This info was published before the Baltimore port access was closed. The other major east coast ports may close in October 2024. Prepare.

Threat of strike looms large over East, Gulf Coast ports

Labor contract expires at height of 2024’s peak season

Monday, February 26, 2024

There’s an increasing abundance of skittishness surrounding the future of East and Gulf Coast ports.

The labor contract between the International Longshoremen’s Association and the United States Maritime Alliance (USMX) is set to expire at the end of September. The ILA represents some 70,000 dockworkers, while the USMX represents employers at 36 coastal ports — including three of the U.S.’s five busiest ports: the Port of New York and New Jersey, the Port of Savannah, Georgia, and the Port of Houston.

Contract negotiations between the ILA and the USMX began in February 2023 but quickly foundered on the issue of wage increases. Developments since then have not been promising.

‘Talk of potential disruptions has increased’

In November, ILA leadership warned roughly 45,000 of its members to “prepare for the possibility of a coastwide strike in October 2024,” after the current master contract expires. ILA President Harold Daggett also cautioned that there is no chance of extending the current contract past the expiration date.

https://www.freightwaves.com/news/threat-of-strike-looms-large-over-east-gulf-coast-ports

Reinsurers, marine market to bear brunt of Baltimore bridge collapse

The collapse of a bridge near the Port of Baltimore will have major implications for reinsurers and the wider marine insurance market as one of the busiest ports in the mid-Atlantic grinds to a halt.

The Dali is owned by Grace Ocean Pte. Ltd., managed by Synergy Marine Pte. Ltd. and covered by The Britannia Steam Ship Insurance Association Ltd., or Britannia P&I Club. Protection and indemnity (P&I) clubs are mutual insurance organizations that insure and pool liability for the global shipping industry.

All crew members and the two pilots operating the Dali have been accounted for, according to a statement from a Britannia P&I Club spokesperson. The statement noted that the "exact cause of the incident is yet to be determined."

The value of the bridge itself could be about $1.2 billion; it is not yet known if the insured limit on the property placement will fully cover replacement, Worters said. Insurance Insider reported that Chubb Ltd. is the lead insurer of the bridge itself, but any claims are likely to be subrogated to the shipowner's insurance.

The incident will impact the International Group of P&I Associations the hardest, according to Worters, who said the group has significant reinsurance coverage, led by AXA XL. Worters also said it was her understanding that Aon PLC covers the bridges and tunnels property placement for the State of Maryland.

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/reinsurers-marine-market-to-bear-brunt-of-baltimore-bridge-collapse-80988297

This info was published before the Baltimore port access was closed. The other major east coast ports may close in October 2024. Prepare.

Threat of strike looms large over East, Gulf Coast ports

Labor contract expires at height of 2024’s peak season

Monday, February 26, 2024

There’s an increasing abundance of skittishness surrounding the future of East and Gulf Coast ports.

The labor contract between the International Longshoremen’s Association and the United States Maritime Alliance (USMX) is set to expire at the end of September. The ILA represents some 70,000 dockworkers, while the USMX represents employers at 36 coastal ports — including three of the U.S.’s five busiest ports: the Port of New York and New Jersey, the Port of Savannah, Georgia, and the Port of Houston.

Contract negotiations between the ILA and the USMX began in February 2023 but quickly foundered on the issue of wage increases. Developments since then have not been promising.

‘Talk of potential disruptions has increased’

In November, ILA leadership warned roughly 45,000 of its members to “prepare for the possibility of a coastwide strike in October 2024,” after the current master contract expires. ILA President Harold Daggett also cautioned that there is no chance of extending the current contract past the expiration date.

https://www.freightwaves.com/news/threat-of-strike-looms-large-over-east-gulf-coast-ports