Tony, thanks for sending. Terrific paper; informative, structured efficiently for the reader, and open enough to where we can all be more well read on such an important piece of legislation (I was way underinformed). Future suggestions as you ask? Perhaps what the US maritime industry would look like if the Jones Act were repealed? Hypothetically, what would the inflow of foreign investment, trade lines and state laws create? Maybe that also speaks to two other current topics du jour, those of tariffs and fraud. Cheers, great read!

Interesting white paper, thanks for sharing. Of particular interest is CARB compliance (in CA especially, a big expense, right after big Sub M push) and Maritime Partners infusion of capital into the industry. Anecdotally, from the tug side of things, companies seem content to purchase older equipment and refurbish (especially if they have in house shipyards) as opposed to commissioning newbuilds (cost of materials, uncertain ROI). The MP acquisition of Centerline is an interesting one (although not surprising) and they seem to have provided much needed liquidity for the industry. Do you see evidence of PE or other financiers making their way into the market in any meaningful way? I wonder how all that will change given the country’s newfound attention to shipbuilding, and maritime independence. Also, do you have any insights into total capacity and industry growth? The life cycle for older equipment seems to be shifting, but is there evidence that the current fleet is unable to meet demand and/or projected growth. Thanks again for sharing this side of the industry with me!