Strikes at East Coast, Gulf ports are a big labor risk this year, and trade diversions have already started
Publishing timestamp: 2024-03-07 16:04:14
Summary
The International Longshoremen's Association's contract with the United States Maritime Alliance is set to expire in September, with a cutoff date for local contracts on May 17. Concerns are rising about a potential strike by the ILA, leading to logistics managers moving more freight away from the East Coast. Negotiations are ongoing, with the ILA looking for wage increases and bonuses. The movement of trade away from the East Coast is influencing freight volume and rail transportation. Companies are advised to plan ahead for potential disruptions in the supply chain.
Sentiment: MIXED
Tickers: UBER, KHNGY, UNP, AMKBF, KNI.N-CH, MAERSK.B-DK,
Keywords: economy, donald trump, transportation and shipping, business news, uber technologies inc, trade, united states, kuehne und nagel international ag, labor unions, shipping, ap moeller - maersk a/s, breaking news: economy, u.s. economy, union pacific corp,
Source: https://www.cnbc.com/2024/03/07/countdown-clock-for-strike-at-east-coast-gulf-ports-has-begun.html