[Freight Weekly] Key Bridge Recovery Efforts Concluded

😔Francis Scott Key Bridge recovery effort has concluded😔

Francis Scott Key Bridge recovery efforts have officially concluded as the final body of the victim was extracted from the wreckage, said the unified command. The command is made up of private, state, and federal agencies. What to know:

• Salvage teams located the body of José Mynor López, 37, of Baltimore, and contacted Maryland State Police, who responded with the Maryland Transportation Authority Police and Federal Bureau of Investigation (FBI).

• The FBI previously announced a criminal investigation into the collision of the MV Dali with the Baltimore-based Francis Scott Key Bridge.

• Crews will use controlled explosives to free the bridge and clear the wreckage of the Dali. Six construction workers were killed in the crash.

Bottom line: Once the Francis Scott Key Bridge and Dali wreckage are cleared, recovery can begin, and the Port of Baltimore will be accessible to merchant vessels and international trade into Maryland’s largest container terminal.

CONTEXT: How close are crews to moving the cargo ship that brought down the Key Bridge in Baltimore?

🔎Congress investigators to examine Francis Scott Key Bridge collision site🔎

The U.S. House Transportation and Infrastructure Committee will hold a hearing at the collision site at Francis Scott Key Bridge. This development, as calls for emergency aid continue to be made, could be a positive development. More info:

• Committee members will hold a field hearing on May 15. This hearing will examine the cause of the collision in an effort to respond with the appropriate legislative measures, including funding and response.

• This House hearing comes two weeks after a funding panel checked out the damage. Members of the House Appropriations Committee are responsible for deciding on emergency aid to appropriate to Maryland.

• Maryland Gov. Wes Moore declared a state of emergency in April 2024.

Bottom line: Once Congress reviews the impact of the collision, emergency aid will be appropriated to hopefully rapidly respond to the billions in damages.

CONTEXT: Committee hearing in DC on Baltimore Key Bridge is set

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📈 BY THE NUMBERS

⛽ Diesel: $3.894 gal (⬇️from $3.947 last week) - EIA

✈️ Air Cargo Index (March ‘24): 166.1 (⬆️from 164.2 in Feb ‘24) - FRED

🚢 Global Container Index: $2,560.60 (⬆️from $2,383.60 on 5/2) - Freightos

📰  WHAT ELSE IS GOING ON IN FREIGHT

💪NRF predicts U.S. imports to remain strong: The National Retail Federation announced that port import numbers into the United States are staying strong.

😤Maersk continues to reroute ships indefinitely due to Houthi attacks: Maersk announced that it will continue to reroute vessels away from the Red Sea trade corridor due to escalated attacks instigated by Iranian-backed Houthi rebels.

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