Freight News, Sea

MARAD announces more than $20 million in grants for U.S. small shipyards

[ August 1, 2018   //   ]

The U.S. Department of Transportation’s Maritime Administration (MARAD) recently awarded more than $20 million in grants to support capital improvements at 29 U.S. small shipyards as a part of its Small Shipyard Grant program. MARAD’s Small Shipyard grant funding supports capital improvements that foster increased efficiency and economic growth.

“These grants are an investment in our country’s small shipyards and will help create good jobs for America’s workers,” said U.S. Transportation Secretary Elaine L. Chao.

America’s shipyards support more than 400,000 jobs and contribute more than $37 billion in Gross Domestic Product (GDP) to the nation’s economy. Small shipyards vary in size, but have under 1,200 production employees to be eligible for grant awards. They play a significant role in our country’s maritime sector, contributing to our nation’s economy, supporting national security, maintaining critical infrastructure, and creating employment opportunities for working families and in small communities.

“By supporting small shipyards, we are investing in the maritime infrastructure of the country,” said Maritime Administrator Mark H. Buzby.

Since 2008, MARAD’s Small Shipyard Grant Program has awarded over $183 million to more than 180 small shipyards. These grants help fund the upgrades and expansions to empower this critical industry, allowing them to compete more effectively in a rapidly changing global marketplace. By providing the capital that will let shipyards increase their repair and production footprints these grants are helping to create more jobs throughout the country.