Glossary

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B3 (ex-BM&FBovespa)

São Paulo Stock Exchange.

Bareboat affreightment

An agreement by which the charterer has the possession, use and control of the vessel for a given period, including the right of designating the captain and crew.

BDR ou BDRs

Brazilian Depositary Receipts, share deposit certificates, each one representing one common share.

BNDES

Banco Nacional de Desenvolvimento Econômico e Social, the Brazilian national bank for economic and social development.

Bourse de Luxembourg Stock Exchange

Bourse de Luxembourg, Société Anonyme.