US port strike ends leaving huge cargo backlog to be cleared [Yahoo! Finance]
The Goodyear Tire & Rubber Company (GT)
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Source: Yahoo! Finance
The strike's end came sooner than investors had expected, taking the fizz out of shipping stocks across Asia on Friday as freight rates were no longer expected to surge. At least 54 container ships queued up outside the ports over three days as the strike prevented unloading and threatened shortages of everything from bananas to auto parts. The figure by Everstream Analytics was calculated at 4:00 p.m. ET (2000 GMT). More ships are sure to arrive. The International Longshoremen's Association (ILA) workers union and United States Maritime Alliance (USMX) port operators announced the deal and an immediate end to the strike late on Thursday. Sources said they had agreed a wage hike of around 62% over six years, raising average wages to about $63 an hour from $39 an hour. Shares in shipping companies in Asia fell heavily across Asia. "Shipping stocks had previously rallied on expectations of price increases triggered by the strike by U.S. dock workers and the tense situation in t
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- 11/5/24 - Form 10-Q
- 11/4/24 - Form 8-K
- GT's page on the SEC website