MarAd issues stimulus grants for shipyards
Federal stimulus dollars found their way to U.S. shipyards Tuesday as the Maritime Administration announced 70 grants totaling $98 million to help the industry upgrade facilities and provide training for employees.
The money was provided under the Small Shipyard Grant Program, which only received $10 million in congressional funding in 2008. The American Recovery and Reinvestment Act directed $100 million to the program, $2 million of which is for administrative costs. Three-fourths of approved projects are covered by federal money and individual companies must provide 25 percent in matching funds for infrastructure improvements. Grant funds may also be used for maritime training programs to enhance technical skills and operational productivity.
Grant beneficiaries included:
' Philadelphia's Akers Shipyard, $2.3 million for training.
' International Ship Repair & Marine Services of Tampa, Fla., $2.23 million for dry dock work.
' Lyon Shipyard in Norfolk, Va., $4.5 million for dry dock enhancement.
' Seattle-based Todd Pacific Shipyards Corp., $1.9 million for training.