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Gross Domestic Product News

26 Mar 2024

Seaspan Awarded Contracts for Canadian Coast Guard’s Multi-Purpose Vessels

(Image: Canadian Coast Guard)

The Canadian government on Tuesday announced it has awarded a pair of contracts to Seaspan’s Vancouver Shipyards Co. Ltd. (VSY) to initiate the next stages of procuring the first flight of Multi-Purpose Vessels (MPV) for the Canadian Coast Guard (CCG).These contracts, which are worth $490.6 million combined (taxes included), following completion of the vessel’s basic design review in late 2023 and allow VSY to undertake pre-construction work, such as selecting specific pieces of equipment…

26 Mar 2024

Davie Awarded Contract for Canadian Icebreaker Design

(Image: Government of Canada)

The Canadian government has awarded a contract to shipbuilder Chantier Davie Canada Inc. of Lévis, Quebec, for initial work related to the construction of new Program Icebreakers. Under this $19.6-million contract including taxes, Davie will begin work to develop the initial design.A series of six new Program Icebreakers is planned to replace the Canadian Coast Guard’s (CCG) medium icebreakers that operate in Atlantic Canada and the St. Lawrence waterways during the winter, and in the Arctic during the summer.This contract enables the shipyard to initiate project planning phases…

25 Mar 2024

Demopolis: A Cautionary Tale for Increased Infrastructure Investment

Demopolis Lock—which suffered a recent catastrophic failure—is a cautionary tale for other locks and those in Congress and the White House who may fail to see the urgency and importance of investing in the inland waterways system. (Photo: Chuck Walker / U.S. Army)

Demopolis Lock—which suffered a recent catastrophic failure—is a cautionary tale for other locks and those in Congress and the White House who may fail to see the urgency and importance of investing in the inland waterways system.The nation’s inland waterways lock and dam infrastructure, largely constructed in the 1930s, has seen modernization and rehabilitation across the system, albeit very slowly. Despite those efforts, lock failures continue, and the risk of failure persists.While…

05 Mar 2024

Dutch Defense to Spend Billions on New Frigates

© Wojciech Wrzesień / Adobe Stock

The Dutch government on Friday said it would replace nearly its entire navy fleet in the coming 15 years, in a project worth several billion euros that it said would mainly benefit Dutch industry.A large part of the project would consist of the replacement of four air defense frigates, the government said, confirming an earlier report by RTL Nieuws.The government said it would work closely with Dutch industry in building the ships, with large roles for shipbuilder Damen and the Dutch arm of French defense company Thales, which would likely supply radar and missile guidance systems."This will s

09 Jan 2024

US Trade Deficit Shrinks on Falling Imports

© sheilaf2002 / Adobe Stock

The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

12 Dec 2023

US Import Cargo Peak Came Later Than Expected -Report

© sheilaf2002 / Adobe Stock

Inbound cargo volume at the United States’ major container ports should continue to slow in the final weeks of 2023 after reaching its peak later than expected this fall, according to the Global Port Tracker report recently released by the National Retail Federation and Hackett Associates.“We originally thought peak season would come in August but imports kept growing in September and again in October,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

29 Nov 2023

Canada's Top Admiral Says Navy in Critical State

Future Protecteur-class Joint Support Ship (Source: RCN)

Canada's understaffed and resource-stretched navy is in "a critical state" and might not be able to carry out its basic duties next year, the top admiral said in a YouTube video released this week.The comments by Vice-Admiral Angus Topshee are an unusually blunt expression of unhappiness from the military over the state of the armed forces. Canada only spends about 1.3% of its annual gross domestic product on defense, much less than the North Atlantic Treaty Organization target of 2%.In the video…

19 Nov 2023

Panama Port Blockade Keeps Supplies from First Quantum Mine

© jdross75 / Adobe Stock

A ship with supplies for Canadian miner First Quantum's unit in Panama was unable to dock as local boats blocked off access to the key port, the company said in a statement to Reuters on Friday.Protests have escalated in recent weeks against the miner's contract for a major copper mine operated by the company's local unit, known as Minera Panama.The ship in question has remained in Panamanian waters for several days without being able to reach the Punta Rincon port due to protests…

28 Jul 2023

Attracting More People of Color to the Maritime Workforce

© Igor Kardasov / Adobe Stock

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).

11 Jul 2023

China Celebrates National Maritime Day

©  creativenature.nl / Adobe Stock

China celebrated its 19th National Maritime Day on July 11, with celebrations taking place in museums and schools along with a range of technical conferences.The Ministry of Transport released the 2022 China Shipping Development Report which showed that container throughput at ports increased by 4.7% and the volume of rail-water multi-modal transport routes increased by 16% year-on-year.China Daily reports Vice-Transport Minister Fu Xuyin saying: “By the end of last year, the Chinese fleet reached a carrying capacity of 370 million deadweight tons…

13 Jun 2023

US Marine Economy Worth $432 Billion in 2021

Credit: Douglas Croft

America’s marine economy contributed $432 billion in economic impact in 2021, making up nearly 2% of the nation’s gross domestic product (GDP).That is according to the most recent statistics from the annual Marine Economy Satellite Account released by two Department of Commerce agencies —NOAA and the Bureau of Economic Analysis (BEA). The marine economy statistics include activities in the US ocean, coasts and major water bodies such as the Great Lakes, Puget Sound and Chesapeake Bay.From 2020 to 2021…

26 May 2023

Canadian Coast Guard Plans to Order Up to 61 Small Vessels

© Joseph Roland / Adobe Stock

The Canadian Coast Guard has revealed big plans to invest in its fleet of small vessels.Joyce Murray, Minister of Fisheries and Oceans and the Canadian Coast Guard, on Thursday announced $2.5 billion CAD (roughly $1.8 billion USD) for the construction of up to 61 new small vessels and the ongoing replacement of small craft, barges and workboats within the Canadian Coast guard fleet.“This is a critical investment that will help modernize the Canadian Coast Guard’s small vessel fleet,” Murray said.

30 Mar 2023

NORDEN Buys Bigger Ships to Capitalize on Reopening of China's Economy

Jan Rindbo, Norden CEO - Credit: Norden

Shipping group NORDEN has acquired larger capesize dry bulk ships, aiming to benefit from China's economy reopening and expectations of a pick up in commodities trade, the Danish company's CEO said. Three years of rigid border controls and sweeping lockdowns during the pandemic have sapped business confidence in China, especially among foreign firms, according to sentiment surveys. China has set itself a target for gross domestic product growth of around 5% this year, after significantly missing its target for 2022.

14 Mar 2023

Australia Outlines $245 Billion Nuclear Submarine Plan

(Photo: Defense Australia)

Australia's nuclear-powered submarine program with the United States and Britain will cost up to A$368 billion ($245 billion) over the next three decades, a defense official said on Tuesday, the country's biggest single defense project in history.U.S. President Joe Biden, Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak on Tuesday unveiled details of a plan to provide Australia with nuclear-powered attack submarines, a major step to counter China's…

29 Dec 2022

New Lock at the Soo Reauthorized in WRDA 2022 at $3.219 Billion

The New Lock at the Soo Artistic Rendering depicts how the Soo Locks will look once the New Lock at the Soo is complete in Sault Ste. Marie, Mich. (Image: USACE)

U.S. Army Corps of Engineers, Detroit District New Lock at the Soo Project in Sault Ste. Marie, Michigan is reauthorized in the Water Resources Development Act (WRDA) 2022 on Dec 23, 2022. The project reauthorization amount is $3.219 billion.An authorization sets how much money agencies and programs can receive, and how they should spend the money. This authorization makes it possible for the project to maintain efficient funding eligibility. Due to recent cost increases, the project cost was estimated to exceed the previously authorized spending limit.“With continued funding…

21 Oct 2022

New Lock at the Soo: Unlocking the Great Lakes

(Image: U.S. Army Corps of Engineers)

The U.S. Army Corps of Engineers, Detroit District works on unlocking the Great Lakes by providing a much-needed resiliency at the Soo Locks with the construction of the New Lock at the Soo. The New Lock at the Soo will be the same dimensions as the Poe Lock, 1,200 feet long, 110 feet wide and 30 feet deep.Often called the “linchpin” of the Great Lakes navigation system, the Soo Locks are located in Sault Ste. Marie, Michigan between the upper Peninsula of Michigan and the Canadian province of Ontario. The Soo Locks enable bulk carrier vessels to safely bypass the swift-moving St.

18 Jul 2022

Guyana Races Against the Clock to Bank Its Offshore Oil Bonanza

Liza Destiny FPSO offshore Guyana - Credit: Rolf Jonsen

For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot.With sky-high oil prices, a transition to renewable energy on the horizon, and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit its vast oil reserves, even if that means sacrificing some longer-term gains.Already locked into contracts with oil firms that have been criticized for being too one-sided…

13 Jul 2022

China's Exports Rebound, But Global Risks Darken Trade Outlook

© Aris Suwanmalee / Adobe Stock

China's exports rose at the fastest pace in five months in June as factories revved up after the lifting of COVID lockowns, but a sharp slowdown in imports, fresh virus flare-ups and a darkening global outlook pointed to a bumpy road ahead for the economy.Analysts say the rebound in exports reflected an easing of supply chain disruptions and port congestion that hammered the world's second-largest economy in spring when the government rolled out widespread lockdowns.Outbound shipments in June rose 17.9% from a year earlier…

06 Jul 2022

USACE Awards $1 Billion Contract for New Lock at the Soo Phase 3

The New Lock at the Soo Artistic Rendering depicts how the Soo Locks will look once the New Lock at the Soo is complete in Sault Ste. Marie, Mich. (Image: Ricky Garcia / USACE)

The U.S. Army Corps of Engineers' Detroit District said it anticipates Phase 3 construction will start this summer following a $1.068 billion contract for the New Lock at the Soo Phase 3 awarded July 1, 2022.This contract allows the contractor Kokosing Alberici Traylor, LLC (KAT), a joint venture headquartered in Westerville, Ohio to begin constructing the largest phase, the new lock chamber and rehabilitation of the downstream approach walls. With continued funding, the remaining work, valued at $803.95 million may be awarded over the next three years.

15 Jun 2022

Blue Economy Contributes $361 Billion to US GDP

© Tierney / Adobe Stock

America’s marine economy contributed about $361 billion of the nation’s gross domestic product in 2020. That is according to the most current results of the annual Marine Economy Satellite Account released today by two Department of Commerce agencies, NOAA and the Bureau of Economic Analysis (BEA).These numbers are from the first year of the coronavirus pandemic and represent a 5.8%, or $23 billion, reduction in real terms (adjusted for inflation) from 2019, outpacing the general…

06 Jun 2022

Port Houston Begins $1 Billion Ship Channel Expansion Project

On display at the event were some of the many vessels keeping the channel safe and efficient, including Great Lakes Dredge and Dock Company’s eco-friendly dredge Carolina, which soon joins the channel work. (Photo: Port Houston)

A $1 billion project to expand the Houston Ship Channel kicked off with an official ceremony last week, leading the way for greater safely, efficiency and economic growth in one of America’s busiest waterways.Known locally as Project 11 because it is the eleventh major construction project of the waterway in its more than 100-year history, the Houston Ship Channel expansion will widen the channel by 170 feet along its Galveston Bay reach, from 530 feet to 700 feet. It will also deepen some upstream segments to 46.5 feet…

08 Feb 2022

US Posts Record Trade Deficit in 2021

© jdoms / Adobe Stock

The U.S. trade deficit surged to a record high in 2021 as imports increased sharply amid the restocking of shelves by businesses to meet robust domestic demand.The sharp widening in the trade gap reported by the Commerce Department on Tuesday mostly reflected a shift in spending towards goods from services during the COVID-19 pandemic. With businesses eager to rebuild depleted inventories against the backdrop of stretched global supply chains, the deficit is unlikely to shrink much this year…

14 Jan 2022

Indonesia to Improve Coal Delivery Checks as Export Ban Weighs on Economy

Credit:  Alex Traveler/AdobeStock

Indonesia's state utility Perusahaan Listrik Negara (PLN) said on Friday that together with the energy ministry it was strengthening a coal delivery monitoring system to ensure enforcement of domestic sales rules and energy security.The world's biggest thermal coal exporter introduced an export ban on Jan. 1 as coal inventories at local power plants were at critically low levels, amid low compliance with a so-called Domestic Market Obligation (DMO).Under the DMO, miners must sell 25% of their output to the local market with a price cap of $70 per tonne for power plants…