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My single chart showing a simplified history of the US Navyʼs capital structure. In the twenty years after the end of the Cold War, the fleet shrank from 570 to 284 ships, though tonnage held up somewhat better, as the supercarrier fleet shrank from just fifteen to eleven. The Navyʼs portfolio of federal shipyards shrank through the BRAC process from eight to four, though a large contingent of commercial shipyards continued supplying roughly half its repair needs. But the number of shipyards building ships for the Navy declined from seven to six, then rose later to eight, and only now appears poised to shrink back to seven.