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US: Risk Of Port Strike Increases After Negotiations Stall

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Dozens of ports on the US Eastern seaboard could go on strike next week after negotiations between ports and the union representing longshoremen stalled without an agreement. A strike could involve up to 45,000 dockworkers and affect more than half of container goods shipped to and from the US. 

  • The Financial Times reports that the ports, “receive 41 per cent of the country’s containerised port volume and their closure would have a “devastating impact” on the US economy, a coalition of 177 trade groups warned last week.”
  • Semafor reports: “President Joe Biden has said he won’t stop the labor action, but his administration will likely try to intervene, one retail leader told Freightwaves, because Democratic nominee Kamala Harris “does not want that kind of an economic headache before the election.””
  • Bloomberg reports that Peter Sand, chief shipping analyst at Xeneta, said in a note today: “The consequences will be severe,” adding that there are already ships carrying “billions of dollars of cargo” heading for the US and “these ships can’t turn back and they can’t realistically re-route to the US west coast."

Figure 1: Amount of Caro Handled by Major US Ports in Q2 2024

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Dozens of ports on the US Eastern seaboard could go on strike next week after negotiations between ports and the union representing longshoremen stalled without an agreement. A strike could involve up to 45,000 dockworkers and affect more than half of container goods shipped to and from the US. 

  • The Financial Times reports that the ports, “receive 41 per cent of the country’s containerised port volume and their closure would have a “devastating impact” on the US economy, a coalition of 177 trade groups warned last week.”
  • Semafor reports: “President Joe Biden has said he won’t stop the labor action, but his administration will likely try to intervene, one retail leader told Freightwaves, because Democratic nominee Kamala Harris “does not want that kind of an economic headache before the election.””
  • Bloomberg reports that Peter Sand, chief shipping analyst at Xeneta, said in a note today: “The consequences will be severe,” adding that there are already ships carrying “billions of dollars of cargo” heading for the US and “these ships can’t turn back and they can’t realistically re-route to the US west coast."

Figure 1: Amount of Caro Handled by Major US Ports in Q2 2024

Keep reading...Show less