The new policy allowed the domestic company to charter foreign ships bareboat without the requirement that Brazilian shipyards must build the ships. Before the cap on the number of chartered foreign ships is lifted, there will be a three-year transition period.

The company is authorized to charter two foreign ships in the first year, three in the second year and four in the third year, according to the new regulation. The limit will be lifted from the fourth year onwards.

At least two thirds of Brazilian officers are expected to staff foreign ships.

The Brazilian government expects that the new strategy will lift the amount of domestic containers from the existing 1.2m teu to 2m teu.

Maritime Business World