10 th Mare Forum Shipping Finance Brazil s Ship Industry and Ship Financing Program (PROMEF) November 3rd, Amsterdam, NE

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1 10 th Mare Forum Shipping Finance 2010 Brazil s Ship Industry and Ship Financing Program (PROMEF) November 3rd, Amsterdam, NE

2 KT3 Brazil - Lula develops local ship industry through orders by Petrobrás. Launches Govt ship finance program (Promef 1 + 2) in 2005 and 2008 with vessels through Merchant Marine Fund (FMM) and National Development Bank (BNDES). -Basically Oil& Gas and Offshore vessels. - Discoveries (pre-salt) of at least 12 Billion Barrels will generate vast investments (over U$500 Bi in 10 yrs) in Oil & Gas and offshore shipping. - Brazil triples its trade volumes and relies more on exports of commodities to supply Asian demand.

3 Slide 2 KT3 Delinear os principais produtos que o Brasil exporta, commodities. Além disso colocar os estaleiros e tipos de navios construídos no Brasil. Volumes de navios construidos e perfil de financiamento (estatal ou Privado) Kevin Tang;

4 Trade boom in last decade meant a lot more volumes and exports Source: MDIC *Projected

5 Brazil Shipfinance is largely State led 1970 World Credit cirsis and Brazil s default Recession strangles ship finance in Brazil. 1980s Brazil becomes world s second largest shipbuilder thanks to govt program Brazil elects President Lula, leftist government with strong statist Merchant Marine Fund Board ideology. approves U$8 B for 161 projects including U$2.5 for yards and U$3 for vessels Promef 1 is launched Govt Ship finance program. Redeveloping local shipbuilding by renewing and expanding the Brazilian fleet 26 vessels ordered 2010 Promef 3 announced for 2011 with new govt. 20 vessels including 3 Aframax and 4 Panamax

6 Northeast: Paraguaçu - Bahia. Bahia shipyard - Bahia. EISA - Alagoas. Alusa - Pernambuco. STX-Promar (Suape) - Pernambuco. Construcap (Suape) - Pernambuco. Schhin-Tomé (Suape) - Pernambuco. MPG shipyard (Suape) - Pernambuco. Southeast: São Miguel - São Gonçalo, Rio de Janeiro. Aliança - São Gonçalo, Rio de Janeiro. Jurong - Espirito Santo. Wilson, Sons in Guaruja, São Paulo. South: OSX - Santa Catarina. Wilson, Sons - Rio Grande do Sul. Quip - Rio Grande do Sul. WTorre (Rio Grande Phase 2) - Rio Grande do Sul New Shipyards in Brazil Number of jobs in shipbuilding industry rose from 15,000 in 2005 to 40,000 in 2009 and 78,000 by Aug 2010 Brazil s Shipyards

7 Source: MDIC Commodities became most important component of exports

8 Asia s appetite for Brazil s raw materials is cause in change of export profile

9 KT5 Brazil s Ship Industry ( 10) Brazil has the fourth largest amount of orders for tankers only behind South Korea, China and Japan. Petrobras/ Transpetro, ordered 49 (U$8.9 Billion) Brazil built vessels delivery by Will double fleet by to 101. Total orders - more than 350 vessels. By April 2010, orders totaled 132 projects, oil rigs, tankers, bulk carriers, container ships, tugs and pushers. Brazilian National Development Bank (BNDES) will invest U$11 Bi over the next 3 years in ship finance. Brazil s shipbuilding sector - liquid bulk, offshore and merchant fleet will be expanded.

10 Slide 8 KT5 Definir se Brasil é o 4o ou 5o maior para tanqueiros Colocar gráfico (redondo) dividindo os navios sendo construidos no momento e quais estao com financiamento BNDES Kevin Tang;

11 KT6 Brazil s Ship Industry ( 10) Brazil - second shipbuilder in the world in 70s. Today it occupies the 8 th in total orders and 4 th in oil tanker orders in the world ranking. Local yards are now partnering with Asian builders (Hyundai OSX) to overcome barriers and to bring the national content to government standards. Asian yards (Jurong) also building own operation. Petrobras utilizes a fleet of 180 tankers, of which they own 53 vessels. In 2008, Petrobras spent US$619 mn on chartered vessels from foreign owners.

12 Slide 9 KT6 Tirar a limpo sobre Brasil ter sido o maior do mundo. Kevin Tang;

13 PROMEF 49 ships ordered in a two phase project (Promef I & II). Includes modernization of shipyards and creation of new production units - South Atlantic Shipyard (PE). PROMEF is based on three essential premises: 1. Ship production in Brazil 2. Minimal 65% nationalization level in a first stage and 70% in a second stage. 3. Provision of conditions for shipyard competitiveness. 49 new tankers order will ensure greater autonomy for Petrobrás will serve as the foundation for revival of Brazilian shipbuilding industry. Program will generate over 200,000 direct and indirect jobs.

14 The program foresees orders of 49 ships as follows: 10 Suezmax oil tankers 5 Aframax oil tankers 4 Panamax ships 12 product tankers 8 gas tankers to transport LPG (Liquefied Petroleum Gas) 4 Suezmax DP 3 Aframax DP 3 bunkers tankers PROMEF Brazilian development bank financing. Adding 4 million DWT to the Transpetro fleet

15 PROMEF I In the first phase the following shipyards were built to fulfill the orders: South Atlantic Shipyard (PE): 10 Suezmax - US$ 1.2 billion 5 Aframax - US$ 693 million Island Eisa Shipyard SA (RJ): 4 Panamax - US$ 468 million Maua Shipyard (RJ): 4 Handymax - US$ 277 million

16 In the second phase the following ships are being built: South Atlantic Shipyard SA (PE) - 4 Suezmax vessels DP - US$ 746 million - 3 Aframax vessels DP - US$ 477 million Superpesa Industrial Ltda. - 3 Carrying Bunker - US$ 46.5 million PROMEF II 16 vessels are in the final stage of bidding, 13 of the second phase and 3 gas tankers of 7,000 m³ of the first phase: - 3 vessels for light color products - 45,000 DWT; - 3 vessels for light color products - 30,000 DWT; - 2 vessels for dark color products - 30,000 DWT; - 2 semi-pressurized LPG gas tankers to transport 12,000 m³; - 2 Pressurized gas tankers 4000 m³; - 4 Pressurized gas tankers 7000 m³.

17 KT9 BRAZILMAX / CHINAMAX Vale has obtained a credit line of billion dollars to build 12 Brazilmax (Chinamax) with a capacity of 400,000 DWT, 360m long. Scheduled for Credit line from China Ex-Im Bank and Bank of China Limited. Objective: reduction of transportation costs from Brazil to its main customers in Asia. Also, to help Vale to better compete with Australian miners BHP Billiton and Rio Tinto. In 2009 China imported million tons of iron ore.

18 Slide 14 KT9 Dar mais detalhes sobre como é o credito recebido dos bancos chineses... quais os prazos e garantias etc. Kevin Tang;

19 China FDI into Brazil Company State Estimated Investment (US$) Wisco MG 5 Bi Wisco RJ 3,29 Bi Sinochen Corporation RJ 3,07 Bi Grid Corporation of China SP, MG, GO 1,7 Bi ECE MG 1,2 Bi Honbridge BA 400 Mi Sany Heavy Industry SP 100 Mi Bank of China SP 60 Mi Xuzhou Construction Machinery Group PE 12 Mi Industrial and Commercial Bank of China Undefined Undefined Banco de Desenvolvimento da China (BDC) Undefined 10 Bi Sinopec RJ 7,1 Bi China Investment Corporation Undefined Undefined

20 Sources BID IBGE MDIC Ministério de Desenvolvimento, Indústria e Comércio Asian Development Bank CCPIT - Chinese Chamber for Promotion of International Trade MOFCOM - Ministry of Commerce of China IMF - International Monetary Fund State Statistics of PRC Forbes CIA World Factbook The Economist FGV Fundação Getúlio Vargas EPI Earth Policy Institute GettyImages - Gettyimages.com

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