Kearney's annual State of Logistics report estimates that sea level rise and inland flooding could cost the logistics industry billions annually by 2050.

The new port will use AI systems will also analyze traffic data to plan ship movements and automate logistics.

The Iranian-backed militants struck the Verbena, a Ukrainian-owned, Polish-operated ship, in two missile attacks on June 13.

Overall container volumes at the busiest U.S. container port are up 18% in the first five months of the year compared to the same period in 2023. 

The attacks have impacted at least 65 countries and forced at least 29 major energy and shipping companies to alter their routes.

The new terminal — which is still in the federal permitting process — is expected to open in 2028, and will accept as many as 280,000 containers each year.

The National Retail Federation projects more than 2.1 million TEUs in imports to the U.S. in each of June, June and August. 

Dwell times at the port have stabilized across the board, having returned to their pre-closure levels with full capacity now restored to the port. 

Red Sea diversions have had many carriers pulling shipping schedules forward in anticipation of future disruptions in the region, but that is unlikely to last.

Rebuilding the span will take more than four years and cost up to $1.9bn, state authorities in Maryland have said.