Business View Magazine - May 2024

THENATION’S TURE Navigating the right course without turbulent waters T he Maritime Administration (also known as “MARAD”) was established in 1950 and plays a central role in the commerce of the United States. Government involvement in the nation’s maritime industry has a lengthy history dating back more than a century to the Shipping Act of 1916. This legislation established a framework for the regulation of U.S. commercial shipping and acted to promote a U.S. merchant marine. Today, MARAD is a vital part of the U.S. Department of Transportation (“USDOT”). The overall mission statement of the agency is “To foster, promote and develop the maritime 164 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 05