Joe Ryan of Bloomberg reports that the Port of Baltimore is shut down as rescue efforts continue after Francis Scott Key Bridge collapsed when it was hit by a container ship last night. Ships will be diverted to ports in New York, New Jersey, and Virginia. He writes:
East Coast ports including in New York, New Jersey and Virginia are positioned to handle additional ships if the Baltimore bridge collapse leaves terminals there inaccessible, potentially easing impacts on global trade flows.
“The question is how quickly ocean freight carriers can put diversions in place, particularly for vessels already en route to Baltimore or containers at the port waiting to be exported,” Emily Stausbøll, an analyst at Oslo-based shipping-analytics company Xeneta, said in an email.
The Port of Baltimore is one of the largest on the US East Coast and a key shipping hub for autos, coal, containers and other cargoes. […]
“Far East to US East Coast ocean freight services have already been impacted by drought in the Panama Canal and recent conflict in the Red Sea, which saw rates increase by 150%,” Stausbøll said. “This latest incident will add to those concerns.”
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