East Coast Port Strike Averted: Longshoremen Reach Tentative Six-Year Deal
A tentative labor agreement has been reached between the International Longshoremen's Association and the U.S. Maritime Alliance, averting a potential strike at East Coast and Gulf Coast ports. This comes after a six-year labor contract was agreed upon, providing certainty and avoiding disruptions. U.S. ports, including those covered by Global Port Tracker, have seen a significant increase in cargo volumes.
In November, U.S. ports handled 2.17 million Twenty-Foot Equivalent Units (TEU), up 14.7% year over year. This surge in imports is driven by retailers bringing in spring merchandise early to avoid potential disruptions and higher costs due to potential tariff increases. The National Retail Federation, the leading voice for the retail industry, advocates for policies that help retail succeed.
The new six-year labor contract is expected to bring certainty and avoid disruptions. Workers will remain on the job until the pact is ratified, preventing a possible strike that was set to occur on Jan. 16. The agreement comes after a temporary contract extension reached in October was set to expire on Jan. 15. The Global Port Tracker report, released by the National Retail Federation and Hackett Associates, provides historical data and forecasts for major U.S. ports.
December's imports are projected to be 2.24 million TEU, up 19.2% year over year, bringing the total for 2024 to 25.6 million TEU, up 15.2% from 2023. January is forecast to handle 2.16 million TEU, up 10% year over year, while February is expected to see a decrease of 4.5% due to Lunar New Year factory shutdowns in China. The agreement between the International Longshoremen's Association and the U.S. Maritime Alliance ensures smooth operations at ports in the coming months.
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