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GAL XIA MAR TIMA LTDA

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GAL XIA MAR TIMA LTDA

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    16. Building ships in Brazil (by a Brazilian Shipping Company BSC)

    17. A Brazilian Shipping Company is entitled to get financing from the BNDES (National Bank for Development), making use of the Merchant Marine Fund (FMM). BNDES grants up to 90% financing, at low rates and 20 years amortization. After 10% of vessels construction is proved, the Brazilian Shipping Company can bring up to two times the tonnage same is building at a Brazilian Shipyard, limited to 36 months period.

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