OSX Brazil SA, a Rio de Janeiro, Brazil-based ship building company, announced Wednesday that it will construct a new shipyard at the Acu port complex in Brazil. OSX Brazil gained approval from a government-owned financial fund to borrow as much as R$2.7 billion (US$1.7 billion) for the project.
Pending completion, the project will be the world's third largest port and also the largest port in the Americas. The port will largely handle imports and exports of oil, coal, iron ore and steel and will begin operations in the latter half of next year.