Naval Sector Concludes 2024 with the Largest Investment in 12 Years

The Brazilian naval and port sectors have reached a significant milestone in 2024, marking the best performance in the last 12 years. With R$ 30.8 billion approved for over 430 new projects, including the construction of vessels, repairs, dockings, modernization of units, expansion of shipyards, and new port infrastructures, the sector has experienced substantial growth fueled by resources from the Merchant Marine Fund (FMM). 
The Minister of Ports and Airports, Silvio Costa Filho, pointed out that the federal government has been actively reinstating and prioritizing projects that were previously overlooked. He noted that the approved amount in the last two years was twice as much as the funds prioritized during the previous four-year government period.
In the last two years, the total number of projects approved by the FMM was 70% higher than those registered between 2019 and 2022, increasing from 768 in four years to 1,300 in the recent two years.
"We are undoubtedly on the right path to reclaiming the leading role of the naval and port industries. This assertion is based on the achievements we have realized during President Lula's government. In the past two years, we have approved nearly R$ 45 billion in naval modernization and construction projects through the Merchant Marine Fund. This figure is double the investment made during the previous government's four years. This translates into more credit, more investment, strengthening of the port and navigation sectors, which signifies economic development, job creation, and increased income for Brazilians," stated the minister.
Expansion
An impressive figure was the amount allocated for the expansion of the naval industry. From January to December 2024, contracts worth R$ 5.33 billion were finalized, recording the highest volume since 2012. These funds supported 548 new projects, with the majority focusing on inland navigation (415), followed by maritime support (94), port support (37), and cabotage (2). Combined with the 2023 investments, the government directed R$ 6.36 billion towards new ventures, marking a 326% increase compared to the preceding administration's period (2019 to 2022).
According to a resolution by the Merchant Marine Fund's Director Council (CDFMM), companies that have their projects prioritized can secure financing through partnered financial agents — the National Bank for Economic and Social Development (BNDES), Banco do Brasil, Caixa Econômica Federal (CEF), and Banco da Amazônia (Basa). Funds are released in accordance with the progress of the projects and their implementation phases. The first CDFMM meeting is scheduled for March 27.
Source: Agência Brasil