Gridlock On The Ocean

On today’s show we are taking a look at an impending risk. We have talked about this on the show in recent weeks.

There have been several news reports in the mainstream media about an impending labour strike by US Longshoremen on October 1. There are reports in Reuters, Bloomberg, CNBC and others.

The international longshoremen’s association held a two day meeting on September 4-5 with their wage scale delegates. At the end of two days, the delegates voted last week unanimously to strike on October 1 if a new contract is not negotiated by Sept 30. The longshoremen are looking for a 77% increase in their wages over the life of the contract. They are also looking for assurances that jobs won’t be lost to automation. By comparison, their West coast counterparts received a 32% wage increase in their most recent contract negotiations.

Nearly 10 days later and no discussions have taken place between the ports and the union.

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