01:53 PM EDT, 03/27/2024 (MT Newswires) -- Cargo reroutes stemming from the collapse of a key Baltimore bridge will likely result in freight delays, though analysts were split over the incident's expected impact on the US economy.

Shippers, trucking companies and automakers, among others, were making moves in the wake of Tuesday's destruction of the Francis Scott Key Bridge after one of its pillars was struck by a vessel. Waterway traffic in and out of Baltimore along I-695 in Maryland was suspended indefinitely.

"Please be advised that freight shipments in and out of Baltimore are currently delayed due to the tragic collapse of the Francis Scott Key Bridge," rail-freight services company CSX (CSX) said in a Tuesday customer advisory. It said it was working with authorities toward the "safe and efficient restoration" of operations.

Nearly 4,900 trucks travel the Key Bridge each day, with $28 billion in goods crossing every year, Jessica Gail, American Trucking Associations spokesperson, said in an emailed statement to MT Newswires on Wednesday. Trucks moving hazardous materials will be subject to detours of about 30 miles around Baltimore because they are prohibited from using the city's tunnels.

"This will add significant cost in time, fuel and delays for trucks traveling through the region, on top of the disruption that a closure of the Port of Baltimore will inflict on our economy," Gail said. "We urge state and federal government agencies to swiftly target appropriate resources to open the port and replace this bridge as quickly as possible."

Carnival Cruise Line (CCL, CUK) said Tuesday it was switching its Legend's Baltimore voyage operations to Norfolk, Virginia. It expects an up to $10 million impact on fiscal 2024 profitability from the incident, according to a Wednesday statement. Ford (F) and General Motors ( GM ) were re-routing affected shipments but expect minimal impact to their operations, Reuters reported.

"The collapse of the Francis Scott Key Bridge in Maryland is another reminder of the US vulnerability to supply-chain shocks, but this event will have greater economic implications for the Baltimore economy than nationally," Oxford Economics said in a report published Tuesday. "We don't anticipate that the disruptions to trade or transportation will be visible in US GDP, and the implications for inflation are minimal."

Roughly $80 billion in cargo moves through the Port of Baltimore each year, and a partial port closure could lead to direct and indirect temporary layoffs, Oxford Economics said. "A prolonged disruption could lengthen delivery times more than we anticipate," according to the brokerage.

Logistics company C.H. Robinson ( CHRW ) told MT Newswires via email on Wednesday that any ocean cargo destined for Baltimore that's on the water already will be dropped at other ports. "That could potentially be New York/New Jersey, or Norfolk, Virginia, and we're already making alternative plans to pick up those containers and arrange for truck or rail transportation from the new ports," Matt Castle, vice president for global forwarding at C.H. Robinson ( CHRW ), said in a statement sent to MT Newswires. "For shipments that haven't departed yet, we're helping customers retrieve those containers from the Port of Baltimore and get them on their way."

"Baltimore is the ninth largest US port by trade volumes and one of the busiest on the US East Coast, handling the nation's largest volume of automobiles, along with other goods such as sugar, coal, gypsum and lumber," Stifel said in a Wednesday report. "The rerouting of cargo ships could have inflationary implications at a time when consumers and policy makers alike are looking for a continued, sustainable downward trend in price pressures."

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