Resolution CMN No. 5,225 — Establishes Financial Conditions for the Application of Merchant Marine Fund (FMM) Resources

Resolution No. 5,225

RESOLUTION
CMN No. 5,225, OF JUNE 26, 2025

Establishes the application of resources from the Merchant Marine Fund – FMM.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it known that the National Monetary Council, in a session held on June 26, 2025, based on Articles 4, caput, item VI, of the aforementioned Law, 30 and 33 of Law No. 10,893, of July 13, 2004, and 36 of Law No. 12,249, of June 11, 2010,

R E S O L V E S:

Art. 1º It is established that the financial conditions applicable to operations carried out with resources from the Merchant Marine Fund – FMM are those provided for in this Resolution.

Art. 2º The following are the conditions to be observed in financing operations contracted by a Brazilian or foreign company for the construction of a vessel in a Brazilian shipyard, as well as those contracted by a Brazilian shipyard for the production of a vessel intended for a Brazilian navigation company:

I - for the construction or production of cargo vessels with 65% (sixty-five percent) or more national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 90% (ninety percent) of the total value of imported items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company;

II - for the construction or production of cargo vessels with less than 65% (sixty-five percent) national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 7% p.a. (seven percent per annum), with financing of up to 70% (seventy percent) of the total value of imported items;

III - for the construction or production of maritime support vessels and support for offshore activities with 60% (sixty percent) or more national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 70% (seventy percent) of the total value of imported items;

IV - for the construction or production of maritime support vessels and support for offshore activities with less than 60% (sixty percent) national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 7% p.a. (seven percent per annum), with financing of up to 60% (sixty percent) of the total value of imported items;

V - for the construction or production of navigation support vessels with 50% (fifty percent) or more national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 75% (seventy-five percent) of the total value of imported items;

VI - for the construction or production of navigation support vessels with less than 50% (fifty percent) national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 7% p.a. (seven percent per annum) with financing of up to 60% (sixty percent) of the total value of imported items;

VII - for the construction or production of passenger transport vessels with 30% (thirty percent) or more national content:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company, subject to the provisions of Article 24, sole paragraph; and

b) imported items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 75% (seventy-five percent) of the total value of imported items, subject to the provisions of Article 24, sole paragraph;

VIII - for the construction or production of passenger transport vessels with less than 30% (thirty percent) national content:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company, subject to the provisions of Article 24, sole paragraph; and

b) imported items: interest rates up to 6% p.a. (six percent per annum), with financing of up to 60% (sixty percent) of the total value of imported items, subject to the provisions of Article 24, sole paragraph;

IX - for the construction or production of drillships, oil platforms, and oil platform modules with 65% (sixty-five percent) or more national content:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 5.5% p.a. (five and five-tenths percent per annum), with financing of up to 20% (twenty percent) of the total value of imported items;

X - for the construction or production of drillships, oil platforms, and oil platform modules with less than 65% (sixty-five percent) national content:

a) national items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: shall not be financed;

XI - for the construction or production of vessels intended for fishing with 30% (thirty percent) or more national content:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 100% (one hundred percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 100% (one hundred percent) of the total value of imported items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

XII - for the construction or production of vessels intended for fishing with less than 30% (thirty percent) national content:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 100% (one hundred percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 70% (seventy percent) of the total value of imported items.

§ 1º For the financing granted within the scope of the FMM provided for in items I to VIII, XI, and XII of the caput, the company shall be entitled to a grace period of up to four years and an amortization period of up to twenty years.

§ 2º For the financing granted to shipyards for the production of vessels within the scope of the FMM provided for in items I to VIII, XI, and XII of the caput, the payment shall be in a single installment until the fifth business day following the closing of the exchange related to the payment of the vessel price or on the maturity date established in the production financing contract, whichever occurs first.

§ 3º For the financing granted within the scope of the FMM provided for in items IX and X of the caput, the company shall be entitled to a grace period of up to four years and an amortization period of up to fifteen years.

§ 4º The financial agent must observe a difference of at least one percentage point in the interest rates of financing operations for national and imported items.

Art. 3º The following are the conditions to be observed in operations contracted by a Brazilian shipyard for:

I - construction, expansion, and modernization of its industrial units with 60% (sixty percent) or more national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 75% (seventy-five percent) of the total value of imported items; and

II - construction, expansion, and modernization of its industrial units with less than 60% (sixty percent) national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items; and

b) imported items: interest rates of up to 7% p.a. (seven percent per annum), with financing of up to 60% (sixty percent) of the total value of imported items.

§ 1º For the financing granted within the scope of the FMM provided for in this article, a grace period of up to four years and an amortization period of up to twenty years shall be observed.

§ 2º The financial agent must observe a difference of at least one percentage point in the interest rates of financing operations for national and imported items.

Art. 4º The following are the conditions to be observed in operations contracted by a Brazilian shipyard for financing the production of vessels intended for export:

I - for the production of vessels intended for export with 20% (twenty percent) or more national content in a Brazilian shipyard:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 90% (ninety percent) of the total value of national items; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 75% (seventy-five percent) of the total value of imported items; and

II - for the production of vessels intended for export with less than 20% (twenty percent) national content in a Brazilian shipyard:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 90% (ninety percent) of the total value of national items; and

b) imported items: interest rates of up to 8.5% p.a. (eight and five-tenths percent per annum), with financing of up to 75% (seventy-five percent) of the total value of imported items.

§ 1º For the financing granted within the scope of the FMM provided for in this article, the payment shall be in a single installment, until the fifth business day following the closing of the exchange related to the payment of the vessel price or on the maturity date established in the production financing contract, whichever occurs first.

§ 2º The financial agent must observe a difference of at least one percentage point in the interest rates of financing operations for national and imported items.

Art. 5º The following are the conditions to be observed in financing operations contracted by a Brazilian or foreign company for the following purposes, insofar as applicable:

I - for the acquisition and installation of equipment, when carried out by a Brazilian shipyard or by a specialized Brazilian company:

a) grace period: up to two years;

b) amortization period: up to five years; and

c) interest: up to 6% p.a. (six percent per annum) and, in the case where the financed equipment has a minimum national content of 60% (sixty percent), up to 4% p.a. (four percent per annum);

II - for the repair or maintenance of a vessel in a Brazilian shipyard or carried out by a specialized Brazilian company:

a) grace period: up to one year;

b) amortization period: up to five years; and

c) interest: up to 6% p.a. (six percent per annum);

III - for jumboization, conversion, modernization, and dismantling of a vessel, oil platform, or oil platform modules, in a Brazilian shipyard or carried out by a specialized Brazilian company:

a) grace period: up to four years;

b) amortization period: up to fifteen years; and

c) interest: up to 6% p.a. (six percent per annum); and

IV - for drydocking in a Brazilian shipyard or carried out by a specialized Brazilian company:

a) grace period: up to one year;

b) amortization period: up to five years; and

c) interest up to 6% p.a. (six percent per annum).

§ 1º In the case defined in item I of the caput, materials and equipment acquired directly by the Brazilian navigation company, as well as the services of the shipyard or specialized companies, may be financed.

§ 2º In the event that drydocking is directly associated with the costs of executing another service eligible for financing with FMM resources for the same vessel, the financial condition of the service of higher value in the contracting of this financing shall be applied.

Art. 6º The following are the conditions to be observed in financing operations contracted by a Brazilian shipyard for vessel repair:

I - grace period: up to one year;

II - amortization period: up to five years; and

III - interest: up to 6% p.a. (six percent per annum).

Art. 7º The following are the conditions to be observed in financing operations contracted by Brazilian shipyards, arsenals, and naval bases:

I - for the expansion and modernization of their facilities:

a) grace period: up to two years;

b) amortization period: up to ten years; and

c) interest: up to 5% p.a. (five percent per annum); and

II - for the construction of new facilities:

a) grace period: up to two years;

b) amortization period: up to twenty years; and

c) interest: up to 5% p.a. (five percent per annum).

Art. 8º The following are the conditions to be observed in reimbursable financial support operations contracted by natural or legal persons who explore artisanal fishing:

I - grace period: up to four years;

II - amortization period: up to twenty years; and

III - interest: up to 3% p.a. (three percent per annum).

Art. 9º The following are the conditions to be observed in reimbursable financial support operations contracted by public entities, research institutions, and other agencies, including those representing the merchant marine and shipbuilding sectors, for the construction of auxiliary, hydrographic, and oceanographic vessels in a Brazilian shipyard:

I - grace period: up to four years;

II - amortization period: up to fifteen years; and

III - interest: up to 5% p.a. (five percent per annum).

Art. 10. The following are the conditions to be observed in reimbursable financial support operations contracted by Brazilian navigation companies, shipyards, and other Brazilian companies or entities, including those representing the merchant marine and shipbuilding sectors, for scientific or technological research and development projects and the training and improvement of human resources aimed at the merchant marine, shipbuilding, or ship repair sectors:

I - grace period: up to two years;

II - amortization period: up to ten years; and

III - interest: up to 3% p.a. (three percent per annum).

Art. 11. The following are the conditions to be observed in reimbursable financial support operations contracted by non-dependent public companies linked to the Ministry of Defense, for the construction and repairs, in Brazilian shipyards, of auxiliary, hydrographic, and oceanographic vessels, and of vessels to be employed in the protection of national maritime traffic:

I - grace period: up to one year for repair and up to four years for construction;

II - amortization period: up to two years for repair and up to twenty years for construction; and

III - interest: up to 2% p.a. (two percent per annum).

Art. 12. The following are the conditions to be observed in financing operations for other investment applications in the interest of the development of the Merchant Marine and the Brazilian shipbuilding and ship repair industry:

I - investments in a project with 65% (sixty-five percent) or more national content:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 70% (seventy percent) of the total value of imported items; and

II - investments in a project with less than 65% (sixty-five percent) national content:

a) national items: interest rates of up to 5% p.a. (five percent per annum), with financing of up to 90% (ninety percent) of the total value of national items, in the case of contracting by a Brazilian company, and up to 80% (eighty percent) of the same value, in the case of contracting by a foreign company; and

b) imported items: interest rates up to 7% p.a. (seven percent per annum), with financing of up to 60% (sixty percent) of the total value of imported items.

§ 1º For the financing granted in accordance with this article, a grace period of up to four years and an amortization period of up to fifteen years shall be entitled.

§ 2º The financial agent must observe a difference of at least one percentage point in the interest rates of financing operations for national and imported items.

Art. 13. The following are the conditions to be observed in financing operations for the realization of port and waterway infrastructure works:

I - works with 60% (sixty percent) or more national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items; and

b) imported items: interest rates of up to 6% p.a. (six percent per annum), with financing of up to 75% (seventy-five percent) of the total value of imported items; and

II - works with less than 60% (sixty percent) national content:

a) national items: interest rates of up to 4.5% p.a. (four and five-tenths percent per annum), with financing of up to 90% (ninety percent) of the total value of national items; and

b) imported items: interest rates of up to 7% p.a. (seven percent per annum), with financing of up to 60% (sixty percent) of the total value of imported items.

§1º For the financing granted within the scope of the FMM provided for in this article, a grace period of up to four years and an amortization period of up to twenty years shall be observed.

§ 2º The financial agent must observe a difference of at least one percentage point in the interest rates of financing operations for national and imported items.

Art. 14. The National Content of vessels shall be calculated according to the guidelines contained in the annex to this Resolution.

Sole paragraph. In case currency conversion is necessary, the date of issuance of the sales invoice issued by the manufacturer shall be used as the basis for conversion.

Art. 15. If, at the end of the vessel construction, the agreed proportions of national and imported items are not proven, the contractual conditions of the financing shall be immediately reviewed.

Art. 16. In addition to the interest established in Articles 2º to 13, in accordance with Article 35 of Law No. 10,893, of July 13, 2004, financing operations are subject to the incidence of the Long-Term Interest Rate – TJLP, the Long-Term Rate – TLP, the Fixed Rate, the Fixed Rate MPME, or the variation index of the exchange rate calculated based on the closing quote of the United States dollar, published by the Central Bank of Brazil, observed Article 2º of Law No. 13,483, of September 21, 2017, whereby:

I - the portion of the credit destined for expenses in national currency shall be calculated according to the criterion established by the TJLP, TLP, Fixed Rate, or Fixed Rate MPME; and the portion destined for expenses in foreign currencies shall be referenced in United States dollars;

II - a portion of the outstanding balance, in the same proportion as the revenues expected in national currency to be generated by the approved project, shall be remunerated by one of the following rates: TJLP, TLP, Fixed Rate, or Fixed Rate MPME; and the remainder, in the same proportion as the revenues expected in foreign currencies to be generated by the approved project, shall be referenced in United States dollars; and

III - by mutual agreement between the borrower and the financial agent, the combination of the criteria referred to in items I and II shall be permitted.

§ 1º If a builder's risk insurance policy is not contracted in the constructor executor modality, the interest, in situations eligible for this type of insurance, shall not be subject to the maximum limits established in Articles 2º to 13, during the construction period.

§ 2º The criteria for fixing interest shall be established by the financial agent according to its credit policy and elements for cost and risk mitigation, observed the conditions provided for in Articles 2º to 13 and in § 1º of this article.

§ 3º Interest may be capitalized during the grace period upon request by the beneficiary of the operation.

§ 4º After the financing is contracted, the alteration of the criterion chosen by the borrower shall depend on the consensus of the parties.

§ 5º The charging of any other expenses beyond those provided for in this article and the interest provided for in Articles 2º to 13 shall not be admitted.

Art. 17. In all operations, the following may be charged:

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I

• commission of up to 0.2% (two tenths of a percent) of the value of the requested financial operation, observed the maximum limit stipulated by the financial agent for its ordinary operations;

II

• credit reserve commission of up to 0.1% (one tenth of a percent), chargeable per period of thirty days or fraction, observed the conditions stipulated by the financial agent;

III

• rescheduling of financing: up to 0.5% (five tenths of a percent) of the debt value;

IV

• alteration of the beneficiary, when implying a new economic-financial analysis of the operation: up to 0.2% (two tenths of a percent) on the value of the outstanding balance, limited to R$214,582.00 (two hundred and fourteen thousand five hundred and eighty-two reais), nominal value of July 1, 2009, adjusted annually by the National Consumer Price Index Broad – IPCA on the base date of July 1; and

V

• other cases of contractual alteration: up to R$11,921.00 (eleven thousand nine hundred and twenty-one reais), nominal value of July 1, 2009, adjusted annually by IPCA on the base date of July 1.

Sole Paragraph. The sum of the commissions due by the borrower for the granting of financings carried out with FMM resources and from other sources, as compensation for administration or risk of the operations, must be lower than the interest rate of the respective financings, as provided in art. 33, sole paragraph, of Law No. 10,893, of July 13, 2004.

Art. 18. The same grace and amortization periods, as well as the financial charges, agreed upon in the main operation, apply to operations intended for the complementation of resources as provided in art. 26, caput, items III and IV, of Law No. 10,893, of July 13, 2004.

Art. 19. In case of default, the charges provided for in the current regulation for other credit operations apply to the operations covered by this Resolution.

Art. 20. The resources transferred to financial agents to carry out the financing operations covered by this Resolution will be reimbursed to the FMM, observed the following conditions:

I

• grace and amortization periods: the same as the financing operation; and

II

• remunerative charges:

a) national items: interest of 0.1% p.a. (one tenth of a percent per year), plus the TJLP, TLP, Fixed Rate, MPME Fixed Rate, or the exchange rate variation index, as agreed in the financing operation; and

b) imported items: interest of 0.5% p.a. (five tenths of a percent per year), plus the TJLP, TLP, Fixed Rate, MPME Fixed Rate, or the exchange rate variation index, as agreed in the financing operation.

§ 1º In the event of default in the payment of financing installments, the FMM financial agent must return the amount due to the fund within a period of up to one hundred and twenty days, counted from the date of default.

§ 2º In financing contracts with provision for a single payment for its settlement, the FMM must be reimbursed by the financial agent within one hundred and eighty days, counted from the date of default.

§ 3º In the case of financings that do not provide for differentiated interest on national items and imported items, the financial agent may use the single remunerative charge of 0.1% p.a. (one tenth of a percent per year), plus one of the following rates: TJLP, TLP, Fixed Rate, MPME Fixed Rate, or exchange rate variation index, as agreed in the financing operation.

Art. 21. In the case of delay in the transfer of resources to financial agents, the difference between the cost of resources captured by the agent and the remuneration agreed upon in financings contracted with final beneficiaries will be borne exclusively with FMM resources.

Art. 22. The financial agent's remunerative commission in operations approved by the ministry responsible for the management of the FMM, based on art. 12, § 5º, of Decree-Law No. 1,801, of August 18, 1980, or contracted until December 31, 1987, whose risk is the responsibility of the FMM, will be 1% (one percent), calculated on the reimbursement of principal and charge installments of financing contracts, payable upon their settlement.

Art. 23. The commission due to the National Bank for Economic and Social Development – BNDES, as compensation for the administration of linked accounts, will be 1% (one percent), deducted from each release made.

Art. 24. The maximum value financed with FMM resources is 90% (ninety percent) of the total project value, in the case of contracting by a Brazilian company or shipyard, and 80% (eighty percent), in the case of contracting by a foreign company.

Sole Paragraph. The financing percentage may be up to 100% (one hundred percent), in the cases provided for in art. 2, caput, items VII and VIII, provided they refer to high social interest river passenger transport; in art. 8, when contracting occurs by a Brazilian navigation company or Brazilian shipyard; and in arts. 9 and 11, when contracting occurs by a Brazilian company or entity.

Art. 25. Resolution CMN No. 5,189, of December 19, 2024, published in the Official Gazette of the Union on December 23, 2024, is revoked.

Art. 26. This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO

President of the Central Bank of Brazil

ANNEX
TO CMN RESOLUTION NO. 5,225, OF JUNE 26, 2025

CALCULATION
OF NATIONAL CONTENT

CN = (1 - X / Y) x 100

where:

CN: National Content;

X: is the value of imported components, including raw material, summing:

a)
Cost Insurance Freight – CIF value, plus the respective Import Tax, of components imported directly by the manufacturer and incorporated into the vessel;

b)
CIF value, plus the respective Import Tax, of components imported directly by the buyer and incorporated into the vessel;

c) value of components imported by third parties and acquired in the domestic market by the manufacturer, excluding the Industrialized Products Tax – IPI and the Tax on the Circulation of Goods and Services – ICMS; and

Y: is the price actually charged for sale, excluding IPI and ICMS; in cases where the vessel is not marketed by the manufacturer itself, the selling price to the respective distributor or company that will market it must be considered.