This is how the Port of Baltimore will bounce back after bridge collapse
By James Rogers
Maryland transportation secretary touts port's 'natural advantages,' including a productive workforce, and predicts future growth
The Port of Baltimore has enough "natural advantages" to help it recover after the collapse of the Francis Scott Key Bridge, according to former White House port envoy and Maryland transportation secretary John D. Porcari.
"It's important to point out that the port of Baltimore is one of the top ports in the country and the No. 1 roll-on/roll-off port for a reason," he said during a Washington Post live event Tuesday. "It has some distinct geographic advantages - for example, it's a couple of hundred miles closer to the Midwest markets than any other East Coast port. So those natural advantages, I think, in the long term will serve it well."
"There are different kinds of cargos that are more likely to stay [in Baltimore] in the long term," he added. "So, if you look at the container traffic, for example, there's a lot of discretionary container cargo in most of the East Coast ports that can shift from one to another. They can shift back."
Related: This railroad operator is most impacted by the Baltimore bridge collapse
Railroad giant CSX Corp. (CSX) is among the many companies working to tackle freight disruptions following the Baltimore bridge collapse. "CSX is taking proactive steps to help mitigate freight shipment disruptions in the transportation industry by launching a dedicated service solution between Baltimore and New York," the company wrote on X, formerly known as Twitter, on Friday.
The former White House port envoy is also confident that "very high-value cargoes" that have traditionally used the Port of Baltimore will return, citing the export of construction machinery and agricultural machinery.
"The Port of Baltimore is the No. 9 port in the nation by dollar value because of those high-value cargos that are essential for the U.S. economy and export," he said during the Washington Post event. "I believe that, with the roll-on/roll-off cargos as a base, that the long-term restoration of the port will happen, that it will continue to grow in the future. And those natural advantages that it has, including, by the way, a workforce that's highly efficient and productive, will continue to advantage the port in bringing back that business."
Related: Building a new Baltimore bridge could take years and cost at least $400 million, experts say
Porcari said it will be important to ensure that the Port of Baltimore is made "future proof" when the bridge is replaced. "The Key Bridge had an air height of 185 feet - if you look at the Bayonne Bridge in New Jersey, which was an existing bridge that was raised to accommodate the largest container ships, it's at 215 feet now," he said. "We should certainly do that with the Francis Scott Key Bridge replacement."
"It's also important to rebuild it in a safer way," Porcari said, noting that the Francis Scott Key Bridge did not have breakdown shoulders for traffic when it was built in the 1970s, nor bumpers to protect from a ship strike. "The kind of armoring and protection that you can have for the piers today is a lot different than what was in place at the time" it was built, he said.
-James Rogers
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-02-24 1619ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing