ILA and USMX enter into six-year contract agreement to ensure safety
The International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) have reached a tentative six-year prime contract, averting a potential supply chain crisis at Eastern and Gulf Coast ports. The deal, finalized just days before a crucial Jan. 15 deadline, ensures stability for an industry vital to the U.S. economy. Also read: Strike fears, tariff plans drive early import surge at U.S. ports The breakthrough comes after months of tension, including a three-day strike in October that ended with a temporary contract extension and an agreement on a pay rise. However, the divisive issue of port automation remains unresolved to this day. In a joint statement, the two sides emphasized the contract's dual focus on safeguarding jobs and embracing modernization. “This agreement protects current jobs at ILA and establishes a framework to implement technologies that will create additional jobs while modernizing the Eastern and Gulf Coast ports. These measures make operations safer and more efficient, and be ready…
US port strike looms: Surcharges send freight rates soaring
Shipping lines prepare for disruption on January 15 The upcoming January 15, 2025, strike by dockworkers on the East Coast of the United States is having an impact on the logistics industry, pushing up freight rates and triggering surcharges from major shipping companies. Negotiations between longshoremen and terminal operators remain deadlocked, prompting industry stakeholders to brace for major supply chain disruptions. Also read: Contract talks stalled, East Coast port strikes loom, carriers brace for fallout Leading carriers launch surcharges To mitigate the potential impact, carriers including Maersk, CMA CGM and Hapag-Lloyd have announced surcharges on several routes. Maersk: USD 1,500 per TEU, rising to USD 3,780 for a 45-foot container. CMA CGM: USD 800 per TEU for exports and USD 1,500 for imports. lloyd table: Work interruption surcharge applicable to multiple regions, with additional charges for East Asian imports. Freight rates on major routes rise Freight rates climbed sharply, reflecting the uncertainty surrounding the strike. Shanghai Container Freight Index (SCFI)…
U.S. ports generate $2.9 trillion in economic impact
The American Association of Port Authorities (AAPA) has released its 2024 Port and Maritime Industry Economic Contribution Report, emphasizing the important role that U.S. ports play in the national economy. The study highlights that the maritime sector supports nearly $2.9 trillion in GDP and 21.8 million U.S. jobs, solidifying ports as important pillars of the economy. “With one in every eight U.S. jobs and a GDP of nearly $2.9 trillion, we can’t imagine a world without U.S. ports,” said Cary S. Davis, AAPA president and CEO. Davis) said. "Despite significant challenges such as the pandemic, macroeconomic shifts and protectionist trends, the port industry remains critical to U.S. supply chains and economic growth. Policymakers must continue to invest in our ports to ensure long-term prosperity." Key findings of the report 1. 21.8 million jobs are supported by the maritime industry, including consumer spending, suppliers and port users, equivalent to one in every eight jobs in the U.S. workforce. 2. In 90%…
Global Trade Magazine Launches First Annual “America’s Favorites” Magazine
Global Trade Magazine is pleased to announce the first annual America’s Favorite Port Awards, a unique opportunity for industry professionals to vote and celebrate America’s top ports. The inaugural event allows companies and individuals in the supply chain and logistics industry to recognize the ports that drive growth, efficiency and innovation in global trade. Also read: Global Trade Magazine seeks nominations for annual Women in Logistics feature Voting is officially open starting today, with Global Trade Magazine inviting businesses, logistics professionals and port users to vote for the ports they believe excel in service, sustainability, customer satisfaction and operational performance. How to participate: Voting is easy! Simply click here to select your favorite US port. Voting deadline Please be sure to submit your vote by November 1, 2024 at 5:00 PM CST. Winners will be featured in the December issue of Global Trade Magazine, with special recognition given to ports that receive top accolades from industry leaders."We are excited to…
Upcoming port projects offer numerous opportunities for collaboration
Port infrastructure in the United States is a key component of economic growth, so it is not uncommon to see significant capital investments through federal government grants. It is estimated that federal investment in port infrastructure will reach approximately $163 billion between 2021 and 2025. These investments are primarily focused on increasing capacity and efficiency, especially given that maximum vessel size has doubled over the past 15 years. It is estimated that at least $12 billion will be needed for waterside infrastructure at coastal ports between now and 2031, with additional billions needed for landside port infrastructure. Many of the current and upcoming projects are in the planning stages, and the ones outlined in this column represent the types of initiatives that will apparently be launched across the United States in the coming years. Also read: Top 25 container ports in the United States The City of Menominee, Michigan, received $21 million last month from a grant program administered by…
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