Car Shipper Takes $10 Million Hit From Bridge Collapse
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Wallenius Wilhelmsen ASA, one of the largest car shipping companies, said it expects a $5 million to $10 million hit to its earnings from the Baltimore bridge disaster.
The impact is a result of the reduction in logistics operations in Baltimore, one of its ships being unable to exit the port and other disruptions to operations, the company said in a statement. Some of the effects have been mitigated by the rerouting of cargo to and from other U.S. terminals.
Ports on the East Coast have been modifying their operations to absorb cargo diverted from Baltimore harbor, where salvage specialists have been clearing debris from the destroyed Francis Scott Key Bridge. A temporary channel has also been established in order to reopen traffic, but the port is the biggest gateway in the U.S. for vehicles — causing disruption.
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