The ongoing and ever-increasing attention to energy use and environmental stewardship will have beneficial consequences for at least some sectors of the shipping industry.
A growing number of U.S. ports are supporting the trade in wind energy equipment. Congress, as part of the larger financial rescue package, recently approved a one-year extension of the production tax credit for renewable energy sources. A longer-term, if not permanent, extension of this credit will create a more favorable climate for investors to support this segment of our energy portfolio. All political signs point to just such an extension in the next Congress.
Proponents of short-sea shipping also should find sympathetic ears as they point to the environmental and energy-saving benefits of waterborne transportation.
We expect to see considerable growth along the West Coast for this transportation option, as both an alternative to highway and rail transport for domestic cargo, as well as feeder services in support of trans-Pacific trade.
Finally, as we continue to hear much about federal initiatives on infrastructure development, those of us involved in moving the nation’s freight should ensure that our voices are heard on the energy and environmental benefits associated with efficient transportation. If we are successful in that effort, we may see the level of federal investment that’s needed to reduce congestion and keep pace with our global competitors.