Good morning, everyone, and welcome to Hidrovias do Brasil's Earnings Conference Call for the second quarter of 2024. Today, we are joined by Fábio Schettino, Chief Executive Officer, André Hachem, Chief Financial and Investor Relations Officer, and Ana Carolina Bastos, Investor Relations Superintendent. This event is being recorded and will be available on the company's investor relations website. Following the comments of Hidrovia's management, there will be a Q&A session, at which time further instructions will be provided. We would like to point out that the simultaneous translation tool is available on the platform. To access it, simply click on the interpretation button at the bottom of the screen and choose your preferred language. Before proceeding, we underscore here that the forward-looking statements made herein are based on the beliefs and assumptions of the company management and on current information available to the company.
These statements may involve risks and uncertainties as they relate to future events, and therefore depend on circumstances that may or may not occur. Investors and analysts should bear in mind that macroeconomic event, events in the segment and other factors could cause results to differ materially from those expressed in the respective forward-looking statements. Having said that, I would like to hand the floor over to Mr. Fábio Schettino. Morning, everybody, and thank you for participating in our earnings call for the second quarter, 2024. I begin by thanking all of you and welcoming our new CFO, André Hachem. Please go to slide 4 to present the main highlight for this quarter. In terms of operations, we had a challenging quarter in the north because of the draft situation, and we're operating through what we call a low water plan. This gives us operational flexibility.
In all the other operations, we had positive, normal results. In the north, we operated with higher normal tariffs and strong volumes. In Santos, we began to work with fertilizers via railway and salt beginning in the second quarter, which is now operational. Now, in coastal navigation, we continue with consistent results. We delivered volumes scheduled by the customers, and we see a positive effect of the foreign exchange conversion as this line of business is pegged to the dollar. Now, we will continue to face the draft situation in the south, as seasonally, we're entering a period where we have a reduction of water. This will take us to operate in even more restricted draft conditions, vis-a-vis what we observed in the first half of the year. This is something we expect as it is natural for the river.
Now, in this context, we had significant strides on this front with the removal of stones in the part of Asunción, which is one of the greatest restrictions in our route, as well as the recent announcement made by Paraguay on the signing of an agreement with the private companies operating this to once again take away the stones in our route, with an investment of BRL 150 million to improve the Paraná-Paraguay waterway. We didn't have any major impact on operations, and we will continue to follow up on the evolution of rainfall in the third quarter to ensure the conditions of navigability.
As announced by the press, we had a delay in regulatory issues, and although we have not received any formal notification on the process, we are assessing different alternatives to mitigate this and decide on our following measures, including our work with the Docas do Pará. Now, please go on to slide number 6, where I highlight that we disclosed our integrated report in June of this year. I suggest a detailed reading. It is available on our IR site, and it includes the company's economic, environmental, and social performance relating to 2023. With this, I give the floor to André Hachem, who will remark in detail on each of the operations, and then I will be at your disposal for questions and answers. Thank you, Fábio, and a good day to all of you. We are on slide 8 with the North Corridor.
We had more than 2,000,000 tons in the second quarter, highlighting the grains integrated system that began with lower volume because of the soybean situation. There was a growth in the average tariffs that offset the mix because of integrated volumes. We ended the second quarter with revenues almost 15% higher than the same period last year of BRL 162 million. Adjusted EBITDA totaled BRL 261.9 million because of the higher average tariff. The highlight is the growth of cost, BRL 17 million paid to CDP as a payment for passage through the area, and we had to adjust the EBITDA. This was an extraordinary situation. We go to slide 9, the South Corridor. That continues to be a point of attention because of the hydrological situation. The average draft have been lower than the normal historical average.
As a result of this, as you can see on the table at the top, the second quarter of 2024 had 1.4 million tons of cargo, 20% below the same period last year. The greatest impact is in iron ore, that is loaded in the Paraná-Paraguay waterway, and this was partially offset by the volumes of grain in the period. Net operating revenue had a reduction of 20% vis-à-vis 2023. Once again, because of the lower volumes transported and a worse mix of cargo, our JVs totals a reduction of 50% compared with the same period last year because of lower revenues and higher costs, once again, because of the Low Water Plan. Let's go on to slide number 10, where we see the results obtained in coastal navigation.
We opened regularly in this corridor with 1 million tons of bauxite, an increase of 49% vis-à-vis last year. We had revenues of BRL 63 million, an increase of 13% vis-à-vis last year, but we had lower volumes, explained by the fact that in 2023, we had a positive effect on revenues because of the elimination of provisions. We had 64% more vis-à-vis the period in 2023, reflecting lower costs. In 2023, we had higher costs because of the docking of vessels . Now, to conclude the analysis of results for operations, let's go on to slide number 11 for the results of Santos. We had an increase of 11% in terms of cargo vis-à-vis the same quarter, 2023. We had a growth of fertilizers that were shipped through rail this year.
At the end of June, we began our operations with salt as well. We totaled BRL 29 million in the quarter, 10% higher than in 2023. Due to the movement, we had an adjustment of BRL 3 million, a growth of 6% last year, reflecting a growth of revenues, but also impacted by costs and expenses relating to salaries and benefits, and a new shift to be able to work with the rail operations for the movement of salt. All of this will balance out as operations reach maturity. On slide 13, we see the movement of 1.4 million tons of cargo, BRL 565 million, and with JVs, we reached BRL 260 million, below what we had last year.
Because of the restrictions mentioned in our South Corridor, we go on to the last slide, where I would like to comment on leverage. We ended at 5.4 times net debt, EBITDA. The main reasons were worsening of our EBITDA because of the South Corridor, added with the mark to market of our debt, that presently is 78% pegged to the dollar and had strong amortization during the quarter. I highlight that we have an average term of payment of 4.8 years and a weighted average cost in USD of 5.3%, and these mature in 2031. With this, we would like to end the presentation, and we are at your entire disposal for questions and answers. Thank you very much. We will now begin the question and answer session.
Should you have a question, please click on the Q&A icon that is at the bottom of your screen and type in your question. Should you wish to pose a question using your microphone, click on the raise hand icon. Please hold while we poll for questions. Our first question comes from Gabriel Frazão, from Bank of America. Your microphone has been unmuted. Morning, everybody. Thank you for taking our question. My question refers to the company's strategy regarding your new controlling shareholder. Has there been a change in the long-term strategy of the company? And which are the new initiatives that we should observe going forward? Gabriel, thank you for the question. This is Fábio. There is a mandate for growth and aggregation. In this new mandate, everything is very recent. We had two meetings regarding the new board, and this is what I mentioned in the previous call.
We see a shareholder that has a long-term track record operational differences, and of course, that stance of also adding value. And these are two options that we need for this new phase of the company. It was the best shareholder for this period of the company. We had a shareholder with a conception of the thesis, with a thesis of the largest navigation system in the continent for 13 years, and now we are going to a different phase, a phase of growth with a consolidated operating company. What I can say for now is that there's a stance of support and that stance of adding value in the long term, and the company will benefit greatly from that experience that the new shareholder will bring in this new company phase. Well, thank you very much, Fábio. Thank you, Gabriel.
We would like to remind you that should you wish to pose a question, please use the Q&A icon at the bottom of the screen and type in your question. Should you wish to pose a question using the microphone, please click on the Raise Hand icon. Please hold while we poll for questions. Our next question comes from Marcelo Arazi. Your microphone has been unmuted. Well, good morning, everybody. Thank you for taking my question. I would like to hear more about the North Corridor, to hear about the outlook for navigability for the rest of the year, because of the rainfall that we're expecting in the north. And I would like to hear more about your project for capacity expansion in the north. Thank you very much. Good morning, Marcelo. Thank you.
Well, we speak a great deal about the draft, and we have followed up on the news about the climate. Now, this year has proven to be very challenging in the northern region, and we see a scenario that is even more challenging than the one we saw last year. This is a fact, and we can see this clearly. In this context, what we're doing is to bring together all of the learning we obtained in the fourth quarter last year to minimize the situation in the case of being forced to stop our operations as we had to do last year. So this is the anticipation. We're working with a volume of cargo for customers during the year.
This is what I can tell you now, as we see in the waterway of Paraná, in the mid and long term, the Tapajós, we have initiatives to make the company less prone, less subject to these climate impacts. The Tapajós River, the Madeira River, need a structural solution for the mid and long term, and this waterway should be given for concession, and then we would have a waterway that would be navigable, especially a river like Rio Tapajós. We're going to try to manage this climate condition in the short term and hope to have this waterway given under concession. BR-163 has a toll. Now, there is no higher cost than the inefficiency of trafficability of this highway.
If the highway were under concession, if we knew the conditions of navigation, the entire situation could be calmer, and this is how we view everything in both of our logistic corridors in the north and the south. Because of the crisis we had in the past, we have a plan to face what will happen in the mid and long term. We observe a more stable scenario in the mid and long term, as long as we are able to manage these climate conditions. Now, we were speaking with our colleagues, speaking about capital goods, to look at a business that manages to have margins, of course, depends on having a sound business model. And, well, we have learning for a structural strategy. This is what we're learning.
We have learned this from Paraguay and in Brazil, in the North Corridor and the Tapajós, waterway, we have also had plans set forth. I'm sorry, Marcelo, your second question?... Well, the plan that we announced, which is an expansion transition plan, is underway. Simply to remind you of what we're speaking about, we're building transshipment equipment for Vila do Conde to add approximately 1.5 million tons and floating transshipment that will be placed in Itaituba until 2026. And after this, we will make a decision with our new partner. We still have not defined this, make a decision in terms of our following steps. Of course, we will have a more structured expansion in the North, but we are following up on the transition plan that was announced to enhance 1.5 million tons in our integrated system, as announced.
Thank you. Thank you very much. If you allow me another question, another point. We saw your leverage increasing significantly in this last quarter. I would like to hear about your vision for the next half of the year, the coming year, and of course, if there is a risk of not complying with your covenant. Good morning, Marcelo. This is André. In terms of leverage, we have two effects. We have the exchange rate effect on the debt, which of course is pegged to the dollar. We had a devaluation of the real, and of course, this has had an impact as a whole, and the LTM has had a worsening, and this is having an impact both on the numerator and denominator. Now, we're speaking about 4.8 years for the length of the debt.
We already have some firm proposals for the payment of a debt. We're being very objective, and the idea is that we will use this funding throughout the third quarter, this new funding. We do not have a problem in terms of the leverage. Now, our covenant is 3.5x, which means we can't take on new debt. What we can do is refund the present-day debt, so there will be no problem of non-compliance with the covenant. Well, thank you. Thank you very much. Once again, we would like to remind you that should you wish to pose a question, please click on the Q&A icon, which is at the bottom of the screen, and type in your question. To pose questions using the microphone, please click on Raise Hand icon. Please hold while we poll for questions.
The question and answer session ends here. We would like to return the floor to Mr. Fábio Schettino to proceed with the closing remarks. Well, thank you very much for your interest in Hidrovias. And once we conclude our second investment in the Paraná-Paraguay waterway, the Santos terminal, and in cabotage, we will be able to work very competitive. We know that the northern corridor is transformational, and we have a low need of CapEx. Going forward, we will no longer require expansion, but the platform is ready to be able to harvest the benefits of what it was truly created for.
We have long-term investments in infrastructure, and so this is a very sound foundation, and I see that the climate impacts, although they hamper us, they also show us how sound our business model is, and so we now need to set for the next decade of the company. It is a very positive movement with the entry of this new partner working with us in operation, and we will now see which will be the second part of the story of this company. Now, we work with compliance, sustainability as pillars of our business. Thank you very much for your attendance. The Hidrovias do Brasil conference call ends here. We would like to thank all of you for your attendance. Have a good afternoon.