The union representing 45,000 dockworkers and their employer reached a tentative wage agreement, suspending a three-day labor strike that halted trade at 36 East and Gulf Coast ports.
According to a joint statement from the International Longshoremen’s Association and the United States Maritime Alliance, work will resume immediately. The announcement stated that “the agreement will extend the Master Contract until January 15, 2025,” and allow more time to negotiate the remaining issues.
Besides wage improvements, labor union officials sought a stronger technology plan to provide dockworkers with increased job protection from automation. Details of the agreement were not immediately available.
A lengthy strike could have wreaked havoc on the supply chain and, by some estimates, cost businesses billions of dollars. ConstructConnect reported that a strike could result in construction project delays and material price volatility, as well as interfere with building product manufacturers' operations.
The International Longshoremen’s Association (ILA) union represents dockworkers at US ports that handle nearly half of US ocean trade. Dockworkers are employed by the United States Maritime Alliance (USMX), a representative of ocean carrier companies in ports from Maine to Texas.
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