The Board of Directors of Brazil’s Merchant Marine Fund has a approved financial package worth approx $1.8 billion that will be used to support the construction of new ships and an upgrade of the country’s three shipyards. 

The decision for funding 14 domestic companies it a total amount of R$ 4,2 billion was made at a regular meeting of the Council held last week in Brasilia. 

The MMF, managed by the Ministry of Transport, will use the money to build over a hundred new vessels out of which eight will be offshore support vessels for the domestic oil company Petrobras. Other vessel to be built, will be bunker ships, tugs, coastal cargoships and inland navigation vessels.

The next meeting of MMF is scheduled for August 29th 2014.