Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Maersk"


25 mentions found


The new issue for the global supply chain comes amid a rise in global demand, with shipments up 13% year-over-year in June. Air freight supply has increased, but only by 3% year-on-year, already causing higher costs for shippers due to the limited capacity, according to Xeneta. Thousands of flights were grounded or delayed at the world's largest air freight hubs in Europe, Asia and North America. "This is a reminder of how vulnerable our ocean and air supply chains are to IT failure." Ports, freight rails, report some issues, but normal operationsMost rails and ports were faring better after some early morning disruptions.
Persons: Buttigieg, Pete Buttigieg, van de Wouw, Niall van de Wouw, Xeneta, Berkshire Hathaway, Mario Cordero, Bethann Rooney, Emily Stausbøll, Stausbøll, Kpler, Matt Wright Organizations: U.S . Department of Transportation, Transportation, CNBC, Air, Microsoft, FedEx, UPS, Union Pacific, Pacific, CSX, Norfolk, BNSF, APM, Maersk, Port Authority, Port Authority of New, Port, U.S ., Harbour Master Locations: New York, U.S, China, Europe, Asia, North America, Norfolk Southern, Berkshire, Port, Houston, Los Angeles, of Long Beach, New Jersey, Port Authority of New York, Savannah, Virginia, Charleston Port, U.S . East Coast, Maritime, Gdansk, Dover, Felixstowe, Liverpool, Rotterdam
LONDON — European stocks closed higher Wednesday, as sentiment remains on edge ahead of two major elections. The index provisionally closed 0.8% higher, with most sectors in the green led by mining stocks, up 2.3%. Maersk shares ticked 3.8% higher after the shipping giant withdrew from sales talks with logistics firm DB Schenker. It comes as figures showed softening in the U.S. labor market. ADP data showed less private payroll growth than expected in June, while weekly jobless claims numbers came in higher than forecast.
Persons: Vincent Clerc, Jerome Powell Organizations: Maersk, DB Schenker, Labour Party, Reuters, U.S, Federal Locations: France, Asia, Pacific, U.S
Container ships are berthed at PSA's Pasir Panjang Terminal in Singapore July 15, 2019. Global port congestion has reached an 18-month high, with 60% of ships waiting at anchor located in Asia, maritime data firm Linerlytica said this month. SEVERE CONGESTIONSingapore, the world's second-largest container port, has seen particularly severe congestion in recent weeks. "The peak season, which traditionally starts in June, was advanced by a full month, causing ocean freight rates to soar." Container freight prices from Asia to the U.S. and Europe have tripled since early 2024.
Persons: Edgar Su, Linerlytica, Yemen's, Jayendu Krishna, Drewry, PortCast, Niki Frank, Dimerco, Jonathan Gold, Judah Levine, Jared Bernstein, Gene Seroka, Peter Sand, Jeslyn Lerh, Lisa Baertlein, Lisa Barrington, Miyoung Kim, Kim Coghill Organizations: REUTERS, Retailers, Ships, Drewry Maritime Advisors, Singapore, Singapore's, Port Authority, Drewry, Keppel, Tuas, Maersk, DHL Global, Asia, Descartes, National Retail Federation, Container, U.S ., of Economic Advisers, U.S, DHL, Thomson Locations: Pasir Panjang, Singapore, SEOUL, SINGAPORE, Asia, Africa, Malaysia's Port Klang, Tanjung Pelepas, Shanghai, Qingdao, China, South Korea, U.S, Europe, U.S . East Coast, U.S . West, of Los Angeles, Los Angeles, Seoul
London CNN —Leading shipping groups have urged governments “with influence” to put a stop to Houthi attacks on vessels in the Red Sea after a second freighter sank this week. The latest sinking is likely to have led to another death, according to a statement Wednesday from more than a dozen shipping associations, including the International Chamber of Shipping and the World Shipping Council. The longer diversion around the southern tip of Africa has sent shipping costs soaring and is causing congestion at ports in Asia and Europe, threatening to scramble global supply chains. We call for states with influence in the region to safeguard our innocent seafarers and for the swift de-escalation of the situation in the Red Sea,” they added. “Houthi attacks continue to make the Red Sea unsafe, and increases in charter activity and rates indicate carriers expect congestion to remain a factor for some time,” he added.
Persons: , , Hapag Lloyd, Judah Levine Organizations: London CNN, International Chamber of Shipping, World Shipping Council, Maritime Trade, Royal Navy, Shipping, Maersk, Drewry, Carriers Locations: Red, Africa, Asia, Europe, ., Yemen, Gaza, Suez, London, Red Sea, Singapore, Malaysia, Shanghai, China, Barcelona, Spain
Salvage crews continue to work on removing debris from the Francis Scott Key Bridge collapse after it was struck by the container ship Dali, now docked at Seagirt Marine Terminal in Baltimore. (Jerry Jackson/Baltimore Sun/Tribune News Service via Getty Images)The main passageway into the Baltimore port was fully restored after the March 26 collapse of the Francis Scott Key Bridge, which left six people dead and obstructed maritime traffic into the harbor. The bridge toppled in late March, after the cargo ship Dali crashed into the infrastructure, choking a major shipping artery into the U.S.' busiest auto port. The Port of Baltimore processed a record 1.1 million containers and $80.8 billion in foreign cargo value last year, according to state data. USACE will maintain this critical waterway as we have for the last 107 years," said Col. Estee Pinchasin, Baltimore District commander, in a statement.
Persons: Francis Scott Key, Jerry Jackson, Dali, We've, Estee Pinchasin Organizations: Baltimore Sun, Tribune, Service, Getty, U.S ., U.S . Army Corps of Engineers, Fort McHenry Federal Channel, Port, USACE, U.S . National Transportation Safety Board Locations: Baltimore, Port, Port of Baltimore, Patapsco, Sri Lanka
Gantry cranes stand in the APM Terminals yard at the Port of Mobile in Mobile, Alabama, U.S., on Thursday, July 20, 2017. This is another example of USMX members unilaterally circumventing our coast-wide Master Contract. A Maersk spokesman said in an emailed statement that APM Terminals remains "in full compliance with the ILA/USMX Master Contract." During a speech before union members that month, Daggett vowed the ILA would not take a back seat to anyone. The ILA indicated in its release that it will not meet with USMX until the "auto gate" issue is resolved.
Persons: Harold J, Daggett Organizations: APM, Port, Longshoremen's Association, United States Maritime Alliance, ILA, APM Terminals, Maersk, USMX, MSC Locations: Mobile, Mobile , Alabama, U.S, East Coast, Gulf Coast, Port of Mobile , Alabama, North America, Daggett, West Coast
Stock price information reflected on a window at the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023. European markets closed lower Tuesday, as positive momentum from the past few days faltered. The pan-European Stoxx 600 provisionally closed 0.5% lower, with all major bourses and most sectors in the red. Mining stocks stocks lost 2.3% while health-care stocks were the biggest gainer, adding 0.8%. Banking stocks shed 2.1%, with Italy's UniCredit losing more than 4%, as investors looked ahead to the European Central Bank's latest interest rate decision later this week.
Persons: Italy's UniCredit Organizations: Banking, Central, Maersk, ECB Locations: Paris, France, Danish
Almost 80% of current freight orders received for peak season are for mid-range price items, the survey shows. Similar to last year, respondents expect less consumer appetite for luxury and aspirational luxury items imported. The world's second-largest ocean freight company, Maersk, recently told CNBC it expected a "normal" peak season. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Charles Van der Steene, president of Maersk North America, in a recent interview with CNBC. "We believe in normalized peak season.
Persons: Eric Thayer, Robinson, Kuehne, Nagel, Noah Hoffman, Hoffman, hypersensitive, Charles Van der Steene, We've, John David Rainey, Rainey, Larry, Jon Gold, Nate Herman, Biden Organizations: US, Bureau, Bloomberg, Getty, CNBC, Chain Survey, National Retail Federation, American Apparel and Footwear Association, United National Consumer Suppliers, ITS Logistics, DHL, Uber Technologies, C.H, Maersk, Walmart, Uber, International Longshoremen's Association, ILA, United States Maritime Alliance, Brands Locations: of Los Angeles, Los Angeles , California, U.S, Panama, Maersk North America, East Coast, Gulf, East, North America, West, Coast
The dredging project is expected to be completed in Fall 2025, making the Port of Virginia the deepest and widest harbor on the East Coast. "Ultra-large container vessels have challenged every port," said Stephen Edwards, CEO of the Port of Virginia. Edwards said the port was able to quickly absorb Baltimore freight because of the ocean carrier service overlap in calling on the Port of Virginia, Baltimore and Port of New York/New Jersey. In January, the port became the first East Coast port to power all its terminals with 100% clean energy, eight years ahead of the 2032 target it set for that goal. The expansion will increase the fleet at NIT to 152 electric stacking cranes, seven electric rail cranes, and 31 electric ship-to-shore cranes.
Persons: Lori Ann LaRocco, Stephen Edwards, " Edwards, Edwards, It's, Good Hope, D'Andrae Larry, Larry, Jones, monopiles, Monopiles Organizations: NIT, CNBC, U.S ., Commonwealth, Walmart, Maersk, Port, Baltimore, Rail, Norfolk International, Uber, Virginia Department of Transportation, Dominion Energy, Rappahannock Electric Cooperative, ClearView Energy Partners, of Ocean Energy, U.S, District of Columbia, Dominion Locations: Port of Virginia, Port, Virginia, U.S . East Coast, Norfolk, Coast, of Virginia, East Coast, U.S, Delaware, South, Southeast Asia, Northeast Asia, India, Red, Suez, Good, Baltimore, Port of Baltimore, Port of New York, New Jersey, of Virginia's, Commonwealth, Norfolk , Virginia, East, Virginia Beach
The remains of the Key Bridge in the Patapsco River entrance to Baltimore Harbor on May 2, 2024, in Baltimore, Maryland. Van der Steene says the Maersk team has seen less than 200 containers taken off the Dali over the last nine days. But based on North American freight orders from Asia, Van der Steene described 2024 as a "year of reinvigoration." Peak shipping season, which starts in June and continues through the summer for the back to school shopping and then the holidays, is expected to be normal in volume, Van der Steene said. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Van der Steene.
Persons: Moller, Charles Van der Steene, Brendan Smialowski, Dali, Francis Scott Key, Van der Steene, Maersk, Kevin Dietsch, Van de Steene, Vincent Clerc, Good Hope, Chip Somodevilla, Van der Organizations: Maersk, Port, Unified Command, CNBC, Afp, Getty, Dali, Salvage, Francis Scott Key Bridge, North, Shipping, Imports, U.S Locations: Port of Baltimore, Baltimore, Maersk North America, Patapsco, Baltimore Harbor, Baltimore , Maryland, Port, Norfolk, Newark, Good, North America, Panama, Asia, U.S, Europe, Vietnam, China, Mexico, United States
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaersk North America president on returning to Baltimore port and the shipping outlookCharles Van der Steene, president of Maersk North America, joins CNBC's Lori Ann Larocco to discuss the Baltimore port reopening timeline, peak shipping season, and the US consumer and economy.
Persons: Charles Van der Steene, Lori Ann Larocco Organizations: North America, Maersk Locations: Baltimore, Maersk North America
Global shipping lines have become increasingly strained as the Houthi militia in Yemen broadens its attacks on cargo vessels, one of the largest companies in the industry warned on Monday. “The risk zone has expanded,” Maersk, the second-largest ocean carrier, said in a note to customers, adding that the stress was causing further delays and higher costs. Since late last year, the Houthis have been attacking ships in the Red Sea, which cargo vessels from Asia have to travel through to reach the Suez Canal. But in recent weeks, the Houthis have been trying to strike ships making that longer journey in the Indian Ocean. Because going around Africa takes longer, shipping companies have had to add more vessels to ensure that they can transport goods on time and without cutting volumes.
Persons: Organizations: ” Maersk Locations: Yemen, Red, Asia, Suez, Europe, Africa
Boyle said he was on a ship that lost power briefly and his training kicked in. I've never faced any major emergencies while working aboard a cargo ship, aside from a minor fire and an instance where my ship temporarily lost power. Do I need to switch over the steering to emergency steering? I radioed into that other vessel just to inform him that we had lost power but we still had steering. Since we still had steering, the main focus was figuring out why we lost power.
Persons: Bryan Boyle, Boyle, , YouTuber, I've, I'm, Francis Scott Key, It's, we're, you've Organizations: Service, Portland Press Herald, Maersk Locations: Baltimore, North
Tugboats guide the Maersk Atlanta container ship at the Port of Newark in Newark, New Jersey, US, on Saturday, March 30, 2024. As the Dali container ship neared the Francis Scott Key Bridge after losing power and with no ability to navigate, there were no tug boats to guide it. It is unclear if the tugs remained with the Dali, a collision could have been averted. But maritime experts say that new tugboat regulation would be a reasonable response for the government to consider. The next day, the Coast Guard referred CNBC to the Joint Information Center (JIC) for the Key Bridge Casualty 2024 incident in Baltimore.
Persons: Dali, Francis Scott Key Organizations: Maersk, Port, Francis Scott Key Bridge, CNBC, Infrastructure Security Agency, Department of Homeland Security, Department of Transportation, U.S . Coast Guard, Coast Guard, Joint Information Center, U.S . Immigration, Customs, . Customs, Border Patrol Locations: Maersk Atlanta, Newark, Newark , New Jersey, US, Port of Baltimore, Baltimore
Debris is cleared from the collapsed Francis Scott Key Bridge as efforts begin to reopen the Port of Baltimore on March 31, 2024, in Baltimore, Maryland. Tasos Katopodis | Getty Images News | Getty ImagesCoast Guard officials tell CNBC the secondary channel that is being created in the southwest channel of the Port of Baltimore will only welcome commercial vessels that are cleared by the Coast Guard in the removal of debris. "The vessels will be decided on a case-by-case basis," said Carmen Caver, Coast Guard spokesperson. The draft for the select commercial work vessels that will be permitted by the Coast Guard to help in the removal of Key Bridge debris is 10 feet. Based on a review of AIS data from MarineTraffic, there have been almost 1,000 containership arrivals at Baltimore port since January 2022, with an average TEU (container capacity) of 7,039, according to Nikos Pothitakis, Kpler spokesman.
Persons: Francis Scott Key, Tasos Katopodis, Carmen Caver, Dali, Nikos Pothitakis, Aaron Roth, Roth Organizations: Getty, Coast Guard, CNBC, Francis Scott Key Bridge, Maersk, Dali, Chertoff Group Locations: Port of Baltimore, Baltimore , Maryland, Port, Baltimore, MarineTraffic, East, Dali
Read previewThe crew of the container ship that crashed into the Baltimore bridge five days ago are still trapped on board the stricken vessel, a report says. The crew, all Indian nationals, are likely continuing to work to maintain the ship as they remain stranded, the Times said. The container ship Dali collided with a key bridge in Baltimore on Tuesday. Those onshore have devised inventive ways to contact the crew members who do not have consistent internet access on board. AdvertisementThe crew members seem to be faring well, given the circumstances.
Persons: , Dali, Francis Scott Key, Michael A, McCoy, Wes Moore, Chris James, James, Joshua Messick, Andrew Middleton, I've, Grace Ocean Organizations: Service, Business, The New York Times, Times, Washington Post, Getty, Synergy, National Transportation Safety Board, Coast Guard, Baltimore International, Maersk Locations: Baltimore, Patapsco, Singapore, Danish, Colombo, Sri Lanka
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Maersk is evolving to become a logistics powerhouseEach year about 90% of world trade is transported by ship. In addition to its fleet of 672 vessels, Maersk the world's second largest container shipping company and runs one of the globe's largest port terminal businesses with 64 terminals. To offset some of its risks the company is beefing up its end-to-end logistics business, investing in last mile delivery and air freight.
Organizations: Maersk
Each year about 90% of world trade is transported by ship, according to the World Economic Forum. With its fleet of over 670 vessels, Maersk , one of the world's largest shipping companies, transports about one in five of those containers. The company logged record profits in 2022 due in part to pandemic-induced buying and higher freight rates. It also chartered the vessel that crashed into the Francis Scott Key Bridge in Baltimore earlier this week. CNBC examines the issues facing Maersk, and its rivals Hapag-Lloyd and MSC, and looks at how the company is trying to transition for future growth.
Persons: Francis Scott Key Organizations: Economic, International Longshoremen's Association, CNBC, Maersk, Hapag, Lloyd, MSC Locations: Panama, North America, Baltimore
StreamTimeLive StreamTimeLive StreamTimeLiveAround the same time, numerous audible alarms were recorded on the ship’s bridge audio. The Dali container vessel after striking the Francis Scott Key Bridge. “Once you get here, I’ll go grab the workers on the Key Bridge and then stop the outer loop,” an officer said. When the Key Bridge was built decades ago, container ships were a fraction of the size and weight they are today. Miguel Luna, a native of El Salvador, was also working on the Key Bridge.
Persons: Francis Scott Key, , Jayme Krause, Nick Mosby, “ I’ve, Andy Middleton, Middleton, Dali, Marcel Muise, Scott Cowan, Baltimore –, Clay Diamond, Muise, Wes Moore, Diamond, ” Diamond, Al Drago, we’ve, , Cowan, Jim Watson, Starr Smith, ’ ” Smith, Smith, ” Smith, ” John Zimmerman, They’re ‘, Maynor Yassir Suazo Sandoval, Miguel Luna, Dorlian Castillo Cabrera, Pima Castillo, Alejandro Hernandez Fuentes, Castillo, Alejandro Hernandez, Carlos Hernandez, Carlos Hernandez’s, Jazmin Alvarez, Hernández, Isabel Franco, Jose Mynor Lopez, Franco, Lilly Ordonez, Lopez, ” Rafael Laveaga, Holly Yan, Maria Santana, Melissa Alonso, Allison Gordon, Emma Tucker, Tina Burnside, Alex Stambaugh, Abel Alvarado, Aditi Sangal, Danny Freeman, Caroll Alvarado, Amy Simonson, Mary Kay Mallonee, Yahya Abou, Sabrina Souza, AnneClaire Stapleton, Antoinette Radford, Dakin Andone, Curt Devine, Casey Tolan, Isabelle Chapman, Elizabeth Wolfe, Lauren Mascarenhas, Elise Hammond, Gloria Pazmino, Alex Medeiros Organizations: CNN, Evening Sun, Bethlehem Steel, Eiffel, American, Maryland State Police, Sea Catholic, Walmart, National Transportation Safety, Chesapeake Bay, Longshoremen’s Association, Maryland Transportation Authority, American Pilots Association, , ” Maryland Gov, Bloomberg, Getty Images Transportation Authority, US Coast Guard, “ Dispatch, Police, Getty, Maryland, CASA, Brawner Builders, Univision, Authorities, Mexican Embassy Locations: Maryland, Fort McHenry, Sparrows Point, Baltimore, Patapsco, Port of Baltimore, India, Singapore, Baltimoreans, Sri Lanka, South Africa, Yemen, Red, Dali, MarineTraffic, ” Maryland, There’s, AFP, Middleton, Honduras, El Salvador, Mexico, Guatemala, Santa Bárbara, America, Dundalk, he’s, Mexican, Michoacan, Washington’s
Read previewThe collapse of Baltimore's Francis Scott Key bridge could lead to the biggest losses in the history of marine insurance, the bosses of Lloyd's of London warned on Thursday. "The tragedy has the capacity to become the largest single marine insurance loss ever," the commercial insurance market's chairman Bruce Carnegie-Brown said in an interview with Reuters. Related stories"I would say it's certainly going to be one of the largest marine losses in history, of that there is little or no doubt," he said. Barclays analysts estimate that the disaster could lead to $3 billion in insurance claims, while Morningstar DBRS put the figure at $4 billion. AdvertisementBoth of those figures would surpass the $1.5 billion losses triggered by the Costa Concordia disaster.
Persons: , Baltimore's Francis Scott Key, Bruce Carnegie, Brown, John Neal, Neal, Dali, Morningstar DBRS Organizations: Service, Reuters, Business, BBC Radio, Maersk, Barclays Locations: London, Costa Concordia, Italy
Over the past few years, supply chain woes have repeatedly come into the spotlight. Since then, global integrated supply chain systems just seem to keep getting disrupted — be it by the COVID-19 pandemic or Russia's war in Ukraine. The domino effect is due to the "just in time" model that supply chains have been relying on for decades. Here are three key reasons why supply chains just seem to keep screwing up in recent years. Examining ongoing conflicts in the Black Sea and Red Sea respectively shows how geopolitical conflicts affect global supply chains.
Persons: , they've, Donald Trump, Dali, Francis Scott Key, Project44, Nari Viswanathan, Viswanathan, tailspin, Julie Gerdeman, Trump, Rahul Khanna, Geoff Weiss, Allan Post, Justus Heinrich, Khanna Organizations: Service, Business, Maersk, BI, Shipping, Allianz, Allianz Commercial, Technologies Locations: China, Ukraine, Baltimore, The Port, of Baltimore, Europe, Asia, Iran, Israel, Suez, Good, Africa, Panama, El, Egypt
The others were presumed dead, and officials said search efforts had been exhausted. Investigators on Wednesday began collecting evidence from the vessel that struck the Francis Scott Key Bridge the previous day. U.S. Coast Guard Rear Admiral Shannon Gilreath said authorities had been informed that the ship was going to undergo the maintenance. "We were informed that they were going to conduct routine engine maintenance on it while it was in port. Video showed the ship moving at what Maryland's governor said was about 9 mph (15 kph) toward the 1.6-mile (2.6-kilometer) bridge.
Persons: Francis Scott Key, Roland L, Butler Jr, Alejandro Hernandez Fuentes, Dorlian Ronial Castillo Cabrera, Butler, Wes Moore, Shannon Gilreath, Jennifer Homendy, Homendy, Moore, Watson, Pete Buttigieg, Biden, Buttigieg, Gilreath Organizations: Fire, Bloomberg, Getty, U.S . Coast Guard, Maryland State Police, Maryland Gov, . Coast Guard, National Transportation Safety Board, Coast Guard, Homeland Security, Associated Press, Synergy Marine Group, Grace Ocean Private Ltd, White House, Transportation, World Association, Transport Infrastructure Locations: Baltimore, Dali, Patapsco, Baltimore , Maryland, U.S, Maryland, Mexico, Guatemala, Dundalk , Maryland, Honduras, El Salvador, Sri Lanka, Singapore, Port, Germany, Japan, United Kingdom, Windward, Annapolis
Read previewSafety officials are likely to investigate if contaminated fuel played a role in the Baltimore bridge collapse, causing the ship to lose power before it crashed into the Francis Scott Key Bridge, according to reports. Part of the investigation will examine whether "dirty fuel" contributed to the ship's initial loss of power, sources familiar with the matter told The Wall Street Journal. AdvertisementMarine experts say contaminated fuel is a long-standing industry issue and a possible factor in the Baltimore port crash. John Catsimatidis, CEO of United Refining Company, told Fox News that it's not unusual for oil companies to sell ships contaminated fuel. While it's still too early to determine what led to the Baltimore Bridge collapse, industry experts say "dirty fuel" would be one of multiple possible factors in the incident.
Persons: , Francis Scott Key, Dali, Dali's charterer, Gerald Scoggins, Scoggins, John Catsimatidis, Catsimatidis, Ian Dalby, it's, Jennifer Homendy Organizations: Service, Business, Wall Street, Grace Ocean PTE, Synergy, Maersk, Atlantic Council, Washington Post, United Refining Company, Fox News, Atlantic, National Transportation Safety Locations: Baltimore, Federal
MSC, the largest ocean carrier in the world, has joined the list of ocean carriers terminating the delivery of diverted containers outside of the port for shipping clients as a result of the container ship accident near the Port of Baltimore that led to the tragic bridge collapse. With the Baltimore port indefinitely closed, the decision places the onus of cargo pick up at a diverted port and transport to its final destination on the shipper. MSC added that "passage to and from Baltimore is at this time impossible and will not be reestablished for several weeks if not months." Maersk is the only major carrier to say it will provide transport from diverted ports for customers. Maersk was the charter of the Dali, 10,000-container capacity containership that lost control and crashed into the Francis Scott Key Bridge in the early hours of Tuesday.
Persons: Francis Scott Key Organizations: CNBC, MSC, Port, CMA, Evergreen, Maersk Locations: Port of Baltimore, Baltimore, Dali
Marine insurance companies will be on the hook for much of the costs. These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer. The potential cost of insurance claims from the bridge collapse could be between $1 billion and $3 billion, analysts at Barclays wrote in a note Wednesday. “But other than that, the economic impact of what has happened will be enormous, but not recoverable from the ship,” Davies said. Maryland lawmakers, meanwhile, are drafting an emergency bill to provide income replacement for Port of Baltimore workers impacted by the bridge collapse.
Persons: Baltimore’s Francis Scott Key, , John Miklus, Dali, Brendan Holmes, Miklus, Loretta Worters, Worters, Martin Davies, ” Davies, Joe Biden, Francis Scott Key, it’s, ” Biden, Scott Olson, Davies, Bill Ferguson Organizations: New, New York CNN, American Institute of Marine Underwriters, , Barclays, Grace Ocean, Britannia, Indemnity, International Group, International, CNN, Insurance, Costa, Maritime Law Center, Tulane University, “ Maersk, Federal Highway Administration, Infrastructure Investment, Jobs, Biden, . Workers, Robins, Repair, Port, Maryland Locations: New York, Singapore, Costa Concordia, Italy, Danish, Baltimore , Maryland, Maryland, Baltimore
Total: 25