Port of Baltimore — Financial Profile
Helen Delich Bentley Port of Baltimore — Maryland Port Administration
Key Bridge Recovery and Resilience — State-Backed Port Credit Analysis
Entity financial data: Sourced from the port authority's published ACFR, official statements, and EMMA continuing disclosures. Figures reflect reported data as of the fiscal years cited; current figures may differ.
Credit ratings: Referenced from published rating agency reports. Ratings are point-in-time; verify current ratings before reliance.
Operational statistics: Based on port-published cargo volumes, vessel calls, and operational reports. Cargo data is subject to revision.
Governance and organizational information: Based on publicly available port authority enabling legislation, board records, and organizational documents.
Analysis and commentary: DWU Consulting analysis. Port finance is an expanding area of DWU's practice; independent verification of specific figures against primary source documents is recommended.
Changelog
2026-02-23 — Initial publication.Disclaimer: This article is AI-generated and is not legal, financial, or investment advice. It is intended for informational purposes only. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions. DWU Consulting does not provide investment recommendations.
2026-02-23 — Initial publication.Key Update: Exceptional Resilience Through Crisis
On March 26, 2024, the container ship M/V Dali struck a pier of the Francis Scott Key Bridge, causing a catastrophic collapse that disrupted port operations for months. Despite this unprecedented challenge, the Port of Baltimore demonstrated remarkable operational resilience: it achieved 45.9 million tons of cargo in 2024 — the second-best year in its entire history — down only from the 2023 record of 52.3 million tons. Container volumes recovered sharply in the second half of 2024 (25.5M+ tons), and in 2025, the port exceeded its previous container record with 1.1M+ TEU across 689 ship calls and 15 weekly container services. The $1.7B+ Francis Scott Key Bridge reconstruction, fully federally funded, is being rebuilt as a cable-stayed structure with twin 600+ foot towers and is expected to open in late 2030, restoring full truck capacity and completing the port's long-term recovery.
Introduction
The Helen Delich Bentley Port of Baltimore, operated by the Maryland Port Administration (MPA) under the Maryland Department of Transportation (MDOT), stands as one of America's most distinctive and strategically important ports. Unlike independent port authorities that dominate the industry, Baltimore operates as a state agency, a structure that provides direct Maryland state credit support but also ties capital investment to state and federal budget cycles. This unique positioning, combined with the port's specialized cargo strengths and remarkable recovery from the March 2024 Key Bridge collapse, makes Baltimore a compelling case study in port resilience, capital structure, and multi-modal competitive advantage.
Led by Executive Director Jonathan T. Daniels, the Port of Baltimore handled 45.9 million tons of cargo in fiscal year 2024, achieving the second-best performance in its history despite the disruption caused by the Francis Scott Key Bridge collapse. The port's cargo value totaled $62.2 billion (third-highest in history), and its economic impact to Maryland exceeded $70 billion, supporting 20,300 direct jobs and 273,000+ indirect jobs. What distinguishes Baltimore from competing East Coast ports is not just its exceptional container recovery but its dominance in specialized cargo categories — particularly its status as the #1 port in the United States for Ro/Ro farm and construction equipment, and its ranking as #2 nationally in automobile handling.
Entity Overview and Structure
The Port of Baltimore is legally known as the Helen Delich Bentley Port of Baltimore and is operated by the Maryland Port Administration (MPA), a unit of the Maryland Department of Transportation. This state agency structure distinguishes Baltimore from most other major U.S. ports, which are governed by independent authorities (such as PANYNJ, Port of LA, Port of SF) or quasi-independent commissions.
Key structural characteristics:
- Governance: State agency under MDOT; capital funding flows through state appropriations supplemented by federal grants and port operating revenues.
- Credit backing: Port operating revenues with implicit Maryland state support. Maryland carries a Moody's Aa1 rating and AAA ratings from Fitch and S&P.
- Executive leadership: Jonathan T. Daniels, Executive Director.
- Fiscal year end: September 30.
- Channel depth: 50 feet throughout key terminals — one of the few East Coast ports with this depth capacity, accommodating the largest modern container vessels.
Terminal infrastructure:
- Dundalk Marine Terminal: 570 acres, 13 berths; handles breakbulk, general cargo, and containers.
- Seagirt Marine Terminal: 284 acres, 4 deep-water container berths; equipped with 8 super post-Panamax cranes and 7 post-Panamax cranes.
- Locust Point Terminals: North and South Locust Point; specialized breakbulk and multipurpose facilities.
- Seagirt private partnerships: Ports America Chesapeake operates Seagirt under a public-private partnership (P3) concession agreement.
The Seagirt Marine Terminal underwent significant modernization with the completion of Berth 3 in August 2023, a $122.1M project ($105M private, $10.5M state, $6.6M federal) that added a second 50-foot-deep berth capable of handling Neo-Panamax vessels and delivered four new ship-to-shore cranes.
The Francis Scott Key Bridge Collapse: Crisis and Extraordinary Recovery
On March 26, 2024, the container ship M/V Dali, operated by Synergy Line Ltd., suffered a loss of power while transiting under the Francis Scott Key Bridge. Unable to restore power and drop anchor in time, the vessel struck a main support pier. The impact caused a catastrophic collapse of the bridge's main span, closing the bridge entirely and disrupting port operations significantly.
Impact of the bridge closure:
| Factor | Impact |
|---|---|
| Bridge traffic | 11.5 million vehicles/year; primary route for hazardous material trucks and port-area traffic |
| Truck routing | Overflow to alternate routes (Hanover Street Bridge, I-695); added congestion and costs |
| Container volumes (2024) | 741,215 TEUs (−41% vs. 2023); significant operational disruption through Q2 2024 |
| H2 2024 recovery | 25.5M+ tons (55% of annual total); robust recovery demonstrates operational resilience |
Resilience and recovery trajectory:
What makes the Port of Baltimore's 2024 performance extraordinary is the context: despite losing three months of normal bridge traffic and enduring six months of truck routing disruption, the port achieved 45.9 million tons in total cargo — its second-best year in history. This outcome reflects:
- Cargo diversification: The port's strength in non-container cargo (automobiles, Ro/Ro equipment, breakbulk) provided revenue stability when container volumes were depressed.
- Operational excellence: The H2 2024 surge (25.5M+ tons in six months) demonstrates the port's ability to recover quickly once partial operations resumed.
- Investor confidence: Despite crisis conditions, ship lines continued calling (averaged ~100 calls per month in H2 2024), indicating confidence in port recovery.
2025 forward outlook:
In 2025, the port has achieved its strongest container performance on record: 1.1M+ TEU across 689 ship calls and 15 weekly container services. This exceeds the previous 2023 record by more than 5,000 TEU, signaling that the port's container market position has been restored and is now expanding. The diversified container service network (15 weekly services) indicates that major lines have re-committed to Baltimore as a key East Coast gateway.
Bridge reconstruction:
The Francis Scott Key Bridge reconstruction is being executed as a design-build project by Kiewit Corporation with a contract value exceeding $1.7 billion. The new bridge will be a cable-stayed structure with twin towers exceeding 600 feet in height and is designed to a 100-year design lifespan. The project is fully federally funded through Congressional appropriations (including a December 2024 disaster relief package), eliminating the port or state's capital burden for this critical transportation asset. Estimated completion is late 2030, meaning full truck capacity restoration will be achieved well within the port's planning horizon.
Operational Performance and Cargo Mix
The Port of Baltimore's operational strength lies in its ability to handle a diversified portfolio of cargo types, positioning it uniquely among U.S. ports.
| Cargo Category | 2024 Volume | U.S. Ranking |
|---|---|---|
| Total cargo | 45.9M tons | 2nd best year in history |
| Containers | 741,215 TEUs | Top 10 U.S. (recovery in 2025) |
| Automobiles | 749,799 units | #2 in U.S. (first time) |
| Ro/Ro farm & construction equipment | 848,628 tons | #1 in U.S. |
| Cargo value | $62.2 billion | 3rd highest in history |
Economic impact: The port's 2024 operations generated $70+ billion in economic activity for Maryland, supported 20,300 direct jobs (port-related employment), and enabled 273,000+ indirect jobs through supply chains and logistics services.
Container service network (2025): 15 weekly container services connecting Baltimore to major trade lanes (Asia, Europe, Mediterranean, Caribbean). The diversified service network reduces dependency on any single line or trade lane.
Bond Structure and Capital Financing
As a state agency, the Port of Baltimore's bond structure differs from independent port authorities. Port operating revenues serve as the primary repayment source, but Maryland's state credit stands behind the enterprise.
Credit characteristics:
- Primary security: Port operating revenues (cargo fees, terminal lease revenues, dredging fees).
- State backing: Implicit support from MDOT and Maryland state appropriations for critical infrastructure.
- Maryland state credit ratings: Moody's Aa1, Fitch AAA, S&P AAA.
- Port enterprise ratings: Specific port revenue bonds carry enterprise-level credit analysis, influenced by operational performance, capital plan feasibility, and state support.
- Federal support: Direct Congressional appropriations for Key Bridge reconstruction ($1.7B+), Clean Ports Program ($147M), and disaster relief ($100M+ from Dec 2024 package).
P3 partnership (Seagirt Marine Terminal):
Ports America Chesapeake operates Seagirt under a public-private partnership agreement. The terminal generates guaranteed lease revenue for the port while the private operator bears commercial and operational risk. The Seagirt Berth 3 modernization ($122.1M total investment) demonstrates how public and private capital can combine to upgrade infrastructure: the port provided state and federal matching funds ($17.1M combined) to leverage $105M in private investment, resulting in modern Neo-Panamax capacity without burdening the port's balance sheet entirely.
Capital Program and Strategic Investments
The Port of Baltimore's six-year Capital Plan (FY 2026–2031) totals approximately $1.7 billion, with the majority directed toward Francis Scott Key Bridge reconstruction.
Major capital initiatives:
- Francis Scott Key Bridge Reconstruction: $1.7B+ design-build project by Kiewit; cable-stayed structure; twin 600+ foot towers; 100-year design life; fully federally funded; estimated completion late 2030. This project will restore full truck capacity and is the single most important infrastructure investment affecting the port's long-term competitive position.
- CSX Howard Street Tunnel Expansion: $518M project (completed); modernizes a 130-year-old tunnel to accommodate double-stacked container trains. This upgrade adds 160,000 containers/year of rail capacity, providing a major competitive advantage for inland markets (Mid-Atlantic, interior Southeast, Ohio Valley) and reducing dependence on truck transportation.
- Terminal berth and equipment upgrades: Ongoing investments in crane capacity, fender systems, and berth deepening to maintain 50-foot draft capability and support larger vessels.
- Federal funding: Clean Ports Program ($147M) and disaster relief allocations ($100M+ from December 2024 Congressional package) provide non-dilutive capital for environmental and resilience upgrades.
The interplay between the bridge reconstruction (federally funded) and the completed CSX tunnel expansion (state/private funded) means that by 2030, the port will have restored full truck capacity while having already doubled its rail capacity — a powerful combination for inland market competitiveness.
Competitive Position and Market Dynamics
The Port of Baltimore competes with three major East Coast container rivals: Norfolk/Hampton Roads (55-foot channel), Charleston (52-foot channel), and Savannah. Baltimore's competitive advantages and constraints are well-defined:
Competitive strengths:
- 50-foot channel throughout key terminals: Accommodates the largest modern container vessels (20,000+ TEU) and the largest Ro/Ro cargo ships; a rarity on the East Coast and a significant technical advantage for certain vessel classes.
- #1 in U.S. for Ro/Ro farm and construction equipment: Jcb, Bobcat, Caterpillar, and other heavy equipment manufacturers depend on Baltimore for North American distribution. This cargo category is highly profitable and stable.
- #2 in U.S. for automobiles: Achieved for the first time in 2024 with 749,799 vehicles; OEM supply chains (Ford, GM, Volvo Trucks, Hyundai) are key relationships.
- CSX double-stack rail capacity: The completed Howard Street Tunnel expansion provides a major cost advantage for inland-bound containers, competing directly with the I-95 truck corridor.
- Geographic positioning: Upper Chesapeake Bay location serves the Mid-Atlantic region (Virginia, West Virginia, Pennsylvania, Ohio) efficiently; strong intermodal connections to inland markets.
- State agency status: Direct access to state capital appropriations and federal funding mechanisms (versus competing with private port authorities for Congressional allocation).
Competitive risks:
- Container competition from Hampton Roads, Charleston, Savannah: All three ports have deeper channels (52–55 feet) and compete aggressively on rates. The Key Bridge closure ceded some container volume to these rivals, though 2025 recovery suggests Baltimore retained market share.
- Bridge closure through 2030: Although only affecting trucks, the closure through late 2030 remains a headwind for container velocity and creates routing inefficiencies. This is a 6+ year headwind relative to competitors.
- Urban port constraints: Baltimore's location requires trucks to navigate Baltimore city streets to/from I-95 and I-83. Congestion and toll roads (I-95 express lanes) increase trucking costs relative to Norfolk or Charleston.
- Dredging and permitting complexity: The Chesapeake Bay environment requires complex environmental permitting; maintenance dredging is ongoing and expensive.
- State agency structure: Capital funding dependent on state budget cycles; this can create delays in discretionary capital projects (though federal funding for the bridge is secured).
Credit Analysis: Strengths and Risk Factors
Key credit strengths:
- State backing: Maryland's Aa1/AAA credit rating provides a credit floor. Port operating revenues with state support is a stronger credit profile than many independent port authorities.
- Demonstrated operational resilience: The 2024 result (45.9M tons despite Key Bridge collapse) and 2025 container record (1.1M+ TEU) demonstrate management capability and market confidence even in adverse conditions.
- Channel depth advantage: The 50-foot channel is a durable competitive moat that cannot be easily replicated by competitors.
- Diversified cargo base: Strength in containers, automobiles, and Ro/Ro equipment reduces dependency on any single commodity. This diversification proved critical during the 2024 container disruption.
- Capital plan secured: The $1.7B+ bridge reconstruction is fully federally funded; no port debt service burden for this critical asset.
- Rail capacity expansion completed: The CSX Howard Street Tunnel expansion is finished and operational, providing a competitive advantage that will take years for competitors to match.
- 2025 forward momentum: Record container volumes in 2025 signal that the bridge closure has not permanently damaged the port's market position or relationships with major lines.
Key credit risks:
- Bridge closure through 2030: Truck routing inefficiencies will persist for 6+ more years, creating ongoing operational friction and potentially enabling competitors to win market share.
- State agency constraints: Capital projects depend on state appropriations and federal grants; discretionary capital may be limited in budget downturns. This creates execution risk for terminal upgrades, equipment investment, and dredging programs.
- Container market cyclicality: Container volumes are highly sensitive to trade cycles and recessions. A U.S. recession would pressure Baltimore's 2025 gains and potentially trigger covenant concerns on any outstanding bonds.
- Dredging complexity and cost: Environmental permitting and the complexity of maintaining the Chesapeake Bay navigation channel create ongoing capex pressure and execution risk.
- Ship line concentration: While 15 weekly services is healthy, major lines (Maersk, MSC, CMA CGM) represent large portions of volume. Service reductions by any major line could pressure revenues.
- Truck routing overflow: The Hanover Street Bridge and I-95 corridor carry overflow traffic with aging infrastructure; external transportation constraints could limit port growth.
Overall credit profile: The Port of Baltimore presents a solid credit story with exceptional operational resilience proven in 2024–2025, state backing, and a federally-funded capital plan. The principal credit uncertainty is the trajectory of container volumes post-recovery and the port's execution of terminal modernization and dredging projects under state appropriation constraints. Investors should view the 2024 Key Bridge crisis not as a sign of weakness but as evidence of the port's core operational strength and the diversified cargo base that sustained it.