Firms in Beige Book Fret Over Any Lengthy Baltimore Port Closure

firms in beige book fret over any lengthy baltimore port closure

The Dali container vessel after striking the Francis Scott Key Bridge that collapsed into the Patapsco River in Baltimore, Maryland, US, on Thursday, April 4, 2024. Federal officials are poised to release preliminary findings of their investigation into the Baltimore bridge collapse that killed six and shut down Baltimore’s port last week.

(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases, though firms are concerned about any extended shutdown, according to a Federal Reserve report.

“Businesses we talked to said they can manage a short-term disruption but if the effort to reopen the channel takes longer, they then expressed greater concerns about lead times and increased costs,” the Richmond Fed, which includes Baltimore, reported in the central bank’s most recent Beige Book.

firms in beige book fret over any lengthy baltimore port closure

The Dali container vessel after striking the Francis Scott Key Bridge that collapsed into the Patapsco River in Baltimore, Maryland, US, on Thursday, April 4, 2024. Federal officials are poised to release preliminary findings of their investigation into the Baltimore bridge collapse that killed six and shut down Baltimore’s port last week.

Since the March 26 destruction of the Key Bridge that spanned Baltimore Harbor, a vital port for ships carrying a wide range of goods and materials, efforts have been underway to clear thousands of tons of debris and reopen the shipping channel.

The US Army Corps of Engineers expects to open limited access to the Port of Baltimore by the end of April, and full access by the end of May.

The Fed’s Beige Book indicated that “disruptions in the Red Sea and the collapse of Baltimore’s Key Bridge caused some shipping delays but so far did not lead to widespread price increases.”

The impact on shipping, however, was mentioned by firms in other Fed districts around the country, such as New York, Chicago and St. Louis. In those areas there were anecdotal reports of some price impact.

“While ground freight rates moved down, one contact said ocean freight charges were up some after the collapse of the Francis Scott Key Bridge in Baltimore,” the Chicago Fed noted in the Beige Book.

Most Read from Bloomberg

    ©2024 Bloomberg L.P.

    OTHER NEWS

    18 minutes ago

    El Califa de León: the world's first Michelin star tacos

    18 minutes ago

    Boris Becker’s warning for Alexander Zverev ahead of French Open showdown with Rafael Nadal

    18 minutes ago

    Report: Brandon Aiyuk wants bigger contract than Lions star WR

    18 minutes ago

    I pay £395 a month to live in an underground doomsday bunker

    18 minutes ago

    Panthers great Julius Peppers unveils his Pro Football Hall of Fame locker

    18 minutes ago

    World of Warcraft Finally Adding Missing Transmog Option After Five Years

    18 minutes ago

    Manchester City vs Manchester United LIVE: FA Cup latest score, goals and updates from fixture

    18 minutes ago

    Lionel Messi mania in MLS finally reaches breaking point with Vancouver statement and 'protests'

    18 minutes ago

    Is Aaron Rodgers still a top-10 quarterback?

    22 minutes ago

    Video: Love Island winner Amber Gill sets pulses racing in TINY bikini as she applies sunscreen in sizzling clip

    23 minutes ago

    Landmark Inn’s plan to add a pool has locals worried they’ll turn the Hamptons into the next ‘Jersey Shore’

    23 minutes ago

    Hockey’s most hostile fans revealed — here’s where the Rangers, Islanders, stack up: poll

    23 minutes ago

    Zendaya stylishly supports Tom Holland’s ‘Romeo & Juliet’ premiere

    23 minutes ago

    Historic Marilyn Monroe home faces demolition

    23 minutes ago

    Meet your new favourite LGBTQ+ singer who wants to 'make people uncomfortable'

    23 minutes ago

    Report: 49ers RB Christian McCaffrey missing OTAs isn’t ‘contract related’

    23 minutes ago

    A tax on millionaires might soon pay for universal free community college in Massachusetts

    23 minutes ago

    Why so pessimistic?: NFL national media doesn't trust the 2024 Buffalo Bills

    23 minutes ago

    "There's a reason why players that have multiple championships have multiple championships" - Kobe on why Derek Fisher was irreplaceable

    24 minutes ago

    Climate shuffles forward as a major election priority

    24 minutes ago

    Kelce Brothers Praise Steelers For Being A Very Dangerous Team: 'Their Defense Is So Good'

    24 minutes ago

    ‘John Wick’ lookalike in Bangkok charms Thai social media users

    24 minutes ago

    Celtic leave it late to beat Rangers and win Scottish Cup

    24 minutes ago

    Man United stun Man City to win FA Cup final

    24 minutes ago

    Luciano Benetton says he's stepping down as chairman of family-run brand as losses top $100 million

    24 minutes ago

    Erik ten Hag belatedly produces a tactical masterclass to land FA Cup - and make it harder to sack him

    24 minutes ago

    Manchester United seize the day to earn a famous FA Cup win as City lose their edge

    24 minutes ago

    Lottery payoff of $50,000 for Virginia woman thanks to fortune cookie numbers

    25 minutes ago

    Vote now: Should high school seniors be allowed to decorate their caps?

    27 minutes ago

    We bought our house for $325,000 and sold it for $80MILLION - but when you see the view, you'll understand why

    27 minutes ago

    FA CUP FINAL PLAYER RATINGS: Teenagers Alejandro Garnacho and Kobbie Mainoo fire Man United to glory as Erling Haaland struggles... but which Red Devils star put in a match-winning 8/10 display at Wembley?

    27 minutes ago

    Eamonn Holmes is jubilant as he celebrates Manchester United's FA Cup win - despite splitting up with Ruth Langsford as marriage ends

    28 minutes ago

    Meet the kowari: Why this cute native Australian animal could soon be extinct - and why everyone should care

    28 minutes ago

    Former sex crimes detective Glen Coleman found guilty of groping teen

    28 minutes ago

    It would now seem MAD to sack Erik ten Hag: OLIVER HOLT explains why this FA Cup final is different to Louis van Gaal's Wembley last hurrah

    28 minutes ago

    Monaco GP: Max Verstappen pole streak over as Charles Leclerc’s curse starts to break

    28 minutes ago

    Man City vs Man Utd teams confirmed for FA Cup final as Erik ten Hag makes Casemiro call

    28 minutes ago

    Crystal Palace also in talks to sign "complete package" after Chadi Riad

    28 minutes ago

    ‘The IRGC are on British soil,’ says woman beaten during London protest

    28 minutes ago

    Erik ten Hag turns on Man Utd fans in astonishing rant before FA Cup final

    Kênh khám phá trải nghiệm của giới trẻ, thế giới du lịch