North Pacific Fishing Fleet Plans USD 1.6 Billion Upgrade by 2026

Image Courtesy: Port of Seattle

USD 1.6 billion is expected to be spent on modernization of the North Pacific fishing fleet in the next decade, with a possibility to bring more contracts to Puget Sound, a new report released by the Port of Seattle and the Washington Maritime Federation shows.

Published on November 17, 2016, the report predicts that shipbuilding will reach a relatively high point in the next ten years, averaging three to five vessels per year, compared to just one vessel per year for the last 15 years. Current vessel replacement costs vary widely by fishery, ranging between USD 15 and USD 118 million.

“Modern ships are safer, more sustainable and more profitable, but also require more capital,” Ted Fick, Port of Seattle CEO, said.

Furthermore, the report says that shipyard competition, economic conditions, and public policy will determine how much of the vessel construction will be done in Puget Sound.

The North Pacific fleet includes vessels of a wide range of size and value. The average vessel length ranges from 96 feet for smaller trawlers, to over 400 feet for floating processors, or ‘motherships.’

The average 2014 gross revenues for these vessels ranged from USD 2 million for trawl vessels to USD 16 million for American Fisheries Act (AFA) catcher/processors.

“The fishing industry has provided generations of Washingtonians with good paying jobs and sustainably harvested seafood. With the right investment we can keep—and grow—jobs here in our maritime industry.” Mark Gleason, Director of the Washington Maritime Federation, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >