Maryland Gov. Wes Moore joined Tradepoint Atlantic and Terminal Investment Limited to break ground on the Sparrows Point Container Terminal recently.
The 168-acre container Terminal at the Port of Baltimore is expected to create more than 8,000 jobs and expand container handling capacity at the Port of Baltimore by 70 percent. The terminal and on-dock rail facility at Coke Point is being paid for in part by $1.2 billion in private financing by Terminal Investment Limited and Tradepoint Atlantic, making it one of the largest private container terminal investments in U.S. history.
“Progress doesn’t just happen, progress is made to happen,” Moore said. “From our response to the Key Bridge collapse two years ago to the recovery that continues to this day, Team Maryland and our federal partners are showing what it looks like to deliver progress through partnership. Today at Sparrows Point, we mark the next chapter in the Port of Baltimore’s success story — for our workers, for our state, and for our nation.”
The project is also funded through $88 million in state investments, including $48 million in conditional loans from the Department of Commerce’s Sunny Day Fund; $2 million in conditional loans from the Department of Commerce’s Advantage Maryland program; and $38 million in fiscal 2025 and 2026 budget allocations. Funding for the project also includes a $40 million federal grant through the U.S. Maritime Administration’s Port Infrastructure Development Program and a payment in lieu of taxes (PILOT) agreement with Baltimore County.
Once completed in 2030, the terminal will elevate Baltimore to the third-largest container port on the Eastern seaboard. The site will handle an estimated 1 million containers annually and generate an estimated $1.5 billion in economic activity for the state. The project will also support 1,100 permanent union jobs and an additional 7,000 indirect jobs.
“Today’s groundbreaking at Sparrows Point is exactly the kind of strategic, long-term port investment the United States needs,” U.S. Department of Transportation Maritime Administration (MARAD) Administrator Stephen Carmel, said. “The Department of Transportation and MARAD are committed to building a resilient maritime supply chain. Through the $39.7 million Port Infrastructure Development Program (PIDP) grant, MARAD is proud to support the terminal’s expansion. This project will dramatically strengthen America’s maritime supply chain and expand domestic cargo capacity on the East Coast.”