Numerous articles describe how current steel import tariffs could raise the cost of cars and homes. But not much attention has been given to their impact on shipbuilding costs.

Beginning in April 2029, the Office of the United States Trade Representative (USTR) will enforce a requirement that 1% of all liquified natural gas (LNG) exports from the U.S. be shipped aboard a U.S.-built LNG carrier. The U.S. hasn’t built an LNG carrier in nearly 50 years. 

Stating the obvious: the U.S. wants more American-built ships. Less obvious: how many ships can America’s biggest shipyards build? 

James Lightbourn, founder of Cavalier Shipping, cited in The New York Times' May 27, 2025 article on U.S. shipbuilding.

Much of U.S. shipping’s newfound attention has rightly focused on the shipbuilding sector. For every new ship ordered, someone has to finance construction costs.

If you’re a shipping company that uses a Chinese leasing structure to finance your fleet but otherwise has no ties to China, what are you to do under the U.S. Trade Representative’s proposed measures?

Savvy shipowners could participate in both the SHIPS for America Act and Title XI to bring the effective cost of building ships in the U.S. down considerably.

On April 30, Senators Mark Kelly (D-AZ) and Todd Young (R-IN) and Congressmen Trent Kelly (R-MS-1) and John Garamendi (D-CA-8) reintroduced the SHIPS for America Act, potentially reshaping U.S. maritime policy, backed by US taxpayer dollars.

As the U.S. looks to rebuild its maritime industrial base, there’s a lot of talk about needing an Elon Musk-type wealthy entrepreneur figure to swoop in from the tech sector and save American shipping.

By exempting U.S.-flagged ships from carbon levies and bolstering domestic subsidies, Washington is sending a clear one: the U.S. fleet is open for business again.

Contrast shipping’s 0% representation in the U.S. S&P 500 with its 12% representation in Norway’s Oslo Børs Benchmark Index––in the U.S., professionals often confuse "shipping" with logistics giants like FedEx or UPS; in Norway, professionals are immersed in the maritime world, with financial media regularly covering shipping and offshore markets.