High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
OSX Brasil said today that it has secured $227.9 million in financing for the construction of a shipyard and industrial complex in Brazil. Construction of the yard, called AÃ§u Shipbuilding Unit, was started in July 2011 in the City of SÃ£o JoÃ£o da Barra located in the Northern region of the State of Rio de Janeiro.
The AÃ§u Shipbuilding Unit is being constructed at the AÃ§u Superport Industrial Complex, which is the largest shipyard in the Americas and located near the oil-rich Campos Basin. The shipyard will be built in cooperation with South Korea’s Hyundai Heavy Industries and is expected to be completed in the first quarter of 2013.
“The construction of the AÃ§u Shipbuilding Unit is underway, in order to begin steel cutting for OSX’s fleet of oil and gas production platforms in the first quarter of 2013,” said CEO of OSX, Luiz Eduardo Carneiro. “This USD 227.9 million disbursement advances part of the R$2.7 billion [Merchant Marine Fund] long-term funding, dedicated to the implementation of the AÃ§u Shipbuilding Unit, which we are developing in partnership with our fellow shareholder and technology partner Hyundai Heavy Industries, the global leader in naval construction.”
OSX Brasil was founded in 2009 by Brazilian billionaire Eike Batista’s EBX Group in order to meet the growing demand of Brazil’s offshore oil and gas industry. In March 2010, the company raised R$2.5 billion through an Initial Public Offering on the BM&FBOVESPA., which was the seventh largest primary IPO in the history of the stock exchange. The BM&FBOVESPA is the second largest stock exchange in the America’s by market value and is located in SÃ£o Paulo, Brazil.
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