State officials inked a new 10-year deal with a Finnish paper company last week, and their message was clear: Even in a stormy economy, the Helen Delich Bentley Port of Baltimore is on a roll.
While the financial sector crumbles and major companies around the Baltimore area announce layoffs, the Port has found a safe harbor with new business in the cruise line industry and long-term contracts with international companies.
The 10-year contract signed Thursday with paper maker UPM follows deals with Carnival Cruise Lines to begin year-round service from the port next year and another 10-year deal with international shipping container giant Evergreen Marine.
“Through these tough times, the port has proven to be a shining star,” state Transportation Secretary John Porcari said before signing the UPM deal. “What we have at the port is without a doubt one of the business success stories of the year.”
The port earlier this year topped New York to regain its ranking as the top auto export port among the nation’s 361 ports, and ranked 12th nationally for the dollar value of cargo handled. The total value of cargo moving through the port last year was $41.9 billion, up $5 billion over 2006’s then-record $36.7 billion, according to a U.S. Census Bureau study.
“While admittedly, some of this is upside of the downside of the weakened dollar, these numbers are nonetheless significant,” Gov. Martin O’Malley said.
As other major local businesses face staff layoffs and tough times, the port has added to its portfolio and maintained existing business. The port moved past Jacksonville to become the top U.S. port for auto exports and also moved to first for imported sugar. It also retained the top national ranking for roll-on/roll-off cargo, trucks, imported forest products, imported gypsum, and imported iron ore.
Though a wide variety of cargo has continued to move in and out of the port, its growth has been curbed somewhat by the general economic downturn, said Maryland Port Administration Executive Director Jim White.
“The diversity of the port has helped us through these tough economic times,” White said. “That’s starting to trail off now, the rates we were growing were unsustainable. We’re predicting in the next quarter, we’ll drop slightly.”
