4/6/2023 0 Comments Hopper dredgeFunding for maintenance dredging comes from the Harbor Maintenance Tax levied on all imported waterborne cargo, with proceeds deposited into the Harbor Maintenance Trust Fund and appropriated by Congress. The Harbor Maintenance Trust Fund (HMTF) for dredging is similar to the Highway Trust Fund designed for road construction. The USCOE 2022 approved budget for was a record amount, in addition to funding provided by hurricane relief legislation and the recently passed infrastructure bill. For example, new energy export facilities built around the Gulf for the shipments of crude oil and LNG usually require waterways to be expanded.įunding by the USCOE is categorized by two methods: direct Congressional funding and Harbor Maintenance Trust Fund dispersals. In addition, many private new harbor terminal projects require additional dredging and will necessitate individual companies to hire dredging services. The major funder of dredging services is the US Government, through the US Corps of Engineers (USCOE), who have been assigned as the overseers of US harbors, beaches, and navigable passageways infrastructure. creating a wider, deeper, channel, or dredging with material used to replenish beaches and barrier islands). The type of vessel used on each project is based on the type of material to be dredged (soft mud, silt, dense sand or clay) and the purpose of the project (dredging with sea bottom material removed off site, i.e. GLDD owns and operate the largest and most diverse dredging fleet comprised of over 200 specialized vessels. Great Lakes Dredge & Dock is the largest provider of dredging services in the US. Throughout the year, GLDD has performed major port deepening works in the ports of Portsmouth, Boston, Charleston, Jacksonville, Mobile, Sabine, Freeport and Corpus Christi. GLDD targets mostly East Coast and Gulf of Mexico projects. Great Lakes Dredge & Dock specializes in coastal and harbor projects, where it has built a dominant market position, both in market share and in specialized assets. Most dredging projects fall into one of five generic project types: coastal capital improvements, coastal harbor and navigable channel maintenance, coastal protection and restoration, inland lakes and river projects, and international work. There is a considerable need for dredging services. The explosion of offshore wind farms will require turbine tower seabed foundations and seabed projects to lay power cables to transformers on land. Increasing the size of navigable waterways to accommodate larger, deeper ocean-going ships, combined with export terminal expansion, adds ongoing opportunities for dredging companies. Beach erosion caused by increasingly stronger ocean storms, coupled with the natural migration of sand, negatively impacts most all coastlines. Dredging, however, is an essential process to counteract the natural movement of the seabed, disturbing navigable passages, harbors, and waterways. Backgroundĭredging is the seemingly simple process of moving the ocean's seabed from Point A to Point B. Great Lakes Dredge & Dock offers a unique and essential service, is supported by strong US Corps of Engineers investments in its services, and is valued priced, especially considering its substantial market share. The jingle also describes an interesting company often overlooked by many investors: Great Lakes Dredge & Dock ( NASDAQ: GLDD ). In the NE Jingle Wars, this phrase dueled with its regional archrival Jorden's Furniture's "Everyday Underpricing", and interestingly Jorden's was purchased by Berkshire Hathaway ( BRK.B ) in 1999. From 1994 to 2014, "Quality, Comfort, And Price…That's Nice" was the quintessentially New England commercial jingle, advertising Bernie and Phil's Furniture stores.
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