US East and Gulf Coast port workers are set to return to work today after a tentative agreement brought an end to the three day port strike.
The ILA and USMX have confirmed that an agreement has been reached for the workers to return today, but there remains outstanding issues which must be resolved before January 15th or there could be further walk outs.
The USMX have agreed wage increases of 62% over the next six years, which seems to be a reasonable compromise by both parties. The union had been demanding a 77% increase, which was considerably higher than the 50% previously offered.
The strike, involving 45,000 workers across 36 ports, was the first to hit the east and Gulf coast ports since 1977.
President Biden said last night that the agreement “represents critical progress toward a strong contract” and congratulated the ILA, port operators and carriers.
As ports start to return to full operations, we expect to see some congestion before things get back to normal. There is also likely to be some issues with schedules, as many vessels are now completely out of rotation.
So, some great news to finish the week with.
And breathe!
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