ILA, US Maritime Alliance Reach Tentative Labor Deal, Averting Strike
A tentative labor agreement has been reached between the International Longshoremen's Association (ILA) and the U.S. Maritime Alliance, averting a potential strike at East and Gulf Coast ports. The agreement, announced on January 15, 2024, is for a new six-year labor contract and will keep workers on the job until the pact is ratified.
The agreement comes as a relief, as a strike was set to begin on January 16, 2024. This could have significantly disrupted operations at U.S. ports, which have been experiencing high volumes of cargo. According to Global Port Tracker, a report produced by Hackett Associates for the National Retail Federation, U.S. ports handled 2.17 million TEU in November 2024, up 14.7% year over year.
The projected total for 2024 is 25.6 million TEU, up 15.2% from 2023. This surge in imports is largely driven by retailers bringing in spring merchandise early to avoid potential disruptions and higher costs due to potential tariff increases. The impact on imports in the long term remains to be seen. December 2024 is projected to handle 2.24 million TEU, up 19.2% year over year.
The agreement between the ILA and the U.S. Maritime Alliance ensures smooth operations at U.S. ports for the next six years. Harold Daggett, chairman of the ILA, played a crucial role in negotiating the pact. While the long-term impact on imports is yet to be determined, the agreement provides immediate relief and stability for the retail industry and consumers.
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