The first shot in the legal fight over financial damages and losses in the Baltimore bridge disaster will likely come in the next few days in one of the city's courtrooms. The Singaporean owner of the cargo ship that took down the Francis Scott Key Bridge is expected to invoke a law dating back to the 19th century that limits the liability of ships’ owners. The WSJ’s Jean Eaglesham reports the fallout could turn into one of the most costly disasters in maritime history, with insured losses totaling up to $4 billion, surpassing the Costa Concordia catastrophe, according to ratings firm Morningstar DBRS. Maryland, with its insurers in support, will likely be among many claimants that sue the Singaporean owner of the Dali. That ship has coverage through a specialized property and indemnity insurer, the Britannia P&I club. It said it is “working closely with the ship manager and relevant authorities.”

• Singapore will investigate whether the containership flagged with the city-state broke laws. (Nikkei Asia)

The National Transportation Safety Board said the investigation to establish the cause of the collision could take up to two years. A WSJ video report looks at the progress of the investigation and what comes next.

The future of China’s trade with Australia may be decided over a bottle of Shiraz. Beijing is lifting tariffs on imports of Australian wine after more than three years, the WSJ’s David Winning reports, marking steadily warming ties after a long period of confrontation that slashed the flow of goods and commodities between the countries. The new openings will also test the appetite of Australia’s wine producers to return to one of the world’s most lucrative markets, a question looming over a range of the country’s exporters. Australia’s vintners who have carved out new markets now will have to decide whether the potential reward is worth the risk. The tariffs that China launched in 2020 came alongside new restrictions on sectors such as steelmaking coal, barley and lobsters. The trade battle is part of a new world of geopolitical uncertainty that is raising big questions in global supply chains.

U.S. economic growth in the fourth quarter was revised upward to 3.4%. (MarketWatch)

The U.K. fell into a recession in the second half of last year. (WSJ)

A measure of U.S. consumer sentiment rose to a 32-month high in March. (MarketWatch)

Canada’s economy expanded a stronger-than-expected 0.6% in January. (WSJ)

Home Depot is buying professional building project supplier SRS Distribution in a deal with an enterprise value of $18.25 billion. (WSJ)

Walgreens Boots Alliance plans to pare down the number of suppliers it uses and overhaul the goods on shelves as part of a turnaround plan. (WSJ)

Rite Aid has an agreement to hand control of the bankrupt drugstore operator to creditors while settling certain opioid claims. (WSJ)

Trading house Trafigura will pay $127 million to settle charges in the U.S. that it bribed Brazilian officials over oil contracts. (WSJ)

Oslo-listed product tanker owner Hafnia filed for a stock listing in New York. (TradeWinds)

Trade unions in Finland are extending strikes that have included shutdowns of port operations. (World Cargo News)

Mediterranean Shipping is joining CMA CGM in the media business by buying an Italian newspaper group. (Splash 247)

Annual revenue at Hong Kong-based Kerry Logistics fell 42% last year to $6 billion while international freight forwarding profit plunged 70%. (The Loadstar)

Denmark-based Scan Global Logistics is targeting more acquisitions this year after the freight forwarder swung to a $35.6 million loss last year. (Air Cargo News)

Potash exporters in Saskatchewan, Canada, are ramping up production on growing global demand for the commodity. (Saskatoon Star Phoenix)

A survey shows cost reduction replaced supply chain continuity this year as the top priority for procurement pros. (Supply Chain Management Review)

• The shutdown of a major trade corridor through Baltimore following this week’s deadly bridge collapse has ocean carriers and importers scrambling to contain the business fallout.
• Consumers continue spending on experiences, defying the expectations of many and leaving finance chiefs to wonder where shoppers will spend their money.
• Bitcoin’s recent rise has meant startups are having an easier time tapping venture firms that were previously on the fence about deals.
• More private-equity firms have jumped into the carbon-credit market, where skeptics abound but new SEC rules are expected to bring greater transparency and reliability.

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on X at @WSJLogistics.