East & Gulf Coast Labor Contract Update

The ILA contract covering most of the East and Gulf coast ports expired on 09/30/2012.  The ILA and the USMEX agreed to extend the contract until 12/29/2012, to keep the ports open and working.  However, at this time a resolution is not expected as both sides appear to be far from agreement.  Statements from the trade community have indicated they plan to send a letter urging both parties to seek a quick resolution, hoping to avoid port closures.  Port closures would be very damaging to exporters and importers alike, as witnessed by the LA/LGB strike.