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Billion-dollar portfolio of the Merchant Marine Fund gathers works in shipyards, inland navigation projects, and investments in corridors used for grains, minerals, fuels, and industrial cargo in Brazil.
The Merchant Marine Fund contracted R$ 14.43 billion between 2023 and 2026 to finance 849 works related to the naval industry, inland navigation, and waterway logistics in Brazil, according to the Ministry of Ports and Airports.
According to the ministry, the portfolio integrates federal government actions to expand investments in the sector, with an estimated impact of 48,708 jobs and projects distributed across different regions of the country.
The FMM is one of the main sources of credit for the construction of vessels, modernization of shipyards, and support for waterway infrastructure, as defined by financial institutions that operate these resources.
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Among the agents involved in the operations is BNDES, which presents the fund as an instrument aimed at the development of the Merchant Marine and the Brazilian naval construction and repair.
Merchant Marine Fund expands naval portfolio
Since 2023, the resources contracted by the FMM finance inland navigation projects, cargo transportation, vessel construction, and modernization of the industrial base linked to the naval sector.
In a statement published on June 8, 2026, the Ministry of Ports and Airports reported that the portfolio aims to expand Brazilian logistical capacity and boost regional economies.
The distribution of financing shows a concentration of works in the North Region, where rivers play a significant role in cargo transportation, local supply, and the circulation of inputs.
In terms of the number of projects, Amazonas concentrates 233 works supported by the fund, followed by Pará, with 173, and Rio de Janeiro, with 135 projects contracted in the period.
When the criterion analyzed is the financial volume, Santa Catarina appears as the main destination of the portfolio, with 91 projects and about R$ 5.54 billion in contracted investments.
Also part of the list of states with the greatest presence in the base of financed projects are Amazonas, Pará, Rio de Janeiro, Bahia, São Paulo, Pernambuco, and Rio Grande do Sul.
Waterways in Brazilian logistics
The expansion of inland navigation is associated with the search for transportation alternatives for agricultural commodities, minerals, fuels, and industrial inputs, especially in long-distance corridors.
In the Northern Region, rivers like the Amazon, Madeira, and Tapajós are part of the logistics linked to the Northern Arc, a route used for the flow of grains and mineral cargo.
Despite the extent of Brazil’s hydrographic network, the participation of waterways in the transportation matrix is still considered by industry bodies to be below the potential available in the country.
In this context, the government, navigation companies, and logistics operators have been directing resources towards vessels, terminals, transshipment, and support infrastructure, focusing on reducing bottlenecks over long distances.
The Ministry of Ports and Airports attributes a role to financing in logistical integration and the modernization of structures used by waterway transport.
In an official statement, then-minister Tomé Franca stated that the projects modernize the fleet, strengthen shipyards, and contribute to a logistics “more efficient, sustainable, and integrated”.
Juruá Shipyard and Projects in Inland Navigation
Among the projects underway is the work of Juruá Shipyard and Navigation, located in Iranduba, in the Metropolitan Region of Manaus.
The company is working on the construction of vessels aimed at inland navigation, including barges, tugboats, pushers, and structures used in river cargo transport.
In the set of projects supported by the FMM, the portfolio associated with LHG Mining appears among the highest value initiatives linked to mineral logistics.
According to the BNDES News Agency, the project supported by the bank with resources from the Merchant Marine Fund amounts to R$ 3.7 billion and involves vessels for the Paraguay-Paraná Waterway.
In October 2025, BNDES reported that nine barges had been delivered by the Juruá Shipyard and that another 59 were in the final stages of construction.
LHG Mining, created after acquiring Vale’s assets in 2022, operates two mines in Corumbá, Mato Grosso do Sul, and exports granulated iron ore.
A report by Transporte Moderno stated that the shipyard was executing 108 barges destined for LHG Mining’s operation, with a project valued at approximately US$ 148 million, in addition to three river pushers estimated at approximately US$ 63 million.
This detail about the 108 barges was maintained with attribution to the sectoral report, as it did not appear in the same way in the official sources previously consulted.
Transpetro and Open Sea Program
The naval sector’s order book also includes contracts from the Open Sea Program, conducted by Petrobras and Transpetro.
On January 20, 2026, the companies signed contracts in Rio Grande, in Rio Grande do Sul, for five gas carriers, 18 barges and 18 pushers, with a total investment of R$ 2.8 billion.
The vessels will be operated by Transpetro and built in shipyards located in three states, according to information released by Petrobras.
According to the division of contracts, the Rio Grande Shipyard will be responsible for the gas carriers, Bertolini Construção Naval da Amazônia will manufacture the 18 barges in Amazonas, and Indústria Naval Catarinense will build the 18 pushers in Santa Catarina.
The order for barges and pushers totals R$ 620.6 million and marks Transpetro’s entry into inland navigation, according to information released by Petrobras.
The company defines this modality as operation in sheltered or partially sheltered waters, such as rivers, lakes, canals, bays, and lagoons.
In addition to this package, the Board of Directors of the Merchant Marine Fund approved, on March 18, 2026, a portfolio of R$ 6 billion in projects for the naval sector.
The approval includes 13 proposals, with a forecast of 95 works and about 2.8 thousand direct jobs, covering vessels, port infrastructure, maintenance, repair, and expansion of shipyards.
The continuity of Brazilian shipbuilding depends, according to industry representatives, on a regular order portfolio, specialized workforce training, and productive capacity in the shipyards.
With the contracts already announced, the demand involves shipyards, steel suppliers, engines, propulsion systems, electronic equipment, and specialized services related to waterway transport.
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