Shipping costs hold steady despite Baltimore Bridge collapse

Posted on April 15, 2024   |  

The collapse of the Francis Scott Key Bridge in Baltimore did not lead to an increase in ocean freight container shipping rates.

Spot rates from the Far East to the US North East Coast slightly decreased by 1% post-collapse, standing at $5,421 per FEU; including other East Coast ports, the decline was 3%.

Rates from North Europe to the US North East Coast saw a larger drop of 8% to $2,357 per FEU; including other East Coast ports, the decrease was 4%.

Most containers are now being handled at New York / New Jersey ports, potentially explaining the absence of a rate increase.

The Port of Baltimore plans to reopen a 280-foot wide, 35-foot deep federal navigation channel by the end of April, followed by a permanent 700-foot wide, 50-foot deep channel by the end of May.

These channel reopenings are expected to restore regular port capacity.