The collapse of the Francis Scott Key Bridge in Baltimore inflicted a loss of $28 million to domestic coal exports, the US Energy Information Administration shared its estimates with Business Insider. The port in Baltimore is the second largest facility for coal exports in the US processing 28% of American coal shipments as well as some fertilizer exports. The giant cargo ship belonging to Maersk lost power and issued a mayday message moments before it slammed into a bridge support. The chilling collision crippled the whole water area and traffic on the bridge.
Interestingly, the Energy Information Administration acknowledged that coal exports had been dwindling in the US on the back of a large-scale introduction of renewable energy sources.
The crash on the Baltimore Bridge has led to financial consequences. Stocks of key coal and logistics companies such as Consol Energy and CSX Railroad rallied shortly after the accident. So, investors holding their shares have already reaped hefty gains.
Moreover, the crash disrupted supply chains, so coal exporters had to direct their container vessels to Asia to satisfy high demand, especially in India, China, and Japan.
To sum up, the port of Baltimore and the Francis Scott Bridge showed up in the media as Black Swans. Such events may impact a related industry and market quotes of stocks.
