International Journal of Operational Research, v. 38, n. 3, pp. 364-391. Abstract: This paper evaluates a large ethanol multimodal logistics system in Brazil. This system conducts ethanol logistics activities using pipelines and waterways to supply Brazil’s internal and export markets. A transhipment model is used for the treatment of logistic flows. A linear programming model was developed to determine the transhipment and replenishment flows from more than 400 ethanol plants to more than 70 terminals and distribution centres. We found that optimal results occur when pipeline and waterway systems reach full capacity by taking volume from road transportation on long distances, suggesting that these options have the potential to make the ethanol logistics in Brazil more efficient and competitive in the future.