Bill to boost US shipbuilding reintroduced

The bill would require that vessels built in the US transport 15% of total seaborne LNG exports by 2041 and 10% of total seaborne crude oil exports by 2033. If enacted, the bill is expected to invigorate the shipbuilding industry. According to an estimate from the Shipbuilders Council of America, the bill would result in the construction of more than 40 ships – approximately 28 LNG carriers by 2041 and 12 oil tankers by 2033.

“Rising US exports of America’s strategic LNG and crude oil present a unique opportunity to create new middle-class jobs by strengthening our nation’s crucial domestic shipbuilding, advanced manufacturing, and maritime industries—which are key to national security and our ability to project American military power abroad,” said Congressman Garamendi.

“With the Energizing American Shipbuilding Act, American energy will be transported on American-owned, American-crewed, and American-built ships and the shipbuilding industry will have increased investment in new, state-of-the-art LNG and crude carriers to rival that of China, Russia, India, and other nations that are focusing billions of dollars in shipbuilding capacity,” said Shipbuilders Council of America president, Matthew Paxton.

According to the Energy Information Administration, seaborne American crude oil and natural gas exports will continue to increase, with the United States projected to become a net crude oil exporter and the top LNG exporting nation in the coming years.