Brazil's $1.8bn boost

Brazil's Merchant Marine Fund (FMM) has lined up funding worth BRL 4.2bn ($1.84bn) to build 110 new ships and upgrade three shipyards.

The cash will go to 14 companies, who have a year to provide the required documentation, Brazilian media reported.

A total of BRL 1.99bn will go on modernising two yards and building 90 vessels.

Eight ships will be offshore support units for domestic oil company Petrobras.

Four will be bunker vessels and three will be tugs. The rest will be for inland navigation.

Another BRL 2.2bn is going on a redesign of one shipyard, plus another 14 offshore support vessels and six coastal cargoships.

FMM's financing covers up to 90% of the value of the projects.