Last Thursday (7/12), the Merchant Marine Fund Board (FMM) approved the release of R $ 536.8 million for investments in new projects in the merchant marine sector and gave another 120 days for companies who were unable to finalize the hiring of projects approved in previous meetings, in the amount of R $ 6.2 billion, to do so.

In total, the 36th Regular Meeting of the Council, held in the Ministry of Transport, Ports and Civil Aviation, approved R$ 6.7 billion: R$ 3.6 billion was allocated to cargo vessels; R$ 2.4 billion for shipyards; R$ 509.1 million for maritime support; R$ 56.7 million for the transportation of passengers; R$ 44.5 million for conversion of vessels; R$ 20.2 million for port support; and R$ 10.6 million for ship repair.

Deadline to be extended

Many projects already approved by the Council have not been able to finalize the procedures required for hiring and have thus missed the contracting deadline. For this reason, the extension of this period for a year and a half is under study.

In order for companies to be able to contract financing through contracted financial agents (BNDES, BB, CEF, BND and BASA), the CDFMM resolution will be published in the Official Gazette of the priority. Those interested in presenting projects at the next meeting, scheduled for March 22, 2018, have until January 22, 2018 to present them.

Marine financing

The FMM is the main source of long-term financing for the naval sector and has made available resources for Brazilian companies to establish, renovate or expand their fleet of vessels. It is administered by the Ministry of Transport, Ports and Civil Aviation, through the CDFMM.