US Ports extend hours as container rates drop post-strike

With the suspension of the US Gulf and East Coast port strike until January 15, carriers are urging customers to use extended gate times to move urgent containers. The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) reached a tentative wage agreement, extending the contract while negotiating the remaining issues.

A leading freight forwarder noted that while the short strike had limited economic impact, it still affected the ocean and air markets. Congestion concerns remain, with routing via the West Coast recommended to avoid potential delays.

Container rates continued to fall, with global shipping rates dropping 5% this week. The US chemical tanker market remains weak, particularly on routes to Asia, with further softening expected due to external pressures and market conditions.