OSX: $1.3B Financing for its Açu Shipbuilding Unit

(MarineLink)
Friday, June 15, 2012
(Image: OSX)

The Brazillian shipbuilding endeavor received a significant financial injection, as OSX Construção Naval entered into contracts with lending agents BNDES – National Development Bank and CEF - Caixa Econômica Federal for financing with resources from the FMM - Merchant Marine Fund, in the approximate amount of $700m  each, totaling approximately $1.3b.
This $1.3b financing is dedicated to the implementation of the Açu Shipbuilding Unit, the largest shipyard in the Americas, which OSX has been building since July 2011 in the north of the State of Rio de Janeiro, and is scheduled to begin partial operations in the first quarter of 2013. UCN Açu’s order book already includes 16 offshore units for oil and gas production in Brazil.
The loan has 252-month tenure (21 years) for both Financial Institutions, with a 42/36-month grace period for amortization of principal and 36/30-month grace period for payment of interest to BNDES and CEF, respectively. The expected average interest rate is US$ + 3.38% p.a., paid monthly with the amortization of principal after the grace period. The Board of Directors of the Merchant Marine Fund approved this financing priority for OSX in June 2011.
 “The Açu Shipbuilding Unit is an extraordinary tool for the development of oil and gas production in Brazil. The financing obtained from the Merchant Marine Fund reaffirms the strategic importance of its implementation for our country”, said  Eike Batista, Chairman of the Company’s Board of Directors.
UCN Açu is a 5th generation shipyard with technology provided by partner Hyundai Heavy Industries, the global leader in naval construction, generating over 10,000 direct jobs. Its 2,400 m quay and expandable to 3,525 m may simultaneously integrate up to 11 FPSOs. Located in the Açu Superport Industrial Complex, UCN Açu is strategically positioned at approximately 150 km from the Campos Basin, which is responsible for around 85% of the Brazilian oil production.
 “The fact that OSX has obtained the most important credit line available to the Brazilian Naval Industry is another significant milestone in our working path towards implementing the largest shipyard in the Americas, bringing on board of this project a team of thousands of Brazilians dedicated to professional qualification, technological conquests and the sustainable development of Brazil”, stated Luiz Eduardo Carneiro, CEO of OSX.

The construction of the Açu Shipbuilding Unit in the Açu Super Port Industrial Complex in São João da Barra, located in the north of the State of Rio de Janeiro, has been progressing according to schedule since July 2011, and completion is estimated for the second quarter of 2014. During construction of UCN Açu, partial deliveries of important sections of the shipyard are scheduled to occur, which will allow the Company to begin the partial operation of UCN Açu in the first quarter of 2013. The UCN represents a US$ 1,7 billion investment. Among the competitive advantages are the proximity to major steel mills, thermo power plants and with Campos Basin – responsible for 75% of the country’s oil production –, only 150 km away.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1258 sec (8 req/sec)