The rebuilding of the bridge could cost up to US$1 billion.
BALTIMORE – US President Joe Biden visited the Francis Scott Key Bridge disaster site on April 5, vowing to fund the rebuilding of the bridge.Stakes are high as authorities work to clear tonnes of steel and concrete from the Patapsco river into whichby a Singapore-flagged cargo ship on March 26, in what is believed to be the most expensive disaster in maritime history.
“I’m here to say your nation has your back,” Mr Biden said, going on to mention his generations-old family ties with Baltimore, which include his father, who was born and raised in Maryland’s capital city Annapolis. They also want environmental and union wage rules paused “to avoid all unnecessary delays and costs”.Eight workers were filling potholes on the bridge when it was hit. Two were rescued, the bodies of two have been recovered, with the others presumed dead. Mr Biden met the families of the affected workers during his visit, the White House said.
Morningstar DBRS, a global credit rating agency, said insured losses could amount to up to US$4 billion, depending on how long the port is inoperable. Barclays has estimated that insurers face claims of as much as US$3 billion. They also said that if they were held liable, the damages should be capped at around US$44 million, the current value of the ship and its cargo minus the damage and salvaging cost.
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