The U.S. Maritime Administration has announced nearly $488.6 million in funding for port infrastructure development. According to FreightWaves, the Port Infrastructure Development Program grants aim to enhance cargo handling, modernize port facilities, and assist domestic seafood operations.

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The funding originates from legislation enacted in 2021, which allocated $2.25 billion for the program through 2026. The grants are available to hundreds of ports run by public and private entities across the country.

Revised selection guidelines now emphasize projects situated in designated opportunity zones, those employing new technologies, and efforts that advance national freight transportation objectives.

A minimum of $122 million, representing over a quarter of the total, is reserved for smaller-scale projects at smaller ports. Eligible applicants encompass port authorities, various levels of government, and Tribal nations. The application deadline is set for late June of this year.

Source: IndexBox Market Intelligence Platform