It is incredible what is occuring in Brazil. OSX Estaleiros’ bold move is not only a sign of the economic zietgeist in Brazil but a great sign for Petrobras and VALE SA. OSX aims to win business from Brazil’s oil and gas industry, which is expected to expand rapidly after the discovery since 2007 of potentially enormous reserves of oil and gas off its coast. Brazil’s government is keen to encourage a ship-building industry to carry its growing iron ore exports. Vale, the country’s mining giant, is said to be under pressure to place planned orders for ore carriers – the world’s largest dry bulk ships – at Brazilian yards, even though none is yet equipped to build such vessels. It is also interesting to note that several Brazilian financial institutions such as BTG Pactual, Itau and Bradesco are on the lead on the IPO. Brazil’s financial industry has grown up.

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