Lloyd Brazileiro Receives Fresh Funding;Repays Trade Debts

The acute financial crisis at Lloyd Brazileiro has eased somewhat with a forthcoming injection of state funding. Ivan Barcellos, assistant to new president Walter Graneiro, told Marine Money, “The present fleet consists of 21 ships, but nine will be returned to the Banco do Brazil, in order to clear outstanding debts, leaving the company with a core fleet of 12 vessels.” Mr. Barcellos also said the company is to receive a fresh capital injection through a bank loan from the Banco Nacional de Desenvolumento Social e Economico (BNDSE), although he was unable to provide exact details of the loan.

Meanwhile, two officials from the Brazilian Ministry for Infrastructure, which is responsible for Lloyd Brazileiro, visited Hamburg recently on a debt repayment mission and to salvage something of the company’s tarnished reputation. Jose Marcello Mollo and Darso Ferreira Lima are reported to have have paid around $34m in trade debts to around 200 creditors, about 90 of them in the US. The sum is part of $60m advanced by the Government for debt repayment purposes. In return, the officials are aiming to secure the release of all of the company’s vessels currently under arrest. Arrests of four vessels in the US and one in Italy are known to have been lifted, but six ships are still being detained in the US and Europe.

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