Baltimore bridge collapse paralyzes major car port, costs billions, affects 8,000 jobs.

In the early hours of March 26th,Chase Foreign Exchange official website trading platform the "Francis Scott Key" Bridge located in Baltimore, Maryland, USA, was hit by a container ship filled with containers. The collision with the bridge's base caused a significant portion of the bridge to collapse. Eight people on the bridge fell into the water. As a vital hub for Interstate 695 and an entry point for the Port of Baltimore, the bridge's collapse has dealt a heavy blow to logistics and supply chains. It also caused substantial economic losses to a vast number of related industries and personnel.

In the early hours of the 26th, a container ship flying the Singaporean flag lost power after leaving the Port of Baltimore and collided with the bridge, causing it to collapse. Eight construction workers on the bridge fell into the water; two were rescued. The six missing individuals have been presumed dead, and two bodies have been recovered so far. The ship's navigational data has been uploaded to the National Transportation Safety Board of the United States. The investigation into why the ship suddenly lost power and collided with the bridge is ongoing.

Some people are questioning whether the bridge's design had significant flaws and safety risks. Some structural engineers have pointed out that the extent of the damage caused by the ship colliding with the bridge's support was largely due to the lack of protection and buffering on the bridge piers, which failed to mitigate and redirect the impact. Therefore, design defects are also a part of the investigation and will provide important experience for subsequent construction.

It's important to note that while aging was not the main cause of this accident, the bridge is now 47 years old. Therefore, aging is inevitably a factor, and whether previous inspections had identified any issues is also worthy of attention.

The economic loss caused by the bridge collapse is particularly severe. The "Francis Scott Key" Bridge, approximately 2.6 kilometers long, has an annual traffic volume of about 11.5 million vehicles, with more than 30,000 vehicles passing daily. More importantly, as the bridge is located at a critical position for the Port of Baltimore, the accident brought the entire port to a standstill. Ships inside the port could not leave, and those outside could not enter. According to U.S. Transportation Secretary Pete Buttigieg, on the 27th, the daily value of goods moving through the port exceeds 100 million dollars. The closure of the port directly affects 8,000 jobs.

Although the Port of Baltimore may not be the largest port in the United States, it is the country's largest port for automobiles. In 2023, it handled more than 800,000 automobiles and light trucks. Therefore, many nearby automakers have had to use other ports for distribution, significantly increasing costs.

The rebuilding of the bridge is currently a subject of significant controversy, beginning with the cost. Although President Joe Biden has claimed to provide the full funding, given the upcoming elections and the U.S. political system, his promises may not be fully realized. The initial estimate for rebuilding the bridge is at least 2 billion dollars.

Secondly, there is considerable dispute over the construction period for the new bridge. It is generally believed to be around five years, but this period could be further extended if financial issues arise.

Another issue raised by the bridge collapse is the question of insurance compensation. According to the chairman of the insurance giant Lloyd's of London, the compensation for the bridge disaster could amount to several billion dollars, potentially exceeding the highest compensation payment made for the 2012 Costa Concordia cruise ship capsizing, which totaled 2 billion dollars.

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