Plans in Place for Great Lakes Dredge & Dock
The 2009 domestic bid market increased significantly to $1.1 billion from $783 million in 2008, primarily as a result of needed maintenance projects.The Corps goal is to reach 95% U.S. port operating capacity by 2013.
Heightens the need to maintain and deepen U.S. East and Gulf Coast ports,Jacksonville & Delaware projects, among others, moving forward,Renewed activity to maintain competitiveness.
Domestic Dredging Industry Demand Drivers
Domestic port development required to support larger, deeper draft ships,Water Resources Development Act (“WRDA”),Long-term funding for wetland and coastal marshes,Storm activity/natural erosion,Importance of beach assets to local tourism industry,Beaches along East and Gulf Coasts in critical need of nourishment,Incremental funding expected from Harbor Maintenance Trust Fund,Naturally sedimentation and volatile weather,New capital projects increase need for ongoing maintenance,57% of 2009 domestic bid market was maintenance work.
Great Lakes in Good Position to Compete Globally
Middle East has been a strong market historically, and is expected to provide good opportunities in the future,moving forward with upgrade of the dredge Ohio to meet future demand anticipated in Middle East.
U.S. domestic dredging market is protected from international competition,dredging projects growing increasingly complex where heightens need for specialized equipment,wich in same time means leading in dredging safety.
Source: GLDD, June 14, 2010