General average is a maritime legal concept usually written into bills of lading or other contracts signed among parties to shipping transactions. It revolves around the principle of shared sacrifice and dates back to ancient times. Credit: Al Drago/Bloomberg
(Bloomberg) — The owner of the ship that destroyed Baltimore's Francis Scott Key Bridge has started a formal process in which companies that own goods on the stricken Dali will have to share some of the financial losses, according to the world's leading container carrier.
A.P. Moller-Maersk A/S has indicated that the process, known as "general average," was declared by Singapore-based Grace Ocean, according to a customer advisory Friday from Geneva, Switzerland-based MSC Mediterranean Shipping Co. SA.
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