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Measures to keep EAS in operation, depends on bank releases to start construction.
Atlântico Sul Shipyard (EAS) located in the city of Ipojuca in the state of Pernambuco, threatens to close its doors in June 2019. In a hopeful initiative to revive the job market and the shipyard, two memorandums of understanding were signed that may enable a survival of two more years for the company.
According to the shipyard's president, Mr. Harro Burman, one of the memorandums was agreed with a company that belongs to Maersk, Aliança, for the construction of two container ships and the other company that made the agreement was not revealed by the executive “for contractual reasons”, however he still adds that the company is national and is interested in ordering two cabotage vessels.
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For these businesses to go ahead, they depend on financial intelligence, which involves a subsidy from the Merchant Marine Fund (FMM) at the Brazilian Fund Management Agency linked to the Ministry of Planning. The source of funding for this contribution is under discussion, the FMM does not have legal approval to dispose of resources for the Infrastructure Guarantee Fund (FGIE) which belongs to the agency, according to the Ministry of Transport, Ports and Civil Aviation.
For the construction of the 4 ships, the agency would act as an insurer for a short-term financing granted by the Credit Suisse bank to EAS, so the company would have an extra breath for this endeavor. At the end of last year, the shipyard had a debt of R$1,9 billion, R$500 million of which maturing in the short term, with a cash position of R$103,5 million.
According to Burman, the agency will be able to guarantee between 50% and 80% of the loan with the ABGF, which is evaluating the possibility of offering guarantees for loans for the construction of ships in the country. The surplus would be borne by the company's shareholders, the Queiroz Galvão and Camargo Correia groups, both undergoing financial restructuring.
With the justification that the companies do not have a demand contract with Petrobras, the BNDES has not financed ship orders. With this scenario in mind, EAS recently entered into talks with Banco do Nordeste (BNB) to try to release credit from the sector.
At the moment, the company's only order is for 3 ships of the Aframax series, which only guarantees its operations until the middle of next year (2019). The Atlântico Sul shipyard, accumulated a loss of R$1,3 billion last year alone, having a loss of R$466 million, the result was negatively affected by a provision of almost R$400 million.
In the midst of all these issues, the moment is to wait for the positive result, so that the agreement gets off the ground and goes on generating more jobs.
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