Navios Maritime Holdings opened an iron ore marine terminal in Uruguay that was part of a dispute with iron ore miner Vale.

The South American logistics arm of the New York-listed bulker owner inaugurated the facility in Nueva Palmira. The terminal had been developed over the last four years at a total capital cost of some $150m.

The facility can transship 10 million tonnes per year of iron ore with a loading rate of some 3,900 tonnes per hour. It can accommodate simultaneous loading of ocean-going vessels and unloading of river barges and can store 700,000 tonnes of iron ore.

Navios chief executive Angeliki Frangou said: "The new facility represents a significant investment in essential infrastructure for the region and a critical component of the export supply chain of Navios Logistics' customers. With the completion of the iron ore facility, we have about 70 acres available for further expansion."

A London arbitration court ruled in December in favour of Navios with regard to a 20-year throughput agreement for the facility with Vale for the storage and transshipment of iron ore and other commodities for a minimum of 4 million metric tons annually.

Vale said last year it would not be able to perform on the contract, which was valued at some $35m in annual earnings before interest, taxes, depreciation and amortisation, according to Stifel.

Navios said it received indications of interest from other parties for transshipment services, although no assurances can be provided such will materialise into contracts.