In addition to annual appropriations, the federal government collects an import ocean-going harbor maintenance tax which funds dredging projects. These factors are expected to contribute to a steady growth of the US dredging market of 2% to 3% annually.įunding for dredging projects mostly comes from the US Government, through the US Army Corps of Engineers ACE as they are authorized to manage harbors and coastal areas. The heightened severity of ocean storms causes coastal erosion to become a critical issue in coastal protection. In addition, the natural movement of sand and silt works against the need to keep channels open, creating a maintenance opportunity for dredging firms. The need to widen and deepen ports and navigable channels is rising as ocean-going trade utilizes wider and deeper-draft ships. Dredging is the “simple” task of moving the sea bottom from Point A to Point B. Great Lakes Dredge & Dock is the largest provider of dredging services and the only publicly traded US dredging company. Great Lakes Dredge & Dock sits right in the middle of these opportunities. The soon-to-be boom in US East Coast offshore wind power generation adds a new dimension to firms specializing in ocean bottom work. The replenishment of barrier coastal areas due to natural and storm-induced erosion is critical for protection of coastal areas. The need to maintain and expand navigable shipping channels is essential to ocean-going trade. Most investors would not think of dredging as an essential service mostly supported by the US Government. Great Lakes Dredge & Dock ( NASDAQ: GLDD ) is as unique as the unlikely Jones-Joplin duet. The result was a most unique collaboration of Raise Your Hand, one of Joplin’s concert repertoires. Who would have dreamt of raunchy, pop singer Tom Jones matching up with rock-blues legend Janis Joplin? In late 1969, Jones, of It’s Not Unusual fame, headlined a popular tv show and asked Joplin to join him.
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