This excerpt taken from the PBR 6-K filed Mar 31, 2009.
3.6 Contracts with transfer of benefits, risks and controls of assets
The CPC 06 establishes procedures for accounting and disclosure of transactions where there are contractual commitments, with and without transfer of benefits, risks and control of assets.
The Company now records in its property, plant and equipment at their fair value or, if lower, at the present value of the minimum payments of the contract, the rights that have as their objects tangible assets intended for the maintenance of the companys activities resulting from operations that transferred the benefits, risks and control of these assets, as well as the correlated liability.
Previously, these operations were addressed as costs/expenses for affreightment, leasing or providing services.