Bernstein: 'Strike averted, removing important source of upside for freight rates'
Here’s a ‘quick take’ from Bernstein out today to equity investors following the latest news ...
ABC News reports:
US longshoremen reached a contract agreement with ports and shippers Wednesday, averting a potential strike that could have damaged the American economy.
The International Longshoremen’s Association union and the U.S. Maritime Alliance of ports and shipping companies said they had reached a tentative agreement for a six-year contract, a week ahead of a Jan. 15 deadline.
In a joint statement, the two sides said the agreement protects union jobs and allows ports on the East and Gulf coasts to modernize with new technology, ” making them safer and more efficient, and creating the capacity they need to keep our supply chains strong.”
They said they were not releasing details of the agreement publicly to give union and alliance members a chance to review and approve the document…
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More here: “Union dockworkers, port employers announce tentative deal at East Coast and Gulf ports“.
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