Post by condoman on Aug 29, 2009 8:39:00 GMT -5
Friday, August 28, 2009
Baltimore port’s leading cargoes have ‘hit the bottom’ of recession
Baltimore Business Journal
by Scott Dance Staff
Media
Tonnage for the Port of Baltimore’s main cargoes is down by as much as 31 percent because of the recession, not even a year after record-setting business activity.
Paper products saw the biggest decline during the fiscal year that ended June 30. Automobile, roll-on/roll-off and container cargo also saw double-digit dips of 26 percent, 18 percent and 10 percent, respectively.
Port officials have low hopes for paper products because of declining demand for newspapers, magazines and print advertisements. But the government’s Cash for Clunkers program and Chrysler’s new relationship with Italian automaker Fiat are bringing some promise that a steady flow of vehicles to the port’s auto lots will resume.
The numbers show a drastic turn in business for the port, which had celebrated consecutive record cargo totals. Now, longshoremen, truckers and shipping companies are suffering as the lasting effects of the recession keep consumer spending and overall economic activity down.
