I was wondering if the ship owner/operator was responsible for damages as a result of the bridge collapse. Apparently not much. MIddle-class tax payers will be asked to bend over and take one for “team Private Equity”.
intercst
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It seems the owner is Maersk, a publicly traded company rather than private equity.
DB2
My understanding is that there’s a string of about 5 legal entities involved in the typical container ship cruise, each configured to avoid liabililty. Maersk may own the boat, but they’re likely renting it to someone with a way to escape liability. As the article states: “Maersk seen not at risk as it had no crew aboard the Dali.”
intercst
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The middle class gets most of the benefit of the arrangements. While the middle class does not get the gravy the rich do, the middle class has a standard of living that is far better because of trade.
The port is major for the import and export of automobiles and car parts. That has crumbled for a while right now.
We can expect a higher inflation number this coming quarter. Minor moment.
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Good article in WSJ today explaining the insurance coverage for Baltimore bridge disaster. They estimate that after about a decade of litigation as the various players try to put the liability on someone else, the eventual payout should be $2 to $3 Billion.
intercst
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DOJ settles Baltimore bridge lawsuit with ship interests for over $100 million
https://www.politico.com/news/2024/10/24/baltimore-bridge-settlement-100-million-00185403?utm_source=ActiveCampaign&utm_medium=email&utm_content=Putin%20Pitches%20Challenge%20to%20Western%20Order%20at%20BRICS%20Summit&utm_campaign=Putin%20Pitches%20Challenge%20to%20Western%20Order%20at%20BRICS%20Summit
The Justice Department and the owner of the container ship that crashed into Baltimore’s Francis Scott Key Bridge earlier this year have reached a settlement, with the ship owner agreeing to pay $100 million in civil penalties to cover the costs of responding to the disaster…
The money will be used to reimburse the federal government and its various agencies that responded to the disaster…The settlement adds to the $97.2 million Grace Ocean already paid out to the Coast Guard National Pollution Funds Center for costs to remediate oil pollution the collapse caused…
The agreement does not cover costs to rebuild the Francis Scott Key Bridge. The state of Maryland has a separate claim seeking those damages.
DB2
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Note that Royal Mail Ship RMS Titanic was subsidized to make it competitive. High speed meant high fuel cost.
No surprise that liability was limited to encourage businesses to participate in a competition that enhanced national pride.
Final congressional spending bill to include !00% funding pledge for Key Bridge replacement
https://www.msn.com/en-us/politics/government/congressional-spending-bill-to-include-100-funding-for-key-bridge-replacement/ar-AA1w3iwr?ocid=BingNewsSerp
DB2
Yes, and isn’t that a provision of the continuing resolution that Congress must pass by Friday to avoid a govt shutdown. The same one that Elon Musk says Congress should not pass because of too much excess spending.
It also includes billions to fund hurricane damage and the farm bill plus others.
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