Brazil’s Merchant Marine Fund, part of the Transport Ministry, may approve 13 billion Brazilian reais ($7.6 billion) of financing for new shipbuilding projects at a meeting on Dec. 17, fund director Amaury Ferreira Pires Neto said.
A total of 165 new shipbuilding projects will be considered for the funding, and these may be completed within the next four years, Pires Neto said. Projects can get up to 90% financing, he said at a press conference in Rio de Janeiro.
Over the past eight years, since the start of the government of President Luiz Inacio Lula da Silva, the fund has approved financing of BRL17.3 billion for 406 shipbuilding projects. The fund has BRL15 billion available in the Brazilian treasury and a further BRL4.8 billion that has been made available by government decree, Pires Neto said.
One of the fund’s users is oil giant Petroleo Brasileiro SA’s transport arm Transpetro, which is investing BRL10 billion on 49 new oil tankers for delivery between 2010 and 2015 for Petrobras’ expansion program.
Before 2000, the merchant marine fund granted less than BRL1 billion a year in financing due to lower demand, Pires Neto said. “There’s been a fantastic leap in shipbuilding activity and this may intensify further in coming years,” he said.
A total of 165 new shipbuilding projects will be considered for the funding, and these may be completed within the next four years, Pires Neto said. Projects can get up to 90% financing, he said at a press conference in Rio de Janeiro.
Over the past eight years, since the start of the government of President Luiz Inacio Lula da Silva, the fund has approved financing of BRL17.3 billion for 406 shipbuilding projects. The fund has BRL15 billion available in the Brazilian treasury and a further BRL4.8 billion that has been made available by government decree, Pires Neto said.
One of the fund’s users is oil giant Petroleo Brasileiro SA’s transport arm Transpetro, which is investing BRL10 billion on 49 new oil tankers for delivery between 2010 and 2015 for Petrobras’ expansion program.
Before 2000, the merchant marine fund granted less than BRL1 billion a year in financing due to lower demand, Pires Neto said. “There’s been a fantastic leap in shipbuilding activity and this may intensify further in coming years,” he said.