Petrobras Invests Heavily in Ships

Petrobras, which has a $112 billion investment plan through 2012, is expanding and refurbishing its fleet. It has already contracted the construction of 23 tankers, and more orders are in the pipeline.

Petrobras is also planning to order two Very Large Crude Carrier (VLCC) supertankers, but did not give a timetable for the transaction.

The plan to build new ships – and potentially some new drilling rigs – in Brazil is designed to revitalize the local ship-building industry and boost the coastal dry freight sector.