A planned strike at India’s major ports was canceled after workers accepted a new five-year contract. Nearly 20,000 workers were set to walk out on August 28.

Reuters reported that Unions agreed to an 8.5% pay raise over five years, down from their initial 10.6% demand. The deal ends talks that began in 2021 when the previous contract expired.

1.62 billion metric tons of cargo yearly are handled through Chennai, Cochin, and Mumbai ports. India expects total exports of $776.68 billion in fiscal 2023-24, slightly up from the previous year of $776.4 billion.

Source: American Shipper