Attracting More People of Color to the Maritime Workforce
In the United States, marine transportation is responsible for $361 billion, or 1.7% of the U.S. Gross Domestic Product (GDP). Marine transportation, a key part of global logistics and responsible for 40% of international trade, goods and services, is the backbone of U.S. trade. In the U.S. in 2021 alone, ships have transported more than 1.5 billion tons of cargo valued at more than $1.5 trillion; in that same time period, U.S. ports have facilitated approximately 450,000 ships, which is more than 10% of the global amount (McLean, 2021). Some examples of international maritime cargo include containerize
US Shipyards: Always on the Job Hunt
American shipyards form an important economic engine, supporting nearly 400,000 jobs, $25.1 billion of labor income and $37.3 billion in gross domestic product (GDP), according to figures from the U.S. Department of Transportation’s Maritime Administration (MARAD).It’s a good thing, then, that U.S. shipyards were deemed essential businesses amid COVID-19 and have remained up and running throughout the pandemic. And it’s even better that most yards have been able to keep their workers employed despite less than stable market conditions, and that many are actively hiring to grow their
Life on Hold for Many Philippine Seafarers
up in the lockdown and grounded.“I lost my job, they have to look somewhere else for a crew replacement,” said Salvador.Millions of overseas Filipino workers like Salvador are breadwinners who regularly send money home, in remittances that account for nearly 10% of the country’s gross domestic product.But hundreds of thousands were likely to lose their jobs this year, cutting an important lifeline for many poor families.RemittancesAbout 10 million Filipinos work or live overseas, official figures show, spread across North America, Europe, the Middle East and parts of Asia such as Singapore
US Shipyards: Building for America, Jobs for Americans
engaged in shipbuilding and repair. In 2013, the U.S. private shipbuilding and repairing industry directly provided 110,390 jobs – including naval architects, project managers, riggers, welders, painters and a host of suppliers – $9.2 billion in labor income, and $10.7 billion in gross domestic product, or GDP, to the national economy. These are well paying jobs with opportunity for advancement. Many of these shipyards build not only commercial vessels but also ships used by the U.S. Department of Defense. Case in point: General Dynamics, NASSCO Shipyard in San Diego recently
Economic Impact of Houston Port
the Greater Houston Partnership’s annual State of the Port event. An economic impact study by Martin Associates determined that public and private marine terminals at the Port of Houston had a statewide economic impact of $265 billion in 2014, which is 16 percent of Texas’ total gross domestic product, Chairman Longoria said. The Martin Associates study shows the port’s economic value to the state since 2011 increased $82 billion, or 45 percent. “The Port of Houston is the leading driver for the greater Houston region for creating jobs and economic opportunity,” Chairman
US Ocean Economy Sees Large Growth -NOAA
In 2012, U.S. ocean and Great Lakes economy grew much faster than overall GDP The U.S. ocean economy outpaced the domestic economy between 2011 and 2012, with an increase of $22 billion in gross domestic product, from $321 billion to $343 billion, according to a new National Oceanic and Atmospheric Administration (NOAA) analysis. Adjusting the figures to remove the effects of inflation, this increase equates to a 10.5 percent rate of growth—more than four times as fast as the U.S. economy as a whole. The report is based on 2012 U.S. national economic statistics released in
OMSA Opposes McCain Amendment
vessels, barges, tugs and ferries to the nation’s Jones Act fleet of over 40,000 vessels. According to the U.S. Maritime Administration, the U.S. shipbuilding and repair industry employs more than 400,000 Americans, provides $24 billion in annual wages and accounts for $36 billion in gross domestic product.
ABB Back in Burma After 20-Years
and sustainable transport developments. This move is fully in line with ABB’s new ‘next level’ strategy, which is to expand into markets and geographies, where we are currently under-represented,” said Frank Duggan, ABB’s Head of Global Markets. Myanmar’s gross domestic product has risen by an annual average of 7.3 percent since 2012, while this year, foreign direct investment is expected to grow 6.8% from $2.7 billion. Over 70 percent of Myanmar’s people do not have access to reliable electricity. The World Bank has committed to investing US$1 billion
Irving Welcomes Mi’kmaq Tradesmen to Halifax Shipyard
and with their direct suppliers and $75 million in employment income. In addition, it has generated $21 million in local, provincial and federal taxes paid, as well as $56 million in consumer spending over a two-year period. Across Canada, the NSPS commitment to date has boosted Canadian gross domestic product (GDP) by $255 million, created more than 3,000 full time equivalent (FTE) positions across Canada (direct and indirect) and generated $187 million worth of employment income in the country over a two-year period. It has also generated more than $139 million worth of consumer spending and
Canada’s Largest Gantry Crane: Seaspan Unveils Name
to its investment in people, processes and equipment,” said Brian. “Once our modernized facilities are operational, Seaspan will begin construction on NSPS work that will create 5,000 direct, indirect and induced jobs over the next 20 years, produce almost $500 million per year in gross domestic product for B.C.’s economy, and mean thousands of young people will get the opportunity for an exciting new career in shipbuilding.” Once complete, the crane will be the biggest of its kind in Canada, towering 80 metres high and spanning 76 metres wide. Assembly, hook-up, testing and
Europe, China Economic News Challenges Shipping Demand
reduces Euro growth forecast as inflation seen to slow Bloomberg reported, The European Commission trimmed its economic growth forecast for the Euro area and predicted low inflation to remain a threat to expansion for at least the next two years. The 18-nation Euro zone’s gross domestic product will rise 1.7% in 2015, compared with a February prediction of 1.8%, the Brussels-based commission said today. The inflation rate will be 0.8% this year and 1.2% in 2015, both lower than previously forecast and well below the European Central Bank’s target of just below 2%.
