拉美资本品与运输：前路（8月17日）：厄尔尼诺物流风险、巴西航空工业农用飞机、波音与Archer交易

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

17 August 2026

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LatAm Capital Goods &

Transportation

Road Ahead (Aug. 17): El Niño Logistics Risks,

Embraer Cropduster, Boeing & Archer Deal

Upcoming Events/2Q Earnings (Eastern time - ET)

Latin American Capital Goods

• Mon. (Aug. 17): IMEA Data @ 5pm;

• Tue. (Aug. 18): CAAP 2Q26 Results (BMO);

• Thu. (Aug. 20): RAPT Monthly Revs. (BMO).

Marcelo Motta AC

Top News from Past Week:

• El Niño brings risks for grain and logistics companies. El Niño could affect

the logistics of transporting grain, with warnings regarding Hidrovias do Brasil

and Rumo. For Hidrovias, the risk is high due to concentrated revenues and

exposure to droughts that reduce river levels and the navigability of barges in the

Northern Arc. The sector is calling for maintenance dredging on the Tapajós

River; without it, the CEO of MoveInfra estimates that up to 5 million tons may

no longer be transported via this waterway. The Chief of Staff’s Office (Casa

Civil) said the government decided not to carry out the dredging now, arguing that

navigation can be maintained and that there is a road alternative with contingency

plans. If cargo from the Tapajós shifts to highways, the additional freight cost

could reach R$850mn, and the weather could also reduce volumes and demand

for Rumo’s rail transport - Globo Rural (Aug. 17).

(55-11) 4950-6712

Jonathan S. Koutras

(55-11) 4950-3549

Latin American Transportation

Guilherme Mendes AC

(55-11) 4950-4105

Julia Orsi

(55-11) 4950 3351

Banco J.P. Morgan S.A.

• Embraer Showcases Ipanema 203 at Brazil’s Agricultural Aviation

Congress. The company is presenting its Ipanema 203 cropduster at the

Brazilian Agricultural Aviation Congress in Goianápolis, Goiás, from August

18–20, 2026. The Ipanema 203, Brazil’s best-selling agricultural aircraft with

over 50% market share, will perform a demonstration flight for operators and

…