Clarksons navigate change and create impact from its base in South America

Since Clarksons opened its first office in Rio de Janeiro in 2009, Brazil has shown itself to be an important hub that has enjoyed continued growth. In recent years, operations there have ramped up significantly, prompting Clarksons to embark on a strategic expansion into South America, including the addition of a new Dry Cargo desk at the end of 2023, followed by the Deep Sea Tankers desk in 2024.

In this article, we summarise the insight from the Brazil team on how the country’s markets have changed over the course of the last three years – and what this has meant for clients.

Dry Cargo

The dry market experienced a post-COVID spike during 2021 and 2022, with two very strong years. Since then, however, the market has been relatively stable, except for a notable surge in Q4-23. While the seasonality of crops and commodities typically brings a degree of predictability, 2024 struggled to meet expectations. Heading into 2025, the market was anticipating another steady year – yet it is proving to be a rollercoaster year right from the get-go. The unpredictability of ongoing conflicts combined with the Trump administration has resulted in suppressing activities further.

But there is good news!

Locally, we are seeing more and more companies interested in shipping and an increasing number of players developing business, which will see increased demand from new participants and hopefully an uptick in activity in due course. Despite all the market factors at play, commodities in Brazil have – and will always be – a powerhouse, which makes Clarksons Brazil very excited for what lies ahead in the coming years.

Deep Sea Tanker market

The deep sea tanker market has changed significantly over the past three years – both in Brazil and globally.

Focusing first on Brazil, there has been a substantial increase in oil production. In the most part, this has been due to the growth of the pre-salt layer (a geological formation located beneath a thick layer of salt, containing substantial oil and natural gas reserves) stretching along the coast in ultra-deep waters and the introduction of new Floating Production Storage and Offloading vessels into operation. Furthermore, we have also seen record highs in proven reserves and the number of awarded exploratory blocks. As a result, demand for large tankers for export and logistical support has been boosted significantly.

Looking globally, the deep sea tanker sector has been impacted by sustainability measures, specifically the pursuit of energy efficiency and regulatory adaptations. This has directly impacted the clean products cabotage, which now looks completely different with new players and a more ‘open’ market when compared to two years ago.

Offshore Oil and Gas

After the downturn caused by the COVID-19 pandemic, the offshore oil and gas market rebounded significantly. Driven by increasing global oil demand, post-pandemic figures even surpassed the previous peak of 2018. This period of recovery not only enabled multiple Petrobras projects to be revived, but also facilitated the rise of independent Brazilian operators, such as PRIO and Brava. Currently, despite ongoing global uncertainties, Brazil’s offshore oil and gas sector is experiencing a stable, consolidated market.

Perhaps one of the most notable shifts in the offshore oil and gas industry over the last three years relates to sustainability. The energy transition is no longer an "if" scenario but rather a "when." In June 2025, Brazil marked an ‘official’ start to the energy transition when the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) granted the first preliminary license for an offshore wind project, highlighting potential industry synergies.

Specialised Products

Brazil’s specialised products sector has also seen a wave of change over the last three years, as a result of sustainability efforts.

The creation of Brazil’s first biorefinery dedicated to Sustainable Aviation Fuel (SAF) production confirms the country’s commitment to moving from fossil fuels to renewables. It also reflects a broader concern with reducing carbon emissions across operations and product logistics as a whole – crucially with maritime operations included in this equation.

The move towards energy transition, alongside a growing demand for more sustainable alternatives, has prompted several companies in the petrochemical sector (both in Brazil and around the world) to invest in trading commodities such as biodiesel, ethanol, and tallow. This has brought a significant change, diversifying commercial flows over the past three years. In addition, there has been a notable increase in soybean oil movements for energy purposes, as well as tallow and ethanol exports destined for conversion into SAF.

Looking ahead to 2026, the outlook is positive: given that sustainability has become a key focus for Brazilian companies, we anticipate increased cabotage operations for transporting biofuels next year, as well as for regular shipments to Europe to continue.

Clarksons is helping clients keep pace with market changes in Brazil

While the issues discussed above are sector-specific, Clarksons Brazil has seen a marked shift in client priorities over the last three years. Across the board, we are now seeing a much stronger focus on ESG from clients in all sectors. While sustainability is high on the global agenda, it is important to remember that Brazil is a strategic region with local nuances – and therefore successfully navigating and addressing such issues within Brazilian markets requires deep expertise.

The specialist teams at Clarksons Brazil have extensive regional experience – yet crucially this is backed by global intelligence and international shipping expertise. The teams in Brazil work closely with other offices across Clarksons’ global network in order to leverage synergies and deliver the best possible results for clients. 

If you have a project in Brazil which requires regional insight, or if you are interested in pursuing new opportunities in Brazil, contact the team today.

Dry Cargo | Lucas Araujo

Tankers | Bruna Carvalho

Offshore & Renewables | Pedro Lucena

Specialised | Ana Beatriz Assumpção