The board of directors of the merchant marine fund (CDFMM), at Brazil’s ministry of transport, ports and civil aviation (DF), has granted its approval to provide R$2.15bn ($635m) in finance to build a new ship repair facility in the country.

As part of the deal, Brasil Basin Drydock Company (BBDC) will use the basis fund to construct a 660,000m² Empresa de Docagens Pedra do Ingá (EDPI) ship repair yard facility, which will be located inside the harbour near the Port of Cabedelo.

The new ship repair facility will be constructed as part of a R$9.15bn ($2.7bn) programme for new and existing government projects.

"The year 2016 has seen tremendous progress for the new ship repair yard project."

Additionally, the latest approval has enabled BBDC to contract the financing of $635m with its already agreed financial agents Brazilian Development Bank (BNDES), Banco do Brasil, Caixa Econômica, Banco do Nordeste or Banco da Amazônia.  

In July this year, BBDC received Licença Prévia (LP), the preliminary environmental license, from the relevant authorities in Brazil for the ship repair project. 

Brasil Basin Drydock Company Empresa de Docagens Pedra do Ingá facility development project manager Celso Souza said: “The year 2016 has seen tremendous progress for the new ship repair yard project. 

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“We have achieved several important milestones and the project has substantial momentum at present.”

Once completed, the facility will be used for ship repairs, while two of its graving docks and hydrolift facilities will be used for the drydocking of any merchant ship. 

The EDPI project is expected to obtain the installation license before the end of the year, with plans to complete the basic design engineering for the facility by next year.  

BBDC noted that the company is currently focusing on securing primary funding for the project, and is planning to conduct first repairs at the shipyard by 2019.

Image: The new Empresa de Docagens Pedra do Ingá the facility will be used for ship repairs. Photo: courtesy of McQuilling Partners, Inc.