NAVIERA MURUETA S.A.

Bakker’s flag has five horizontal red and white stripes in approximate proportions 1:2:1:2:1. A central white square contains a black diagonal towards the fly, with a red N at upper left and M at lower right. The diagonal is black rather than Brown 1995’s blue.

Candeias’s version similarly has five red and white stripes and a central white N/M panel, with red letters and a dark-blue bar. Rosanoski notes that the early company website logo’s diagonal looks black rather than dark blue.

Laida’s starboard and Laudio’s portside photographs show a thinner red band and an M with a shallow central v. The related flag rendition follows the early website image. A later logo may indicate a changed M, but Rosanoski considers an overlooked drawing difference more likely because the photographed funnels are consistent.