The closure of the Port of Baltimore is a major disruption as it's one of the busiest ports in the U.S.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeand mainland China's CSI 300 slipped as data showed Chinese industrial profits fell 2.3% for the whole of 2023. Overnight,to shareholders.
"Around 850,000 vehicles go through that port every single year, and we're going to get it up and running again as soon as possible," he added. "Fifteen thousand jobs depend on that port.", Louis Navellier, chairman and founder of Navellier & Associates, said "the tragic collapse" of the bridge is going to disrupt commerce "big time."
"That is the largest coal export port in America. They also get a lot of vehicles. They also export LNG ... It's a mess." The bridge needs be "out of the water because it's not safe for the boats to go through there and that's going to take a long time," he added.handle some of the world's largest cargo ships that arrive from Asia and elsewhere since the Panama Canal was expanded in 2016.
Over 52 million tons of foreign cargo, worth around $80 billion were shipped out of the Baltimore port in 2023, according to Maryland Gov. Wes Moore. U.S. Secretary of Transportation Pete Buttigieg said the port disruption will have a "major and protracted" effect on supply chains.
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