US Ports in Near-Billion Shutdown Crunch
The findings of a study commissioned by the Washington Council on International Trade has found that the economic impact of the labour strikes at various US West Coast ports in Q1, 2015 has totalled more than US$765 million, according to the Journal of Commerce.
Eric Schinfeld, President of the Council in Washington State, said: “The 2014-2015 port management-labour contract dispute was catastrophic for our trade-supported state.
“We’re releasing this study on the one-year anniversary of the conclusion of the negotiations to remind Washington residents and elected officials how disastrous this incident was for our economy.”
The study stated: “This value represents the sum of net delinquent shipments and additional costs, specifically warehousing and truck-idling fees.
“Future costs, such as damaged client relations resulting in the loss of business or sole-source contracts, can have long-lasting impacts on Washington businesses.
“They are very real and potentially much greater than the near-term costs.”