Ports Reopen After Historic Strike Resolution

U.S. East and Gulf Coast ports have reopened following a significant wage agreement between dockworkers and port operators. This deal ends the longest work stoppage in nearly 50 years, but cargo delays persist. The strike, impacting 36 ports, raised wages by 62% but caused economic disruption.

Ports along the U.S. East and Gulf Coasts began reopening on Thursday night after a significant wage agreement was reached between dockworkers and port operators. This breakthrough ends the industry's biggest work stoppage in almost 50 years.

At least 54 container ships had been queued outside the ports over a three-day period, causing potential shortages of bananas, auto parts, and other goods. The International Longshoremen's Association and United States Maritime Alliance announced an immediate end to the strike, agreeing to a wage hike of approximately 62% over six years.

The unexpected resolution left a mark on shipping stocks in Asia, with companies like Evergreen Marine and Yang Ming Marine seeing substantial drops in their share prices. Retailers heavily reliant on these ports, such as Walmart and IKEA, experienced disruptions, while coffee prices rose due to the ongoing issues with port automation and potential job losses.

(With inputs from agencies.)