US cargo ship crash shocks markets

Global stock markets suffered a shock on Tuesday amid the wreck of a transport ship chartered by Danish company Maersk in the Baltimore River, USA. The incident triggered a plunge in shares of transporters and coal miners, disrupted global supply chains and negatively impacted stocks, Business Insider reported.

The container ship caught fire and sank after colliding with a bridge that collapsed on impact into the river. This caused Maersk's stock to fall 8%, compounding their negative momentum. Since the beginning of the year, they have already lost 25%, which contributed to the tense situation in the Red Sea and the decline in demand for cargo transportation after the pandemic crisis, the publication specifies. In February, the company announced that it expects a sharp decline in profits and will suspend share buybacks.

Shares of Consol Energy, a coal mining company that uses a marine terminal in Baltimore, plummeted 10% after the incident.