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What are the Economic Implications of the Baltimore Bridge Collapse?

Early morning ship crash has devastated the Port of Baltimore. What happens now?

Here is what you need to know:

A cargo ship made contact with the Francis Scott Key Bridge on Tuesday morning in Baltimore, causing the structure to collapse into the harbor. The ship was called the Dali, and managed by the Synergy Marine Group, a Singapore-based ship manager, who was charted out by Danish Shipping conglomerate Maesrk. The ship was headed out bound to Sri Lanka.

Phew, that was alot, now what does this mean for the economic implications of the region?

To start, the Port of Baltimore handles over 52.3 million tons of foreign cargo from Europe mainly. This is worth over $80 billion, according to the Office of Baltimore Governor Wes Moore. The port is a major provider of local jobs within the region and a top port for U.S. foreign imports of sugar and gypsum.

 

Now, the bridge has collapsed, blocking the entry of the port. Yikes.

All vessel traffic is now suspended in the region while emergency crews figure out how to remove the fallen bridge from the harbor.

The Port of Baltimore isn’t just some minor U.S. port; it supports over 15,300 jobs directly and another 140,000 related to surrounding port activities and industries. This adds to around $3.3 billion in salaries for workers who will likely be suspended for a short time while the harbor gets cleaned out. 

This is big. 

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