Baltimore: Market unrest and fears of global refueling after bridge collapse

Fears of turmoil in world trade after Francis Scott collapsed Key in . Intense are concerns about domino developments in global supply chains after the collision of the Dali cargo container over one of the pillars of the Francis Scott Key Bridge in Baltimore, USA early Tuesday morning 26 March 2024 resulting in its collapse. Officials stated that maritime traffic through the port of Baltimore, which last year amounted to more than 47 million tonnes of foreign cargo, would be suspended “until further notice”. Speaking in , Marco Forgione, director general of the Institute for Exports and International Trade, which represents British companies involved in international trade, said the suspension would have “significant effects on global supply chains”. Over 750,000 cars and vehicles passed through Baltimore last year. These are major American brands and brands of the United Kingdom and the EU, such as General Motors, Ford, Jaguar Land Rover, Nissan, Fiat and Audi. Baltimore is the busiest port in the U.S. for car shipments and also the largest US port by volume for handling agricultural and construction machinery. Some railway companies and coal companies also warned their customers about carbon export disturbances. ‘There is no doubt that this will have a significant and prolonged impact on supply chains. It is too early to offer estimates of what it will take to clear the channel and reopen the port,” US Transport Minister Pete Buttigieg said. Joe Biden told reporters that the US government “will move land and sky to reopen the port and rebuild the bridge as soon as possible.” But he added that the process “will take some time”. In addition to maritime traffic, the port of Baltimore is directly responsible for about 15,000 jobs and supports about 140,000 more. After the accident the Danish shipping giant Maersk, whose cargo carried Dali, said that for the near future Baltimore would not be his destination. We recall that the Dali ship struck a pillar of the Francis Scott Key Bridge in the early morning hours of Tuesday resulting in its collapse. The bridge covered the entrance to the port of Baltimore, the busiest port in the United States for car exports and the ninth busiest in the world. Six people are missing and are now considered dead. “On the basis of research carried out (…), water temperature, we now estimate that we will not find these people alive,” said Coast Guard vice admiral Shannon Gilrith during a press conference. The U.S. Coast Guard suspended the search and rescue operation and launched a water hauling mission. Interest now turns to research into what went wrong and a group of experts is expected to board the ship and retrieve its data recorder. The Singapore Maritime and Port Authority, where it bears the flag of Dali, stated that the ship’s certificates regarding its operation were valid at the time of the incident. He also reported that the ship had passed two separate inspections, in June and September 2023. Synergy Marine Group, Dali’s ferry company, said 22 people were aboard the ship, including a full Indian crew and two US ports pilots, but there are no reports of injuries. He added that he “co-operates fully” with federal agencies. Information from BBC Photo source: Reuters