US announces funding to bolster shipyard competitiveness

Under its Small Shipyard Grant Program, the US Department of Transportation’s Maritime Administration (MARAD) awarded USD 9.8 million to 18 US small shipyards, aiming to support industrial modernizations that will increase productivity and allow more effective competence in the global marketplace.

Small shipyard facilities varying from family-owned businesses to multifaceted establishments, play a significant role in the country’s maritime sector, contributing to economy, security, and infrastructure, according to US Transportation Secretary Elaine L. Chao.

The grants, which were primarily available to US shipyards with less than 600 production employees, are generally less than $1 million each, but can make a huge difference in a shipyard’s bottom line, US MARAD noted.

    “U.S. shipyards produce some of the world’s best-built vessels,” said Maritime Administrator Mark H. Buzby. “These grants will fund the kinds of upgrades and modernization that ensure America’s shipbuilding industry remains strong and competitive internationally.”

Since 2008, MARAD’s Small Shipyard Grant Program has awarded USD 174 million to 169 small shipyards, helping them to modernize operations, improve efficiency and boost productivity with employee training and new technologies.