It is hard to beat local expertise in shipbroking, and nowhere is that more evident than in South America. At the tail end of 2025, IFCHOR GALBRAITHS (IG) strengthened its foothold in Brazil through the acquisition of Aries Shipping, a small but highly respected dry bulk chartering business that has built a strong reputation over the past two decades.
Led by Marcela Rosman and Bruna Moraes, the Rio de Janeiro operation now becomes IG’s 26th office globally. For clients, the transition has been seamless. According to Marcela, the benefits of combining local knowledge with global scale were felt almost immediately.
“We’ve got the same people and the same relationships,” she says, “but now we’re backed by much deeper market intelligence and a global reach. Clients are delighted with the level of information they now receive on fixtures, rates, cargo flows, FFAs and much more.”
That reach has already translated into tangible results. Marcela notes that the broader IG platform has helped her secure new cargo opportunities for owner clients, while feeding Brazilian cargoes into the wider network is resulting in fixtures being concluded quickly. This comes at a time when some exporters are redirecting trade flows towards Asia and Europe in response to US tariffs on a range of regional commodities.
In South America, success is built on credibility and long-term relationships. “South Americans, particularly our industrial clients, like to see the people they are doing business with,” Marcela explains. “Trust is built face-to-face.”
She admits to mixed emotions when first considering joining a large international broking group. “We’d been approached by several firms over the years, but many didn’t fully understand or respect the importance of our relationships, not just in Brazil but internationally,” she says. “When I met the IG management team, I was pleasantly surprised. They respected our local knowledge and commercial judgement.”
As discussions progressed over the following 12 months, that alignment became clearer. “The merger gives us the ability to scale without losing the Aries personality. IG is relationship-driven, people-focused and respectful of local culture. That really mattered to us.”
One of the most immediate changes for the Rio team has been access to IG’s research capabilities. “I used to spend a lot of time calling around owners to calculate market levels,” Marcela says. “Now I wake up and I’m almost overwhelmed — I have all the data and fixtures I could possibly need at my fingertips.”
The timing is favourable. Despite the impact of US tariffs, Brazilian commodity exports remain strong. According to figures from the Brazilian Ministry of Ports and Airports, iron ore continued to dominate dry bulk flows in 2025, with 348 million tonnes handled, up 5.3% year on year. Brazil’s southeast ports — the backbone of the country’s mineral export corridor — recorded dry bulk volumes of 299.7 million tonnes, an increase of 4.2% on 2024. IG’s research team estimates that with expansions at Vale and CSN and increase of flows via Porto Sudeste, Brazil’s iron ore mining capacity is set to grow by +2% per year on average until 2030. For agricultural exports, 2026 looks set to be a record year for Brazil with 111 million tonnes expected on corn, soybean and soymeal.
Rising commodity exports, coupled with ongoing investment in port infrastructure and logistics, have driven growth in local chartering activity. This has attracted a growing number of international shipowners establishing commercial representation in Brazil, alongside the expansion of domestic owners focused primarily on coastal trades. Today, dozens of owners maintain some form of presence in the country.
Operating in Brazil, however, is not without its challenges. Regulatory compliance and local bureaucracy remain key considerations, areas where experienced brokers can add significant value. IG South America will continue to build on its established strengths in agri-bulk, steel and mineral trades.
It is in managing these complexities that Marcela and her team believe they add the greatest value. “We try to anticipate problems before they happen,” she says. “By really diving into our customers’ businesses, we’ve earned their loyalty.” Looking ahead, the new IG team will be working to grow IG footprint across South America and has big ambitions for the future. Watch this space….