- Baltimore port closed; Biden pledges $600m bridge rebuild
- Bridge collapse disrupts trade; port shut until further notice
- Biden vows federal funding for port restoration; bridge reconstruction
The bridge collapse “will not be resolved quickly,” preventing the port of Baltimore from operating for an extended period.
To reopen “one of the nation’s largest shipping hubs,” US President Joe Biden has pledged to “move heaven and earth” to reconstruct the collapsed bridge in Baltimore. Experts say this endeavour could cost more than $600 million (£474 million).
Baltimore Port in Maryland, which handles the entry and departure of over one million shipping containers annually, is closed to all maritime and much road traffic “until further notice,” according to local authorities.
However, trucks are permitted to transport goods out of the territory.
However, according to Richard Meade, editor of Lloyd’s List, a 287-year-old shipping data provider, the collapse, caused by a shipping container colliding into the Francis Scott Key bridge in the early hours of Tuesday, will “obstruct Baltimore from operating for some time.”
Prejudices and diversion
Mr Meade stated that diversionary activities already have “huge insurance implications” as authorities and businesses contemplate how to redirect trade to other ports.
Since this matter will take time to resolve, he stated that the eastern seaboard of the United States must reorganise its logistics to accommodate the situation.
He added that such diversions would increase expenses.
Calculating the expense
According to David MacKenzie, chief of engineering and architecture consultancy COWIfonden, the expeditious reconstruction will demand at least ten times the initial cost of approximately $60 million in the 1970s.
He said it must be constructed immediately because you’ve heard about the congestion caused by commuters.
Therefore, ultimately, it will be a costly undertaking to reconstruct.
Biden declares that the Senate will fund the bridge.
Since then, President Biden has declared that he expects Congress to support his pledge that the federal government will cover the complete expense of reopening the port and reconstructing the bridge.
He stated that the port of Baltimore, which he has visited numerous times as a senator and vice president, is one of the largest shipping hubs in the United States and processed a record quantity of cargo last year.
Additionally, it is the leading port in the United States for importing and exporting automobiles and light trucks; approximately 850,000 vehicles pass through that port annually, and its restoration is a priority; it employs 15,000 individuals.
Over 30,000 vehicles traverse the bridge daily, according to Mr Biden, making it “critical for travel.”
He stated, “My team will relocate to every conceivable location in an effort to rebuild the bridge and reopen the port without delay.”
Although “it will take some time,” he assured the citizens of Baltimore that “they can rely on us” and that “we will remain until this mission is completed.”
What traverses the port?
According to the Maryland Harbour Administration, Baltimore is the busiest harbour in the United States for automobile exports, having handled over 750,000 vehicles in 2023. In contrast, it is the eleventh largest port in the United States regarding container handling.
Additionally, it was the second busiest terminal for exporting coal last year. Last year, the port saw the departure of over 444,000 passengers, according to the Maryland government website.
According to the latest available data from the port of Maryland for January of this year, a total of 56,332 tonnes of automobiles and automobile components, 62,397 tonnes of forest products (including timber, paper and animal feed), and 199 tonnes of steel and other metals passed through the port.
Cargo volumes had been on the rise and had surpassed the record $74.3 billion value of foreign cargo processed through the port in 2022 by the third quarter of 2023.
The port handled a significant volume of exported products in 2021, totalling 19,363,843 tonnes, as the US Bureau of Transportation Statistics reported.
13 605,961 tonnes of imported commodities constituted the second largest quantity, while the remaining 4,469,775 tonnes comprised domestic products.
One cannot help but be astounded by the sheer volume of visitors.
The London-listed oil sector engineer and Wood plc chief executive officer, Ken Gilmartin, remarked regarding his experience traversing the Francis Scott Key Bridge in Maryland, “One cannot help but be impressed by the volume of traffic that traverses and passes beneath it.”
He added that it is vital to the infrastructure of that region and the United States as a whole.
According to Synergy Marine Group, the owners and managers of the Dali container ship, which collided with the bridge en route to Sri Lanka, are cooperating entirely with federal and state government agencies.
The company further stated that the precise cause of the incident had not been ascertained at this time.
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“We are deeply saddened by the events that have transpired in Baltimore, and our thoughts are with all those impacted,” stated Maersk, the vessel’s charterer.
“We can confirm that Maersk has time chartered the container ship “Dali,” which is being operated by the charter vessel company Synergy Group and is transporting cargo for Maersk customers.”
No crew or personnel were present to accompany the Maersk vessel. We shall ensure that our customers are duly apprised regarding the investigations that authorities and Synergy are conducting, which we diligently monitor.
An ongoing search and rescue operation is underway to locate individuals who may have tumbled into the water.
