The transportation unit of Brazilian state-run energy giant Petroleo Brasileiro (PBR) signed a $1.4 billion contract to build four Panamax tankers.
The transportation unit of Brazilian state-run energy giant Petroleo Brasileiro (PBR) signed a $1.4 billion contract Thursday with the Eisa shipyard to build four Panamax tankers. Petrobras' Transpetro logistics unit said that the tankers were part of the first phase of the company's $2.5 billion, 26-ship fleet-modernization program launched last year. The Panamax tankers will be built at a cost of $349 million each, based on tender proposals made earlier this year by the Rio Industria Naval consortium, Transpetro said. The tankers have a capacity to transport 550,000 barrels of crude oil.
Last year's ship tenders also included 10 Suezmax and five Aframax tankers.
In May, Petrobras announced further plans to spend $5 billion to build 146 support vessels, which the company called the nation's largest single ship order.
In an effort to cut costs and stimulate local production, Petrobras has turned to the long-dormant domestic shipbuilding industry, leading to a rebirth in the sector. Brazil was among the world's largest ship-producing countries in the 1980s before a global downturn in the industry saw the local docks shuttered.