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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
West Coast dockworkers are set for a 32% pay increase and a one-time "hero bonus" under a new contract agreement, marking a significant win for transport workers.
Under a tentative agreement with port employers, West Coast dockworkers are set to receive a 32% pay rise through 2028 and a one-off "hero bonus" for working during the pandemic. This agreement, which awaits ratification, follows a series of labor agreements leading to significant wage increases for transport workers. In addition to pay rises, the deal includes improved benefits and provisions, a result of over a year of intense negotiations. The deal is expected to alleviate concerns of trade disruptions and stimulate the return of cargo previously diverted away from West Coast ports due to labor uncertainties.
Source: The Wall Street Journal
New Ports Contract Would Raise Pay 32%, Bring Dockworkers $70 Million in Bonuses: This week’s tentative agreement at West Coast ports is the latest union deal to bring sizable wage increases to transport workers. ^WSJ #Business #Finance #CFO https://t.co/2tP8cTFnNB pic.twitter.com/uamhnH9iXu
— Rick Telberg (@CPA_Trendlines) June 16, 2023
The Port of Los Angeles processed 752,893 20-foot equivalent units for the month of May. A 3% decline from the 779,140 moved around this time a year ago.
East Coast port strike looms while LA imports fall slightly. But bigger storm brewing as ocean freight rates could hit $20,000 per container.
Plus, the Port of Los Angeles posted its 11th straight month of year-over-year gains in exports, processing 770,337 total TEUs, up 12% from last year.
With the port gradually reopening, this Baltimore trucking firm navigates ongoing disruptions while keeping drivers employed.
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