OSX Brazil Approved $1.7 billion Financing for Largest S. American Shipyard

Brazilian ship building company, OSX Brazil SA, headed by billionaire Eike Batista, have announced that they have harnessed approval from a government-run financial fund to borrow up to 2.7 billion reais ($1.7 billion) for the construction of the biggest shipyard in the Americas at the Acu port.

Pictured: Eike Batista

The company based in Rio de Janeiro did not disclose terms for the loan, but did complete a regulatory filing. In the filing, Batista said that the project will be a world’s 3rd largest port, and is scheduled to begin operations in the second half of 2012. The port is planned to handle oil, coal, iron-ore, and steel from Batista’s companies and partners.

In the filing, Batista says the decision to fund OSX’s naval construction unit affirms the national interest in shipbuilding.