The Derivative

When the Gales of November Come Early: the Wreck of the Edmund Fitzgerald, and Modern Maritime Trade with Sal Mercogliano

Nov 13, 2025
Guest
Sal Mercogliano
Maritime historian Sal Mercogliano, known for his dual career as a merchant mariner and an academic, dives into the haunting tale of the Edmund Fitzgerald. He discusses the ship's tragic sinking, the myths that surround it, and the vital iron ore trade that shaped its legacy. Sal also explores the current challenges in maritime shipping, including environmental concerns and the evolving economics of the industry. With insights into Great Lakes navigation and modern shipping practices, listeners gain a deeper appreciation for the maritime world.
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INSIGHT

Global Shipbuilding Concentration

  • Shipbuilding is concentrated: China, Japan, Korea produce most vessels, with China leading at ~51%.
  • The U.S. mostly builds Navy ships and has outsourced commercial shipbuilding overseas.
ADVICE

Make U.S. Shipping Investment Attractive

  • Create incentives so Americans invest in U.S.-flagged shipping and domestic shipbuilding.
  • Policymakers should design environments that attract capital into American maritime assets.
ANECDOTE

Testifying Before The Senate

  • Sal recounts his nervous first time testifying before the Senate Commerce Committee.
  • He found the hearing bipartisan and noted staff asked detailed, useful questions.
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