Baltimore Bridge collapse threatens vital shipping hub; Maersk suspends service
BALTIMORE, Md. - While the search and rescue effort remains the priority at the Francis Scott Key Bridge, the broader economic implications of this incident are hard to ignore.
The human impact remains front of mind Tuesday, but the economic impact could be felt as well around the Patapsco River.
The bridge itself carries 31,000 cars a day and is a key thoroughfare. It’s gone.
BALTIMORE, MARYLAND - MARCH 26: A sign shows the Port of Baltimore Seagirt Cargo area outside the Baltimore Port after the cargo ship Dali ran into and collapsed the Francis Scott Key Bridge on March 26, 2024 in Baltimore, Maryland. According to repo
Operations at the port remain active for the time being, according to the Port of Baltimore, but no ships are coming in and out.
Baltimore bridge collapse will likely cause product shortages, supply chain manager warns
One expert said consumers could see price hikes to cover costs of rerouting shipments.
U.S. Transportation Secretary Pete Buttigieg told reporters at a press conference that rebuilding will take time.
"Our maritime administration will help with port, harbor, and supply chain operations," Buttigieg said. "Our Federal Highway Administration will assist when it comes to the bridge itself and anyway, that we can help ease roadway congestion for residents and commuters who can no longer use this major thoroughfare."
"The path to normalcy will not be easy. It will not be quick," Buttigieg added. "It will not be inexpensive, but we will rebuild together."
Baltimore Key Bridge collapse live updates: 6 missing construction workers 'presumed dead' by employer
A portion of Baltimore's Francis Scott Key Bridge collapsed after it was struck by a large container ship early Tuesday morning, sending construction workers and several vehicles plunging into the frigid water below.
In the shorter term, Maersk, the global shipping and logistics company, says they are temporarily suspending Baltimore as a stop for containers until safe passage can be re-established.
Nearly 850,000 vehicles passed in and out of this port in 2023, according to President Biden, the most of any port.
The Associated Press reports nearly 450,000 people leave this port on cruise ships every year, too.
George Washington University Business Professor Sanjay Jain stated that the key exports here are paper and coal, imports-gypsum, and sugar, to name a few.
Jain says reopening the port will be a priority.
"If it’s shut down for long, then we have more troubles to worry about," he told FOX 5. "Then, you know, the shippers might start shifting this auto type of cargo to New Jersey/New York and the Port of Virginia. That could have a long-term impact, and I’m sure the port’s operations and authorities are looking at not keeping the port shut down for long and limiting the disruption to the port operations."
Auto exec says Baltimore Key bridge collapse will have major impact on car manufacturers
Automotive Executive Sheryl Adams discusses the economic impact of the Francis Scott Key Bridge's collapse Tuesday morning. The Port of Baltimore, Adams says, is very important for car manufacturers since parts are often shipped separately.
For now, those traveling through Baltimore are urged to plan for extra time.