Market Updates: August 13th, 2024

Canada Labor Uncertainty: Since the CIRB issued their decision – ruling that a work stoppage would NOT cause a threat to public health/safety – a lot has transpired. Here’s what we know so far:

• CIRB imposed a 13-day cooling off period before either party could issue a strike or worker lockout, putting the earliest date for work stoppage at August 22^nd.
• In a statement, TCRC said if a contract is not reached, they will go on strike the earliest chance they are able to (August 22^nd).
• CPKC released a statement last Friday saying they would have no other option but to lock out employees on August 22^nd if a contract is not reached, or TCRC does not agree to binding arbitration.
• CN as well released a statement essentially agreeing with CPKC and that they would also have no choice but to lock out their employees on August 22^nd.

Do you have freight that moves through Vancouver, Montreal or Toronto and have questions? Reach out to our team and we’ll connect with you on your options.  

Intermodal: Following along in CN, CSX, and UP railways footsteps, NS will mandate a reservation systems, making trucking companies having to reserve slots when dropping off both international and domestic containers, JOC reports. This is set to begin in phases starting September 4^th. NS hope this will help improve terminal efficiency, but certainly may have its challenges.

Diesel Update: This week the average price of diesel dipped 5.1 cents. Making the average price of diesel at $3.704, per the U.S. EIA.

U.S. Labor Uncertainty: The East/Gulf Coast Dockworker contract expires on September 30^th and recently the International Longshoremen’s Association announced they will present their final contract demands to union delegates at a meeting September 4-5^th and will also outline strike strategies if an agreement is not reached before the contract expires. A couple key issues in these negotiations are wage increases and automation issues.