I agree with your take on the outcome. The reasons no American companies have bid on these leases are; high tax burdens, burdensome regulations (enviro-wacko and others), union problems and egregious tort law. All of which do not effect foreign companies, at least to the extent they would an American company. Congress made these laws and regs and aren't about to reverse them.
So, you're right. One way or the other Congress will have the taxpayer make up the slack. It will be far less efficient so it will cost more than DPW would have spent. There will be new layers of bureaucracy so security will ultimately be lower.
I keep hearing people say this and it's really not the whole truth. In the 70's there was a slump in the industry and American companies sold out. The companies that stayed in were from Great Britain, Denmark, China and Singapore. They slogged along making low profits in the US, but they also had a good market opening in Asia that they took advantage of and then there was an upturn in the US and now they are cashing in. Dubai started out small in their own port, but through a good location and good management they quickly became a centerpiece for commerce in the Middle East and they cashed in on profit, too.
Now, it's nearly impossible for an American company to get in because the bids for port deals are just too large and the cost of running the terminals after you attain the lease is large. But the main factor is that it's nearly impossible to get the bid on the lease in the first place. You can't blame China, Singapore and Dubai for conducting business in a normal business enviroment. You can't blame American government. The only people you can really blame for the US not being up there with the big boys in the port terminal business are the American companies that pulled out way back when.