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El Faro Tragedy
- The El Faro sank in 2015 during Hurricane Joaquin, resulting in the loss of all 33 crew members.
- The captain chose a faster route despite warnings, highlighting the pressures within the American shipping industry.
Outdated American Fleet
- The sinking of El Faro exposed the outdated state of the American fleet, with ships significantly older than the global average.
- This is a structural problem due to the tiny market and high cost of new American-made vessels.
Jones Act Paradox
- The Jones Act creates a costly paradox: high shipping costs for Americans but insufficient funds for fleet modernization.
- Despite this, many American maritime workers support the Jones Act, viewing a merchant marine as a national necessity.