MARAD bankrolls small shipyards with nearly $20 million

The U.S. Department of Transportation’s Maritime Administration (MARAD) has awarded $19.6 million in discretionary grants to 24 U.S. small shipyards through the Small Shipyard Grant Program.

The funding is aimed at helping modernize America’s small shipyards, making them more efficient in constructing commercial vessels by investing in emerging technologies and highly-skilled workforce.

Projects under the program include capital and related improvement projects that foster efficiency, competitive operations, and quality ship construction, repair, and reconfiguration. In addition, the program can fund training projects that foster employee skills and enhance productivity. 

“This $19.6 million federal government investment in the nation’s small shipyards will help maintain the U. S. shipyard infrastructure of our country,” said U.S. Secretary of Transportation Elaine L. Chao. 

“Small shipyard grants play a significant role in supporting local communities by creating jobs for working families,” said Maritime Administrator Mark H. Buzby.

“These shipyards are a tangible investment in our nation’s maritime infrastructure and the future of our maritime workforce.” 

The economic footprint of American shipyards is nearly 400,000jobs, $25.1 billion of labor income, and $37.3 billion in GDP.