Modernization of The U.S. Fishing Fleet

Coming in the January 2017 edition of Maritime Reporter & Engineering News is an insightful report on the modernization of the U.S. Fishing Fleet, with a focus on the ubiquitous Pacific Northwest. Modernization of the North Pacific Fishing Fleet, a study by The McDowell Group for the Port of Seattle, has made the rounds and given weight to the idea that a major fleet upgrade really is underway. With average 2014 gross revenues having run between $2 million for Bering Sea/Aleutian Island trawl vessels to $16 million for some catcher-processors, there’s a feeling that owners can afford new vessels that might cost $15 million for the first group or $130 million for the second.

Despite the big harvests, just one large vessel a year has been built or heavily modified since 2000. That’s about to change. The Study that vessels over 30 years of age are worth about $9 billion in “replacement value” to the supply chain. Those built when the Vietnam War ended, or before, represent $4.4 billion if replaced. “The results of this analysis (of average vessel age) indicate $1.6 billion (or 37 new vessels) in modernization projects will be completed within the next 10 years.