The Frozen Folly: A Coast Guard Comedy

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For a decade past, a lamentable cry has echoed from the halls of the U.S. Navy and Coast Guard – a complaint of an ‘icebreaker gap,’ as if our maritime prowess suffered from a missing tooth. Russia, it seems, possesses a veritable flotilla of these vessels, whilst we, alas, were left to contemplate the frigid expanse with but a handful. A most unseemly spectacle, wouldn’t you agree?

Ten years hence, the American fleet boasted a mere two operational icebreakers: the venerable USCGC Polar Star, launched into service in the distant year of 1976, and the somewhat younger USCGC Healy, gracing the waves since 1999. In stark contrast, our Russian counterparts paraded a fleet of forty such vessels, six of which were propelled by the very power of the atom! A disparity that, to a discerning eye, hinted at a certain…lack of foresight.

The Pentagon, in its wisdom, proposed the acquisition of ten further icebreakers, at a cost of some sixteen billion dollars. Yet, time, that most relentless of comedians, played a trick upon us. A single vessel, the USCGC Storis, arrived – secondhand, no less, and hastily pressed into service. One might almost suspect a jest at our expense.

A Chorus of Eleven (or Perhaps Fourteen)

But hark! A change is afoot. This week, the U.S. Coast Guard concluded the awarding of contracts for not one, not ten, but eleven brand-new “Arctic Security Cutters” (ASC). Nine billion dollars, a sum sufficient to warm even the coldest of hearts, has been allocated to this endeavor. And yet, a curious thing has occurred. Not a single coin shall find its way to the coffers of the grand establishments of General Dynamics or Huntington Ingalls. A most peculiar distribution of wealth, wouldn’t you say?

In December past, the Coast Guard entrusted the construction of the initial six vessels to Rauma Marine Constructions of Finland, with delivery anticipated by 2028, and Bollinger Shipyards of Louisiana, who promise their first contribution by 2029. These ships, it appears, are built upon designs borrowed from Canada’s Seaspan Shipyards and Finland’s Aker Arctic Technology. A most cosmopolitan undertaking, though one wonders if national pride has been somewhat…chilled.

Davie Defense has secured contracts for the remaining five ASCs, with construction slated for Helsinki and facilities in Texas. Furthermore, Bollinger has inherited a contract for three heavy icebreakers, the Polar Security Cutters, promising their arrival by 2030.

Bollinger’s endeavors, when tallied, approach five billion dollars. Add to this the nine billion for the ASCs, and the total cost swells to fourteen billion – fourteen new icebreakers, at an average of one billion dollars apiece. A princely sum, indeed, enough to make even the most frugal miser blush.

The Spoils of the Freeze

Investors, naturally, inquire as to whether they might partake in this lavish expenditure. The answer, alas, is…complicated.

None of the companies involved – Davie, Aker, Rauma, Seaspan, or Bollinger – are publicly traded. Davie, it seems, is but the American arm of a British-owned maritime group. Aker, Rauma, Seaspan and Bollinger all remain within the realm of private ownership. A frustrating state of affairs for those of us who seek a dividend from this frozen folly.

However, fourteen billion dollars is no trifling sum – more than ten times Bollinger’s annual revenue. Bollinger, it appears, will shoulder a significant portion of this work. Such contracts, one suspects, might embolden them to consider an initial public offering. A prospect that, for a dividend hunter such as myself, is most intriguing.

For the present, an IPO remains the only realistic avenue for profit. Should Bollinger choose to venture forth into the public markets, it would certainly warrant a close examination. Until then, we must observe this spectacle with a wry smile, and hope that, eventually, a share of the spoils finds its way to those who seek a return on their investment.

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2026-02-15 13:13