The extent of the crisis caused and to be caused by Tuesday night’s maritime accident in Baltimore, Maryland, is slowly becoming clear. When the Singapore-flagged ship Dali crashed into the Francis Scott Key Bridge at the entrance to the Port of Baltimore and collapsed, the 9th busiest port in the US “came to a standstill.”
Stating that it will take years to rebuild the bridge, the authorities want work to start immediately to remove the bridge wreckage. Because as long as the debris is not removed, there will be no access to the port. According to experts who spoke to Business Insider, the 1-day loss caused by the closure of the port is 15 million dollars. This translates to around $450 million a month, which will cross the $1 billion threshold by the beginning of the third month.
“It’s not just the Port of Baltimore that will suffer… It’s the railroads, the trucking industry, regional distribution centers, commuters and other parts of the economy. Until the shipping line reopens, the daily losses of these factors will run into tens of millions of dollars,” said Anirban Basu, CEO of the Port of Baltimore.
“If it lasts 60 or 90 days, it could have longer-term and more damaging effects,” said Daraius Irani, Chief Economist at the Institute for Regional Economic Research at Towson University in Maryland. Maryland Governor Wes Moore also appealed to the world: “The collapse of the Key Bridge is not just a Maryland crisis, it is a global crisis. The national economy and the world economy depend on the Port of Baltimore.”
The cruise line: Port closure will cost us 10 million dollars just for us
The Port of Baltimore is a hub for cruise ships as well as commercial ships. The number of passengers traveling from Baltimore in 2023 is 444 thousand… Carnival Cruise Line is one of the companies that carry passengers to Baltimore. Speaking to local KTVQ, the company’s CEO announced that they are expecting a loss of 10 million dollars.
“As plans for debris removal and bridge reconstruction are finalized, we will inform our future cruise guests when we will return to Baltimore, but in the meantime we appreciate the quick response and support of the authorities in Norfolk,” Christine Duffy said.
The value of “foreign” cargo going to Baltimore in 1 year: $80.8 billion
British BBC Television revealed the importance of the Port of Baltimore with figures:
-In 2023, 52.3 million tons of cargo worth $80.8 billion arrived at the port from abroad.
-According to Maryland state data, about 850,000 cars and light trucks passed through the Port of Baltimore in 2023, more than any other US port.
-The majority of these cars come from foreign manufacturers such as Mazda, Subaru and Mercedes-Benz. This means the shutdown could have major consequences for companies around the world.
-With over 13.2 million tons of coal exported in 2022, coal accounted for the lion’s share of shipments at the port.
-In 2022, over 106 thousand tons of furniture, 738 thousand tons of newsprint, 36 thousand tons of alcoholic beverages and 83 thousand tons of meat and seafood entered the port.
-Plastic and rubber imports exceeded 221 thousand tons in 2022.
“America’s largest vehicle handling port”
“This is an important port for both imports and exports,” US Transportation Secretary Pete Buttigieg said at a White House briefing, adding: “And this is America’s largest vehicle-handling port, and that’s important not only for importing and exporting cars, but also for agricultural equipment.”
