East and Gulf Coast Port Strike Postponed (and hopefully averted!)

Good news that is potentially great news! The ILA and USMX have come to a tentative agreement on container royalty payments (the main sticking point preventing a new contract from being agreed upon). With this agreement, both sides have agreed to an extension of 30 days (until January 28, 2013) to complete negotiations on the remaining issues in the contract.

Neither side has published details about the agreement on the royalty payments. I am also not sure if there will be any further sticking issues that will prevent the contract from completed within the next 30 days. However I am hopeful that a final contract can now be agreed upon.

Hoping our Federal Government can also come up with an 11th hour agreement on the Fiscal Cliff crisis!

Wishing everyone a joyful and peaceful New Year!

Jimmy Ting





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