Global RiskMaritimeNews Briefs

Brazil’s oil revenue is set to fuel multibillion-dollar warship program

Brazil’s new right-wing populist government is preparing to implement a longstanding but often unimplemented national policy of using 2% of offshore drilling royalties for military spending. The move has made shipbuilders hopeful for large or expanded orders as the country bolsters its maritime capabilities. President-elect Bolsanaro takes office in January and bidding has begun for a new program for four warships to be used to protect Brazil’s resource-rich coast, dubbed the “Blue Amazon.” Brazil’s increased allocation follows a worldwide trend of increased defense spending as the US reduces its commitments. 

Source: Brazil’s oil revenue is set to fuel multibillion-dollar warship program

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