Unveiling the Economic Fallout of Baltimore Bridge Collapse: Everything You Need to Know

The Port of Baltimore is the ninth busiest port in the U.S. and supports hundreds of thousands of jobs.

Unveiling the Economic Fallout of Baltimore Bridge Collapse: Everything You Need to Know
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26 Mar 2024, 07:02 PM
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A cargo ship collided with Baltimore's Francis Scott Key Bridge on Tuesday, leading to the collapse of the structure. This unexpected event has sparked inquiries into the ownership and management of the ship, as well as its destination and cargo.

The vessel involved in the collision, named the Dali, is overseen by Synergy Marine Group, a Singapore-based ship management company with a global presence and a fleet of over 660 vessels under its care. According to information available on their website, the ship was being operated by charter vessel company Synergy Group and chartered by the Danish shipping giant Maersk at the time of the incident.

"We are deeply saddened by the events in Baltimore, and our hearts go out to all those impacted," Maersk expressed in a statement to CBS News on Tuesday, confirming that the ship was transporting cargo for Maersk customers. The company also clarified that none of its crew or personnel were on board the vessel during the collision.

The Dali, with a capacity of 10,000 twenty-foot equivalent units (TEUs), was carrying close to 4,700 containers at the time of the accident, operated by a crew of 22 individuals from India.

Details regarding the specific contents of the cargo aboard the ship remain unknown at this time.

Unity Group Holdings International, the parent company of Synergy Group, is an investment holding company established in 2008 and based in Hong Kong. 

Vessel chartered by Maersk

The vessel named Dali is owned by Grace Ocean Private, a company from Singapore that offers water transportation services. 

According to an unclassified memo from the Cybersecurity and Infrastructure Security Agency, the vessel lost power before colliding with the bridge. At the time of the incident, the ship was chartered by the Danish international container shipping company Maersk.

Destination of the vessel

The outbound vessel was en route to Colombo, the capital of Sri Lanka, as stated by Synergy Marine Group in a press release

Port of Baltimore's Activity

In 2023, the Port of Baltimore managed a record 52.3 million tons of foreign cargo, valued at $80 billion, as reported by the Office of Governor Wes Moore. The port is a significant source of employment in the area. 

Being the leading port in the U.S. for sugar and gypsum imports, it ranks as the ninth busiest U.S. port in terms of total volume and value of foreign cargo handled. Currently, all vessel traffic at the port has been halted. 

Anticipating the Economic Consequences of the Port Shutdown

With the closure of the port looming, concerns are rising about the potential economic fallout. The port directly sustains 15,300 jobs, while an additional 140,000 jobs are indirectly tied to port activities. The combined workforce and their earnings contribute a substantial $3.3 billion in personal income, as highlighted in a recent CBS News article.