association and the shipping companies over what are called, container royalties of the those are salary supplements based on how much each container weighs. the heavier the container, the more the longshoreman gets paid. the owners wanted those capped. the workers did not. this from a federal mediator in d.c. quote, the container royalty payment issue has been agreed upon in principle by the party subject to achieving overall bargaining agreement. the parties have agreed to additional extension of 30 days to negotiate all remaining issues. if they don t though, we return to a sweeping strike, freezing every container at all the ports with electronics, airline ports, clothes, textiles, just about every consumer product you can think of are in those containers. this involves every container shipping port from boston to houston. billions and billions of dollars worth of goods, both imports to buy and exports to sell.
increased in november for the third straight month to reach the highest level in two-and-a-half years. major port strike has been averted for now after mediators got the long shoreman s union to postpone it for month to work out time detail osafter new contract. correspondent phil keeting is following that story from miami. at least one end of the year cliff has been averted for now. container cliff. there will be no east and gulf coast port strike happening this weekend. but both sides still have much to work out. if they don t, five weeks from now will be right back to a sweeping strike with great consequences. a strike in long beach in los angeles a few weeks ago. that was close. if you cost that area, $1 billion a day. sticking point has been the container royalties. salary supplements for long shoremen. heavier the container, the more they get paid. the owners want to cap the royalties at last year s levels to 15,000 long shoreman did not. this from the federal mediator