The State of Maryland has reached a $2.25 billion settlement with the ship owner and operator over the collapse of the Francis Scott Key Bridge in Baltimore, USA. The agreement is described as one of the largest compensation settlements in maritime history.
The deal resolves claims against Singapore-based Grace Ocean Private Limited and Synergy Marine Pte. Ltd. The payout covers reconstruction of the bridge, environmental damage, lost toll revenues, and broader economic losses caused by the shutdown of Baltimore Port operations.
Total economic damage from the disaster is estimated to exceed $5 billion. The reconstruction of the bridge is projected to cost between $4.3 billion and $5.2 billion and is expected to be completed by 2030.
The settlement also prevents the ship owners from limiting liability under an 1851 maritime law that would otherwise cap damages at the post-incident value of the vessel.
Separately, federal prosecutors have filed criminal charges against Synergy Marine and several individuals involved.
The incident occurred in March 2024, killing six people, shutting down the port for weeks, and severely disrupting the regional supply chain.
