The collapse of the Francis Scott Key Bridge after it got hit by the container vessel Dali is not yet showing the impact on the ocean operations and rate, according to a new Freightos analysis.
The global trade marketplace noted that Baltimore is not a major player in regional or national container traffic, and port officials in New York/New Jersey and Norfolk — where some Baltimore volumes have already started to arrive — are confident that they will be able to handle the additional containers without disruptions.
Authorities have presented steps aimed to minimise any broader impact of the Baltimore Bridge incident on container operations.
In the container market, shippers who normally rely on the Port of Baltimore are being offered contingency plans from carriers to reroute volumes through alternative ports like NY/NJ and Norfolk.
Expanded gate hours, additional trucking capacity—including from Maryland-area truckers—and an anticipated special New York—Baltimore rail service are also being implemented at these ports to accommodate the diverted volumes.
Chassis providers are likewise confident there is enough supply to service the rerouting, and warehouse and drayage providers are also rushing to adjust.
"With these shifts and farther road/rail distances required, though, these shippers will face longer lead times and additional costs, which will be a particular challenge for exporters of lower-valued goods," Freightos said.
Nonetheless, it noted that in terms of any broader impact on container trade, Baltimore-bound vessels that add port calls at alternative ports will create some additional traffic there, while many that already make scheduled calls at these ports will need to offload more volumes during these calls.
"So far, there are no reports of congestion at these ports and ocean rates remained level as well," commented Judah Levine, head of research at Freightos.
Baltimore is the largest US port for vehicle imports and exports.
The report noted that though many are anticipating disruptions and congestion in roll-on/roll-off operations, automotive leaders say alternatives are already in place and that they do not expect a significant impact on their operations.
Salvage crews have already started clearing the wreckage from the bridge collapse in Baltimore, and the US Army Corp of Engineers estimates it will take weeks, not months, to restore full access to the port.
"Teams will first work to open a temporary channel allowing easier access for recovery vessels and restoring some commercial traffic to the port, though the dimensions and depth will not accommodate large vessels like container carriers," it added.
Outside of the Baltimore impact, Freightos noted that ocean rates on Red Sea diversions and Lunar New Year demand that had climbed sharply at the beginning of the year might be reaching their new diversion-adjusted floor.
Decreases from January/February peaks on the impacted ex-Asia lanes have slowed in recent weeks, and recent rate announcements by some carriers suggest they are hoping to keep rates at the US$3,000 - US$3,500/FEU level to Europe and US$3,500 - US$4,300/FEU level to the Mediterranean this month.
In air cargo, it said that volumes out of China were strong in late March, driven by B2C eCommerce growth, though Freightos Air Index China export rates dipped somewhat to US$4.23/kg to N. America and US$3.31/kg to Europe this week.
Meanwhile, Red Sea diversions continued to push some ocean demand to air out of S. Asia in March, where rates hit US$5.25/kg to N. America last week, 75% higher than in mid-December, and US$4.11/kg to Europe for a 129% increase.
