Domestic Market Updates –
[Labor] Port of Montreal: On Sunday, October 27th, the dockworkers went on a one-day port strike that ended early morning on Monday, the 28th. Those workers held off of any work at all of the port’s container and dry bulk terminals during the 24-hour strike, per the Port of Montreal.
Since October 10th, the dockworkers at the Port of Montreal have started an overtime strike. Meaning – they will refrain from working any overtime for an indefinite period. A proposal to restart the mediation process – without additional pressure tactics – was rejected by the Montreal Longshoremen’s union.
Diesel Update: The average price of diesel increased by 2 cents a gallon, putting the average price of diesel per gallon at $3.573, per the U.S. EIA.
[Labor] USEC/USGC Longshore Contract: In a joint announcement, the ILA and the USMX said they will continue discussions on a new master contract next month (November). These discussions will be about the remaining outstanding issues (automation being a key one) until a contract is agreed to. While the parties have agreed to a tentative agreement, they decided to extend the master contract until January 15th, 2025.
Truckload Rates/Capacity: Capacity remains readily available, but truckload spot rates have seen increases post-hurricane Milton. Per DAT Freight & Analytics, the U.S. truckload market seems to be moving towards a supply-demand equilibrium.
Port Infrastructure: Oregon plans to be the first ship to rail port terminal on the USWC after receiving $25 million from the US DOT. The funds will go towards the environmental review, permitting, and initial engineering for the terminal’s railyard, container yard, wharf, and berths, the port said in a press release.
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