Brazil BNDES approves BRL 331m Merchant Marine Fund loan for Tecon Rio Grande port modernisation

Mechanism

BNDES approved a BRL 331 million (~USD 60 million) loan to Tecon Rio Grande S/A, the wholly-owned Wilson Sons subsidiary that operates the only dedicated container terminal in Rio Grande do Sul state. Funding is drawn from the Fundo da Marinha Mercante (Merchant Marine Fund), a state-managed shipping-sector fund, under BNDES's "BNDES Azul" blue- economy strategy launched in January 2024 to prioritise port infrastructure, naval-fleet decarbonisation and maritime-sector modernisation.

Proceeds fund dock automation, new Ship-to-Shore (STS) and Rubber- Tyred Gantry (RTG) cranes, electric yard tractors and trailers with charging stations, forklifts, container scanners, and dredging works. Tecon Rio Grande has 900 metres of dock across three berths, 15-metre draft, and 1.42 million TEU/year handling capacity; the upgrade is aimed at accommodating larger vessels and reducing ship dwell time, consolidating the terminal's position as a logistics gateway linking Brazil with Argentina, Uruguay and Paraguay.

Downstream implications

• Reduces port-turnaround costs for Southern Cone container trade

routed through Rio Grande, a modest but direct competitiveness subsidy for Wilson Sons relative to rival Brazilian terminal operators without comparable state financing.

• Part of a broader pattern of BNDES sector-specific development

financing for logistics/export infrastructure alongside the contemporaneous BNDES rail loans to Rumo (2025-12-23-brazil-bndes-rumo-mato-grosso-railway-loan), Eldorado Celulose (2025-12-23-brazil-bndes-eldorado-celulose-railway-loan) and CSN (2025-12-29-brazil-bndes-csn-volta-redonda-modernisation-loan).

• Merchant Marine Fund-sourced financing signals continued state

support for port/shipping-sector capex under the BNDES Azul programme beyond this single terminal.

Open questions

• Interest rate / concessionality of the Merchant Marine Fund loan

relative to market rates, and the resulting implicit subsidy value.

• Timeline for completion of the crane and automation upgrades and

expected TEU-capacity or dwell-time impact once delivered.