A new US initiative to rebuild the country’s shipbuilding industry could open the way for closer cooperation with Greek shipping companies, as Washington looks abroad for expertise and investment to address serious weaknesses in its domestic shipbuilding capacity.
The presidential memorandum, signed just days ago and titled “Rebuilding the Navy and America’s Shipbuilding Industrial Base,” acknowledges major problems in the US sector, including delays in key shipbuilding programs, rising costs and limited production capacity. As a result, the US commercial fleet has become less competitive internationally.
Rather than turning inward, however, Washington is seeking greater involvement from allies with strong shipping industries. This could create new opportunities for Greek companies and add momentum to the strategic relationship between Athens and Washington.
According to US law firm Holland & Knight, the memorandum creates a new framework for foreign investment in American shipyards. International shipping and shipbuilding companies could participate in US government programs if they invest in American shipyards, either by building a new facility or acquiring a majority stake in an existing one; hire and train American workers; transfer know-how; and use the US supply chain.
