Americas News
Brazil Funding Bunker Ships as Part of a $1.84B Maritime Investment
A Brazilian government program will provide financing for the construction of 110 new ships, including four bunker vessels, industry news site TradeWinds reports.
The nation's Merchant Marine Fund (FMM) will spend BRL 4.2 billion ($1.84 billion) for the ships plus upgrades to three shipyards.
The funds, which will cover up to 90 percent of the value of the projects, will go to 14 companies.
Along with the bunker vessels, the funding will pay for eight offshore support units for oil company Petrobras, three tugs, 14 offshore support vessels, and six coastal cargoships, and 75 inland navigation vessels.
The FMM dates to 1958 and helped develop Brazil's shipbuilding sector and maritime industry in general, leading the nation to become the world's second-biggest ship builder by the late 1970s, according to an article published by MTS Logistics.
