“Maryland’s Tradepoint Atlantic in Sparrows Point, Md., was much in the news lately as the only the only portion of the Port of Baltimore that remained accessible and operational following the collapse of the Francis Scott Key Bridge. Further down the road, though, it is set to have an even bigger role in the regional economy as home to the Sparrows Point Container Terminal (SPCT).
Announced in 2022, SPCT is a $1-billion, 330-acre redevelopment project that will add a new container terminal, intermodal yard, and support facilities, substantially expanding operations at the Port of Baltimore by 70%.
Currently going through the Federal permitting process, the project is a joint venture between between Tradepoint Atlantic and Terminal Investment Limited (TiL), which manages over 70 terminals worldwide and is owned by powerful players Mediterranean Shipping Company, Global Infrastructure Partners (the largest infrastructure fund in the United States) and GIC (one of the two Singaporean sovereign funds).
ECONOMIC IMPACT STUDY
According to an economic impact study just released by Tradepoint Atlantic and TiL, by 2035, SPCT is projected to add an additional $1.54 billion annually in benefits to Maryland’s state economy while creating over 8,000 direct and indirect jobs totaling more than $305 million in employee compensation.
Carried out by infrastructure advisory firm Infrata, the study assessed the immediate, transformational impact that SPCT will have on the Baltimore region and the State of Maryland.
“Sparrows Point Container Terminal represents a once in a lifetime opportunity to bring positive, lasting change to the Baltimore region and the State of Maryland,” said Kerry Doyle, managing director of Tradepoint Atlantic. “With over $1.5 billion in benefits to the state’s economy and the creation of over 8,000 jobs, this new container terminal will not only be an asset to the state but will secure the Port of Baltimore’s standing on the Eastern Seaboard for generations to come.”
“Through this investment we wish to create the required extra capacity to allow shipping lines to use Baltimore – in addition to its current hinterland – also as a major intermodal gateway. With its prime location in the Chesapeake Bay, SPCT will be offering the shortest rail distance to some of the biggest consumer markets in the U.S.,” said Tom Van Eynde, TiL Terminal Investment Director for North America. “The container handling activity on Sparrows Point will have a multiplier effect on employment in the state of Maryland. While every 1,000 containers handled generate around one job within the terminal, this activity creates an additional ten- to twentyfold of indirect and induced jobs for the surrounding communities.”
Once the project is completed, say Tradepoint Atlantic and TiL, the Port of Baltimore will become one of the most competitive ports on the East Coast. With SPCT, the Port of Baltimore will add a second container terminal that will expand East Coast service for MSC, the world’s largest shipping line and will become the third largest port in terms of capacity on the East Coast, trailing only New York/New Jersey and Savannah.” MarineLog 7/1/2024
