U.S. Coal Company Sues for $100M After Bridge Collapse Shakes Industry

U.S. Coal Company Sues for $100M After Bridge Collapse Shakes Industry Ship

A top U.S. coal company, has filed a $100 million lawsuit against the owners of the container ship Dali for allegedly causing the collapse of the Francis Scott Key Bridge in Baltimore.

The Dali, a Singapore-flagged ship, collided with the bridge on March 26, 2024, causing severe structural damage and forcing the shutdown of Consol’s Marine Terminal (CMT) for two months.

The company, Consol, claims that the terminal closure had a catastrophic impact on its operations, severely limiting its ability to export coal to international markets.

The CMT handles 65%-70% of Consol's coal exports. During the terminal's closure, Consol saw throughput volumes drop by 57%, resulting in massive financial losses.

In its lawsuit, Consol argues that the shipowners were negligent, leading to the collapse. The coal company’s second-quarter earnings fell dramatically, with net income dropping from $21.1 million to just $2.3 million year-over-year.

Grace Ocean Private Ltd. and Synergy Marine Group, the ship’s owner and manager, have attempted to limit their liability to $43.7 million under an outdated law, but Consol is contesting this in court.

The lawsuit highlights the extensive damage to Consol’s business, including lost profits and revenue, and accuses the shipowners of "intentional and reckless conduct.”

This high-stakes legal battle could have wide-ranging implications for the shipping and coal industries, as both sides brace for a prolonged court fight.