• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Baltimore businesses see bridge fallout as a hurdle they hope to clear by summer
Editor's Pick

Baltimore businesses see bridge fallout as a hurdle they hope to clear by summer

by April 7, 2024
by April 7, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Baltimore business owners are bracing for a difficult spring as authorities clear the collapsed Francis Scott Key Bridge, but many are hopeful the worst disruptions will be short-lived.

Alex Del Sordo bought the Hard Yacht Cafe, a more than 30-year-old waterfront restaurant with its own small marina, just 10 days before the Dali, a Singaporean cargo ship, smashed into the bridge on March 26, killing two workers and leaving four others presumed dead.

“We don’t want to fire anybody,” Del Sordo said of his 75 employees Friday. “We want to keep them here — working, happy, healthy.”

Del Sordo has offered first responders 50% off at the cafe over the past week, which has dented his bottom line. His biggest concerns now are “stabilizing costs for our employment and keeping the lights on,” he said.

Baltimore is not closed just because the bridge is closed.

Colin Tarbert, president and CEO of the Baltimore Development Corporation

The restaurant’s marina, usually booked with pleasure boaters, can’t relocate them to accommodate those involved in the bridge response, he added. “We don’t know what to do with all the boats out here on our property. We don’t know where they’re going, how they’re gonna get out of here.”

The Hard Yacht is perched on Bear Creek, a waterway feeding into the Patapsco River, which the Francis Scott Key Bridge had spanned for decades. It’s among the businesses in Baltimore’s historic Dundalk neighborhood that are taking a hit from port disruptions while the cleanup continues. Vessel traffic is currently suspended both into and out of the Port of Baltimore, a spokesperson said, though trucks are still being processed out of the marine terminals.

The Army Corps of Engineers plans to open a 35-foot-deep limited access channel near the wreckage to accommodate barges and smaller commercial ships by the end of this month. A deeper 50-foot channel that allows container ships to pass through is expected to reopen by the end of May. Currently, just two channels less than 15 feet deep are open to vessel traffic, which remains minimal.

Some area businesses liken the fallout to the early days of the pandemic, but many say the upheavals of the last few years have prepared them for a crisis of this magnitude. Even so, key parts of the city’s and region’s economy, from trucking to commercial real estate and local restaurants, rely on the port, which handled a record $80 billion worth of foreign cargo last year.

Michael Clark, president of BTR Logistics, which stores and dispatches cargo through the port, said the lost shipments are “going to impact probably 75% of our revenues in the short term.” Some vessels whose cargo his warehouse would otherwise accept after arriving in Baltimore are being held internationally for now.

“We’re doing everything we can right now to cut costs and stay alive,” Clark said.

Colin Tarbert, president and CEO of the Baltimore Development Corporation, an economic development nonprofit, noted that an estimated 20,000 local jobs are tied directly to the port. A top concern for surrounding businesses is how long it will take for port operations to resume at full capacity, he said.

“The longer the channel is closed, the more exacerbated the issue is,” Tarbert said. While rebuilding the bridge is expected to take years, he voiced confidence that trucks can take existing routes through the city without much business impact. That may be inconvenient, he conceded, but “Baltimore is not closed just because the bridge is closed.”

It’s going to be a slow two months, but … the heavy demand for industrial real estate is still there.

Jim Chivers, senior vice president at Gold and Company

The U.S. Small Business Administration is rolling out low-interest loans to help local employers survive the next couple of weeks. And on Friday, Maryland Gov. Wes Moore signed an executive order providing $60 million in relief funding to businesses and workers affected by the bridge collapse. The aid comes on the heels of $60 million that the U.S. Department of Transportation announced last week to support the rebuilding.

Touring the ongoing response effort in Baltimore on Friday, President Joe Biden reiterated his administration’s support for the recovery process. “This is gonna take time,” he said, but he vowed that state and federal authorities would work together to “rebuild this bridge as rapidly as possible.”

In the meantime, Clark said BTR is trying to reroute its incoming cargo shipments, primarily of plywood and steel, to other ports on the East Coast, but getting interstate trucking permits is expensive and time-consuming. The company has applied for an SBA loan but has already had to lay off around a dozen workers.

“Quite frankly, a lot of our customers have made alternative arrangements with different warehouses in different cities,” he said, “and that stuff may never come back through here until we fix this problem.”

The city’s commercial real estate sector doesn’t expect lasting fallout, said Jim Chivers, senior vice president at Gold and Company, a firm serving the Baltimore metro area. “Everyone feels that this is a short-term issue more than a long-term issue,” he said.

Even if some clients retreat, Chivers anticipates plenty of interest in filling vacated properties. “It’s going to be a slow two months, but long-term values I think will continue to remain where they are,” he said. “The heavy demand for industrial real estate is still there in Baltimore.”

This post appeared first on NBC NEWS
You Might Also Like
  • UPS workers vote to authorize strike while cheering unexpected progress on heat safety
  • McDonald’s exec says average menu item costs 40% more than in 2019
  • Egg prices are falling, with a dozen now less than $5
  • 4 Reasons Why Penetration Testing Is Crucial For IT and IoT Systems
Share
0
FacebookTwitterPinterestWhatsapp

previous post
WWIII could start over Philippines dispute in South China Sea, China ‘not respecting’ treaties, expert says
next post
How immigrants are helping boost the U.S. job market without affecting inflation

You may also like

Amazon increases average pay for warehouse workers and adds free...

September 19, 2024

JetBlue says it will end passenger-sharing agreement with American Airlines...

July 7, 2023

Chipotle downplays looming Trump tariffs, says only half of its...

February 6, 2025

Paris seeing signs of strong travel demand ahead of Summer...

June 24, 2024

Boeing machinists on picket lines prepare for lengthy strike: ‘I...

September 24, 2024

Dow falls 600 points in worst day of 2024 as...

May 24, 2024

Passengers complain they can’t find flights with Frontier’s all-you-can-fly pass....

July 18, 2023

TikTok-inspired thefts prompt 17 states to urge recall of Kia,...

April 23, 2023

Some Juul users are receiving thousands of dollars as part...

October 22, 2024

Another delivery driver dies as a battle rages over heat...

September 2, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Rite Aid wrongfully used facial recognition...

    December 22, 2023

    Amazon founder Jeff Bezos buys home...

    August 12, 2023

    Walmart says more diners are buying...

    May 17, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here