MARCH 23, 2015
Deep Freeze on Great Lakes Halts Cargo Shipments...
"The trip to pick up a load of iron ore powder in Conneaut, Ohio, was supposed to take four days by way of the Great Lakes.
...within sight of its destination, the cargo ship, the Arthur M. Anderson, got trapped in ice. Two heavy icebreakers from the Canadian Coast Guard eventually broke the vessel free.
It was a 24-day ordeal, and the ship returned to its home port in Wisconsin without picking up the cargo.
“There’s a lot of ice out there, and we need to understand the impact of that ice,” said Mark Barker, the president of the Interlake Steamship Company, which carries mostly iron ore, coal and limestone on its nine ships.
“Last year, we pretty much lost the month of April.”
Cold spells and snowstorms have taken a bite out of businesses across the Northeast and Midwest of the United States, as well as in Canada. Car manufacturers have blamed the weather for weak sales. Housing starts, too, have slumped. And blizzards in places like Boston have been brutal for many local businesses.
Michael Dolega, who analyzes the United States economy at the Toronto-Dominion Bank, says he expects that the weather will cut first-quarter growth by as much as three-quarters of a percentage point. And not all of that loss will be made up later in the year, he said.
“I don’t think it’s a welcome development,” said Mr. Dolega, who is based in Toronto.
Edited by Rogerdodger, 23 March 2015 - 10:05 PM.