Brazil's BNDES finances Panamax ships

Brazil's national development bank (BNDES), has signed financing contracts worth R$856mn (US$484.7mn) for four ships.

The deal is for Latin America’s largest shipbuilder, Transpetro, and Brazil’s Eisa Shipyard to begin constructing the four vessels in mid-April as part of the country’s fleet modernisation and expansion programme (Promef).

The ships – known as Panamx ships – will be built to the largest specifications that can fit through the Panama Canal, with the first one weighing 70,000 tonnes, with a capacity for 500,000 barrels, and due for delivery by late 2012.

This deal comes during the same week that Brazil’s President, Luiz Inácio Lula da Silva, launched the second phase of the country’s growth acceleration programme, a nationwide initiative which prioritises funding for vessel assembly and modernisation, in addition to the construction and expansion of domestic shipyards.

The Promef programme aims to create international shipyard competitiveness through increasing the country’s domestic content to 70% in its second phase, up from 65% in the scheme’s first phase.