Potential Dali disaster threatens to push P&I insurance to its limits

The collapse of a bridge in the United States has had significant impacts on trade along the east coast, particularly at the Port of Baltimore. The incident resulted in the deaths of at least six bridge maintenance personnel and has raised questions about the safety measures in place. The ship involved in the incident was not accompanied by tugs in the narrow channel of the Patapsco River, and it lost power multiple times, leading to concerns about maintenance and preparedness.

The P&I sector, with insurance and reinsurance up to $3.1 billion, may face challenges due to the scale of the incident. The ship involved is owned by Grace Ocean Pte Ltd and operated by Synergy Marine Group, with Maersk time-chartering the vessel. The closure of the Patapsco River channel has caused delays for ships in Baltimore Port, with 20 vessels waiting offshore to arrive.

The incident has highlighted the importance of safety measures and maintenance in the shipping industry, especially for container ships operating on tight schedules. The impact on trade and the potential for significant insurance claims demonstrate the need for thorough investigations and improvements to prevent similar incidents in the future. The involvement of multiple parties, including the ship’s owner, operator, and time-charterer, adds complexity to the situation as they navigate the aftermath of the bridge collapse.

Source .