The Biden-Harris Administration has recently catalyzed significant private sector investments in American maritime industries, aiming to enhance the U.S. shipbuilding sector and strengthen global maritime security. These investments are a direct result of the administration's commitment to collaborating with international allies and partners to bolster American maritime capabilities and job creation.
Several prominent companies have announced new or expanded operations in the U.S. maritime sector, driven by recent governmental and collaborative actions:
HD Hyundai: This South Korean shipbuilding giant will intensify its support for the U.S. Navy’s shipbuilding program through joint projects and educational exchange initiatives. HD Hyundai is engaging with U.S. universities and vocational programs to address workforce needs, and has partnered with the University of Michigan and Seoul National University to create a shipbuilding design and engineering exchange program.
Bollinger Shipyards: As the only U.S. shipbuilder to design and construct a heavy polar icebreaker in over 50 years, Bollinger is investing over $20 million in its shipyard. It will play a key role in the Icebreaker Collaboration Effort (ICE Pact), contributing to the development of polar icebreakers for the U.S. Coast Guard and allies.
Davie Shipbuilding: Canada’s largest shipbuilder, Davie, plans a major investment in a U.S. shipyard, pending site selection. With a history of supporting American shipbuilders, Davie aims to enhance U.S. shipbuilding capacity and collaborate on strategic projects.
Konecranes: This Finnish port equipment manufacturer is establishing a U.S. consortium to build ship-to-shore cranes for North American ports. Konecranes’ investment will create significant local job opportunities and increase U.S. steel production.
Government Actions Supporting Maritime Industry
The U.S. government has also been proactive in supporting the maritime sector:
On July 25, the U.S. Maritime Administration released a fact sheet detailing grant and financing programs to support American shipbuilding and anticipated vessel demand over the next decade.
On July 22, the Secretary of the Navy announced the Michigan Maritime Manufacturing Initiative to revitalize the maritime industrial base workforce, focusing initially on submarine production skills.
On July 11, the U.S., Canada, and Finland launched the Icebreaker Collaboration Effort (ICE Pact) to coordinate the production of polar icebreakers, inviting allies to participate and purchase icebreakers.
On July 10, the U.S. Maritime Administration awarded $8.75 million in grants to 15 small shipyards across 12 states to modernize operations and create local jobs.
These combined efforts by the administration and private sector partners reflect a strategic push to enhance U.S. maritime capabilities and ensure long-term competitiveness in the global shipbuilding industry.
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