2024-03-29 17:59:00
Cranes have begun to arrive in the port of Baltimore, in the eastern United States, to clear debris from the bridge which collapsed overnight from Monday to Tuesday. The authorities have warned that the resumption of traffic will take a long time. Between the reconstruction of infrastructure and the various economic consequences linked to this collision, the legal battle is also likely to be very long between the different insurers to know who will pay for the damage.
Published on: 03/29/2024 – 6:59 p.m.
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According to lawyers specializing in maritime law, the fight could last up to 10 years. According to Lawrence Brennan, professor of law at Fordham University in New York, cited by the Wall Street journalit will even be about “ one of the most controversial marine insurance cases of recent decades.”
The Singaporean owner of the cargo ship which hit the bridge should, according to the American daily, invoke a law dating from the 19th century which limits his liability. The same law as that used at the time of the Titanic.
This law limits the liability of the owner – and his various insurers – to the value of the goods that the vessel was carrying at the time of the collision and to the value of the boat itself.
Read alsoIn the news: in the aftermath of the Baltimore tragedy, the investigation continues its course
Supply chain disruptions
Other major sources of complaints include the loss of income for the port, but also for the forty ships which can no longer leave it. Seven container ships were expected to arrive in Baltimore in the coming days.
Importantly, many businesses could be impacted by supply chain disruptions. The port ranks ninth among the most important ports in the United States for international cargo: more than a million container ships pass through it each year and the traffic generated revenues that reached $80 billion in 2023 .
Between 2 to 4 billion dollars to be reimbursed for insurers
The automotive and commodity markets are most likely to be affected by the consequences of this collision. More than 800,000 new cars pass through it each year, as well as light trucks, agricultural machinery and construction equipment.
The Port of Baltimore is also a major transit point for certain raw materials, particularly for the export of coal, LNG and the import of sugar and gypsum, a mineral used to make plaster. However, global market specialists indicate that this will have little impact on the prices of these raw materials, even if “export volume could be affected this year”selon l’EIA (Energy Information Administration).
Ultimately, the total losses due to this collapse could result in compensation ranging from 2 to 4 billion dollars, according to the rating agency Morningstar DBRS, which is higher than the disaster of the Costa Concordia, a cruise liner which sank in the Mediterranean in 2012.
For his part, the president Joe Biden pledged that the federal administration would cover the entire cost of rebuilding the bridge.
The largest crane on the East Coast to the rescue
It is a symbol of hope that arrived this Friday at the accident area. This symbol is a floating crane, the largest on the East Coast of the United States. It’s called the Chesapeake 1000, because it’s capable of lifting up to 1,000 tons. And it will take at least that to clear the gigantic and heavy debris from the bridge. It’s an emergency now, even though the bodies of four victims are still at the bottom of the water and have been located. For the city of Baltimore, it is urgent to reopen as quickly as possible the access channel to the Port of Baltimore, currently at a standstill. It is the country’s leading port for imports of cars and agricultural equipment. Thousands of workers supporting thousands of families are waiting to get back to work. Before that, you need to make a plan. Mapping the debris, cutting it underwater, then clearing it, before dredging the bottom of the Patapsco River, to clean it and make the passage of ships safe, without forgetting to safely clear the container ship Dali without polluting it. which became embedded in a pillar of the bridge. Maryland Governor Wes Moore keeps saying it’s vitally important to the economy of the city, state and country. But it will take time. At least weeks and more likely months.
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