🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Montreal dockworkers' union rejects offer; lockout begins

Published 11/10/2024, 08:44 PM
Updated 11/11/2024, 11:12 AM
© Reuters. FILE PHOTO: A shipping container is unloaded at the Port of Montreal in Montreal, Quebec, Canada, May 17, 2021.  REUTERS/Christinne Muschi/File Photo

By Divya Rajagopal

(Reuters) -The Montreal Longshoremen's Union rejected a final offer made for a new labour contract, leading to a lockout being declared, the Maritime Employers Association (MEA) and the union said on Sunday.

The MEA said in a statement the lockout, which will impact nearly 1,200 port workers at the Canadian port that handled 8.7 million metric tons in the third quarter of 2024, has been declared as of 9 p.m. eastern (02:00 GMT).

The lockout will further slow Canadian imports and exports at a time the Port of Montreal was already operating at partial capacity and as West Coast ports are stopped due to a separate dispute.

The union representing longshoremen at the Port of Montreal said the offer was rejected by 99.7% of members because the employer refused to negotiate.

"If the MEA had respected the collective bargaining processes, solutions would have been found and a conflict at the Port of Montreal would have been avoided," said union adviser Michel Murray in a statement.

Two terminals operated by Termont, the container terminal operator based out of the Port of Montreal, representing about 40% of Montreal's container traffic and 15% of total port volume, have been shut down by the union's strike, which began on Oct. 31.

However, after Sunday's announcement all longshoring at the port will be locked out. And only essential services not related to longshoring will continue at the Port of Montreal.

© Reuters. The Port of Montreal is closed after terminal operators shut down operations over a labour dispute with the Canadian Union of Public Employees Local 375 in Montreal, Quebec, Canada, November 10, 2024. REUTERS/Peter McCabe

The MEA said that its final offer provided for a 3% salary increase per year for four years and a 3.5% increase for the two subsequent years.

West Coast ports including Canada's largest port of Vancouver have also been mostly shut down since Monday (NASDAQ:MNDY) due to a labor dispute, impacting exports of canola oil and forest products.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.