Domestic Market Updates –
U.S. East/Gulf Coast Longshore Strike ENDS:
The ILA union and the United States Maritime Alliance (USMX) reached a tentative agreement on wages after three days of work stoppage and decided to extend their master contract until January 15th. This allows both parties to continue negotiations on all remaining issues, most notable automation.
Port of Montreal Strike ENDS:
The Canadian Union of Public Employees (CUPE) Local 375 issued a 72-hour notice to strike, which started September 30th and operations resuming on Thursday, October 3rd. The strike impacted Viau and Maisonneuve terminals, with access prohibited and no rail, ship or truck services available during that time.
Weather:
Another significant Hurricane (Milton) is expected to hit the Florida coast this week, though it is uncertain where exactly Milton will make landfall. As of Monday, Milton was listed as a Category 5 Hurricane.
Experts at AccuWeather forecast Milton to lose some wind intensity and possibly weaken from a Category 5 hurricane, as the storm hits Florida but still expected to be a life-threatening storm.
The Port of Tampa Bay has suspended inbound and outbound vessel traffic, and their shipping channels have closed, due to the looming hurricane. Their landside operations remain open, as long as safely possible, the port said in a statement on 10/8.
This comes after Hurricane Helene made landfall in Florida two weeks ago and weakened to a tropical storm as it made its way through Georgia, the Carolinas, and Tennessee.
Diesel update: The average price of diesel increased 4.9 cents a gallon, putting the average price of diesel at $3.584 per the U.S. EIA.
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