The Singapore-based owner and operator of a cargo ship, responsible for the fatal Baltimore bridge collapse, have agreed to a US$102 million settlement in response to a lawsuit filed by the Justice Department, officials announced on Thursday (Oct 24). Maryland State has also filed separate claims seeking damages from the said incident.
The cargo ship, managed by the Singapore-based firm, caused extensive damage in the form of a bridge collapse in Baltimore, a devastating event that caused havoc and severely disrupted local transportation. Not only were the costs of repairing the resulted damage exceedingly high, but the incident also led to significant loss of life and livelihoods for many of the city’s residents.
Reacting to the catastrophic incident, the Justice Department pursued legal action against the Singaporean firm, alleging negligence and demanding compensation for the dire consequences of the bridge collapse. After several rounds of negotiation, a settlement of US$102 million has been mutually agreed upon.
The terms of the settlement specify that the funds should provide compensation to the locals affected by the tragic incident, support ongoing recovery efforts, and bear the costs of restoring the bridge infrastructure. The sum is also intended to serve as a severe financial penalty, intended to deter other corporations from insufficient due diligence in similar situations in the future.
“This settlement is a decisive victory for the victims of the Baltimore bridge collapse, a harrowing incident that could have been avoided through the exercise of due diligence,” said a representative from the Justice Department. “The company’s negligence caused immeasurable harm and disrupted countless lives. This charge should send a strong message to other corporations to prioritize safety and maintenance.”
At the same time, the state of Maryland has separately sought damages for the significant financial burden placed upon it in light of the incident. The pursuit of compensation underscores the state’s attempt to recover the considerable costs it bore in response to the disaster, from emergency rescue operations to extensive infrastructure restoration work.
Officials from the Singapore-based shipping company expressed their regret at the tragic incident in a press statement following the settlement’s announcement. The company acknowledged their responsibility for the incident and the failure in implementing necessary protocol to prevent such an event from occurring.
“We deeply regret the incident and the impact it has had on the Baltimore community and the state of Maryland,” stated a spokesperson from the Singaporean organization. “We fully accept our responsibility for the accident and acknowledge shortcomings in our operational procedures. Our thoughts are with those affected, and we are committed to righting our wrongs, restoring faith in our operations, and preventing any future incidents.”
This significant settlement marks one of the largest compensation amounts in recent years related to naval accidents. It is a clear signal that regulatory authorities, both domestic and international, will not tolerate negligence resulting in catastrophic consequences. As maritime corporations take note, it’s hoped that this case will serve as a serious reminder of the significant responsibility these companies bear when it comes to safety and loss prevention.
