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An analysis of the Brazilian ship financing system

Author

Listed:
  • Floriano C. M. Pires
  • Luis F. Assis
  • Cassiano M. Souza

Abstract

The Brazilian ship financing system has some unique features. The funds made available to finance the construction and acquisition of ships are sourced from a tax on import and cabotage freight, payable by the shippers. For Brazilian flagged ships, a portion of the tax generated can be used for the payment of loan instalments. This paper analyses the impact of the tax on the economy as a whole, and discusses the distribution of the tax burden between the shipowner and the shipper, taking into account the maritime transport demand elasticities in Brazil. The paper also analyses the effectiveness of the financing system in reducing the capital cost to shipowner, and the distortion effects produced by the utilization of the tax in loan repayments. The conclusion is that there are important distortions that may threaten the recovery of the maritime industry in Brazil.

Suggested Citation

  • Floriano C. M. Pires & Luis F. Assis & Cassiano M. Souza, 2005. "An analysis of the Brazilian ship financing system," Maritime Policy & Management, Taylor & Francis Journals, vol. 32(3), pages 209-226, July.
    • Handle: RePEc:taf:marpmg:v:32:y:2005:i:3:p:209-226
    DOI: 10.1080/03088830500139349
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    Cited by:

    1. Alexandridis, George & Kavussanos, Manolis G. & Kim, Chi Y. & Tsouknidis, Dimitris A. & Visvikis, Ilias D., 2018. "A survey of shipping finance research: Setting the future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 115(C), pages 164-212.
    2. Floriano C. M. Pires & Thomas Lamb, 2008. "Establishing performance targets for shipbuilding policies," Maritime Policy & Management, Taylor & Francis Journals, vol. 35(5), pages 491-502, October.

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