Manaus, Brazil Low Water Season 2025 – Cargo Anticipation

We have been closely monitoring the river conditions in the Amazonas region, assessing their flood and ebb levels daily. Based on data recorded by the National Water Agency (ANA) gauges and predictive analyses of regional data, there are strong indications that navigability restrictions will once again occur during the dry season, between September 2025 and early 2026.

As shown in the graph below, the trend since the beginning of the year closely mirrors the patterns of 2023 and 2024—years in which we experienced severe draft restrictions that prevented vessel passage—suggesting similar operational limitations may arise again in 2025.

Therefore, we have been working intensively on alternatives to minimize the impact on our customers' logistics, ensuring the best possible cargo flow to and from Manaus during the drought. Notably, the floating pier operation in Itacoatiara (AM) has already been authorized by the Navy and will be resumed when necessary.

Additionally, we continue to work closely with the relevant authorities to mitigate the operational impacts caused by silting at the mouth of the Madeira River—a critical navigation point in the region. Nevertheless, despite ongoing efforts, projections indicate that we may continue to face navigation restrictions during the dry To minimize the impact during the most critical period, we recommend that cargo transport to or from Manaus (AM) be scheduled in advance.

We will continue to closely monitor the situation and will share further updates and solutions for the market through new advisories in due course.