The PMA in November requested a one-year contract extension amid the ongoing supply chain challenges that are vexing ports nationwide, but ILWU rejected the offer and confirmed it wanted to begin negotiating a new contract. In announcing its decision the ILWU said it “welcomed” an opportunity to begin collective bargaining talks.
Shortly after the ILWU announcement, the top 10 publicly traded shipping companies announced they were on track to earn billions in record revenue and profits, as overseas shipping rates have doubled and tripled when measured against 2020’s levels. Maersk, the world’s second-largest shipping company, on Feb. 9 said 2021 was a record year buoyed by “exceptional market conditions which led to record-high growth and profitability.”