ILWU Contract Set to Expire – Contract negotiations between the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) continue as the July 1st expiration approaches. Very few updates are available on the progress of the talks. Technically, workers are barred from officially organizing a strike at the West Coast Ports until their current contract. Carriers have already announced a severe Port Congestion Surcharge (PCS) of roughly $1,000 per 40’ should a strike occur. This surcharge would impact all ports in the U.S. and include both inbound and outbound cargo.
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China Nixes P3 Network – The proposed P3 vessel sharing agreement between the world’s three largest steamship lines was not approved by China’s Ministry of Commerce (MOFCOM) this week. The U.S. Federal Maritime Commission (FMC) and the European Commission already approved the agreement earlier this year. As a result of China’s decision, the carriers announced they will abandon plans that would have brought together 41% and 24% of trans-Atlantic and trans-Pacific capacity respectively.
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