mobilized a structure and a specialized service to defend the public and State interest to the fullest extent,” the minister stated.
CV Interilhas is a company established in 2019, with which the Government of Cabo Verde signed a 20-year concession contract for the public service of passenger and cargo maritime transport between the islands. The company operates inter-island maritime connections with a fleet of four vessels.
The company is led by the Portuguese ETE Group, which holds 51% of the share capital (through its subsidiaries Transinsular and Transinsular Cabo Verde), while the remaining shares are held by 11 Cape Verdean companies.
In Cabo Verde, the ETE Group manages a covered storage area of approximately 4,000 square meters, including temperature-controlled zones, and is present on the country’s main islands.
Fully owned by Portuguese capital, the ETE Group operates in nine countries, employs over 1,330 people, and generates annual revenue exceeding $376 million.
Source: Diário Económico
