Talking with CBS News, Rear Admiral Shannon Gilreath of the U.S. Coast Cards said: “Over the last eight weeks, we’ve moved more than 500 commercial vessels through alternate channels into the Port of Baltimore.”
Much work is to be done to restore the channel to its original 700ft width and remove all steel from the riverbed. The BBC reports: “Authorities in the state of Maryland estimate it will cost up to $1.9bn (£1.5bn) and take more than four years to rebuild the bridge.”
Yet, concerns now should be directed at the potential disruptions that may come later in 2024 as a result of labor negotiations.
Xeneta reports: “The International Longshoremen’s Association’s six-year contract with the United States Maritime Alliance, which represents port terminal operators and ocean carriers on the East Coast, expires on 31 September – and no new agreement has yet been reached.”
Without an agreement, there will be significant and widespread implications, almost certainly leading to increased rates for ocean freight container services.
Advice and how we can help
As we continue to see supply chain volatility, driven by maritime incidents, we are advising our clients in the coming weeks or months to:
· Bake additional lead time into plans as far as possible.
· Budget for increased transport costs