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MARAD Awards $20 Million in Funding to Strengthen U.S. Shipyards

Through the Small Shipyard Grant Program, the United States (US) Department of Transportation’s Maritime Administration (MARAD) will award $19.6 million, or approximately €19.1 million euros in grants

The grants will be awarded to 24 small shipyards, across 19 states, to help with the modernisation of equipment and infrastructure. Indeed, growing the small shipyard industry has a beneficial effect on strengthening the US domestic industry and the country’s economic security as a whole. MARAD wishes to stimulate domestic employment, as well as increase shipyard productivity in the US, and their competitiveness abroad.

Over the last 14 years, this grant program has distributed $282.2 million, or about €275 million euros, to almost 300 shipyards, across 32 US states and territories. These grants have a strong impact on small businesses, often family-run, and play a part in strengthening entire communities along US waterways, by providing employment.

The grants have been authorised under the Consolidated Appropriations Act on March 15, 2022. Capped at 75% of the project cost, the grants support projects which relate to capital improvements, and provide worker training in shipbuilding and repair, and related industries.

The largest grants awarded this year include the following. In Freeland, Washington, Nichols Brothers Boat Builders have been awarded $1,234,408. In Pascagoula, Mississippi, ST Engineering Halter Marine and Offshore will be granted $1,154,670. In Sturgeon Bay, Wisconsin and Pensacola, Florida, Fincantieri Marine Group and Patti Marine Enterprises will each receive $1,200,000. Lastly, in Salisbury, Maryland, Chesapeake Shipbuilding will be awarded $1,114,539.

Source: https://www.projectcargojournal.com/business/2022/08/02/marad-awards-20-million-in-funding-to-strengthen-u-s-shipyards/?gdpr=accept&gdpr=accept