National

United States Port Strikes Could Result In Price Hikes

NASSAU, BAHAMAS – Tens of thousands of longshoremen at ports along the U.S. East Coast and Gulf of Mexico went on strike shortly after midnight Tuesday.

Published

1 week ago

October 1, 2024

Delvardo Emmanuel

NASSAU, BAHAMAS – Tens of thousands of longshoremen at ports along the U.S. East Coast and Gulf of Mexico went on strike shortly after midnight Tuesday.

It’s the first strike by the port workers’ union in nearly 50 years. The strike came after the United States Maritime Alliance and the International Longshoremen’s Association failed to reach an agreement.

And the fallout is global including here in The Bahamas where concerns are mounting over the impact on the supply chain.

The strike, which involves thousands of workers demanding better wages and working conditions, has shut down key ports and shipyards across the United States.

This disruption comes at a critical time, as global supply chains are still recovering from the impacts of the COVID pandemic.

President and Chief Financial Officer for Super Value Limited Debra Symonette says while the company has a safety net, she worries about future shipments during the holiday season.

And what will happen with prices on the shelves?

Just imagine all your, your freight costs going up, up, up, and you still have your expenses to pay,”Symonette said. “So, in order to cover the expenses, you, you need to maintain your profit margin. And in order to do that, you have to sometimes raise your prices. But we’re trying to avoid that at every cost.”