General Average Declared Over Key Bridge Collision

Singapore-based Grace Ocean, the owner of the M/S Dali containership involved in the collision with the Francis Scott Key Bridge in Baltimore on March 26, resulting in its collapse, has officially declared general average.

The declaration of general average in the maritime insurance sphere marks a critical juncture wherein all stakeholders involved in a sea voyage—shipowners, cargo owners, and sometimes shippers—jointly bear the financial burden incurred to safeguard the collective interests of the vessel, cargo, and crew (source: World Cargo News).