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Piacaguera Channel Draft Reduced

Maritime Activity Reports, Inc.

March 13, 2014

GAC informed that the maximum draft has been reduced in the Piacaguera Channel at Santos Port where Usiminas and Vale Fertil are located.

According to the new requirement, during zero tide, the maximum draft should be considered to be 8.7 meters. For a high tide of 1.1 meters or more over zero, the maximum draft should be considered to be 9.8 meters.