According to a report published by CNBC and seen by Sky News Arabia, a union for port workers in… USOn Thursday, the US Maritime Alliance reached a preliminary agreement on wages, and extended their current contract until next January 15, to provide sufficient time to negotiate a new agreement.
The prolonged American strike would have given European shipping companies an impetus to obtain a larger share of global supply chain orders.
Shares are trimmed Maersk Losses slightly to trade down 6.5 percent by 10:05 a.m. London time.
Shares of the German company “Hapag-Lloyd” fell by 12.17 percent, and shares of the Swiss logistics company “Kuhne + Nagel” fell by 1.48 percent.
This follows declines for Asian shipping companies during Friday’s session, as shares of Japan’s Nippon Yusen and Kawasaki Kisen fell by 9.48 percent and 9.65 percent, respectively.
Port workers and port operators said in a statement that they had reached a tentative agreement that would immediately end a three-day strike that had disrupted shipping traffic on the East Coast and Gulf Coast of the United States.
Two informed sources told Reuters that the initial agreement stipulates a wage increase of about 62 percent over a period of six years, raising the average wage to about $63 per hour from $39 per hour during the agreement period.
The International Port Workers Union was seeking a 77 percent increase in wages, while the United States Maritime Alliance, which represents employers, had previously raised its offer to an increase of about 50 percent.
