New U.S. shipping legislation proposes a fleet of 250 flagged cargo vessels
Posted on May 2, 2025 |
The SHIPS for America Act was reintroduced on Wednesday, aiming to revitalize the U.S. maritime industry.
The legislation seeks the creation of a 250 U.S.-flag cargo vessel fleet, prioritizing tankers.
A Strategic Commercial Fleet Program is a key part of the legislation, supporting U.S.-built, -flagged, and -crewed vessels.
The number of U.S.-flagged merchant ships is set to rise from 80 to 250 under the new program.
The legislation increases cargo preference requirements, ensuring 100% of U.S. government cargo is carried on U.S.-flagged vessels.
The bill mandates that within 15 years, 10% of all cargo imported from China must be transported on U.S.-flagged vessels.
It proposes a $250 million annual shipbuilding incentive and $100 million annually for small shipyards through 2035.
Significant tax benefits include a 33% investment tax credit for vessel construction and 25% for shipyard facilities.
