Historic Tentative Deal Ends U.S. Dock Workers Strike

U.S. dock workers and port operators have reached a tentative agreement to end a three-day strike across the East and Gulf Coasts. The deal proposes a 62% wage hike over six years and extends the current master contract until January 2025 as negotiations continue on unresolved issues.

U.S. dock workers and port operators have successfully negotiated a tentative agreement to end their strike, which had halted shipping activities on the East Coast and Gulf Coast for three days. Announced jointly by the International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX), this agreement proposes a substantial wage increase of approximately 62% over the next six years.

In a statement, both parties confirmed the immediate cessation of all job actions, allowing the resumption of work covered by the Master Contract. By Wednesday, 45 container vessels were left anchored outside affected ports, a significant rise from Sunday's count of just three, according to data from Everstream Analytics.

The strike, initiated by 45,000 port workers and marking the ILA's first substantial work stoppage since 1977, followed the breakdown of negotiations for a new six-year contract. With U.S. President Joe Biden's administration siding with the union, pressure mounted on port employers to enhance their offer, especially given the shipping industry's considerable profits in the post-pandemic era.

(With inputs from agencies.)