Even as BC longshoremen got back to work on Thursday, it could take weeks or even months to recover from the economic damage caused from the 13-day strike..According to London-based VesselsValue, the combined value of cargo floating offshore waiting to be unloaded at Prince Rupert and Vancouver is a combined $7.5 billion, excluding vessels that left anchorage to go to the US and were denied from offloading in Seattle and Tacoma..The outage is stoking inflationary fears in the US, because 15% of the import volume through Vancouver and 65% from Prince Rupert are ultimately routed back to the US by rail..In that regard, the picture is equally grim..According to the American Railroad Association, Canadian rail traffic for the week ended July 8 was down 2.7% overall, with 46% fewer intermodal units compared to last year. Almost all of the drop was attributable to the port strike..The main commodities impacted include grain, forest products and petroleum..The Railway Association of Canada estimates that it will take three to five days for each day the strike lasted to fully catch up. Not including the delays from offloading vessels, that means it could take anywhere from six weeks to two months to fully recover..In a statement following the deal announcement, the British Columbia Maritime Employers Association insisted that it “regrets the significant impact this labour disruption has had on the economy, businesses, workers, customers and ultimately, all Canadians.”.“We must collectively work together to not only restore cargo operations as quickly and safely as possible but to also rebuild the reputation of Canada’s largest gateway and ensure supply chain stability and resilience for the future.”.Likewise, Labour Minister Seamus O’Regan, issued a statement on Thursday acknowledging the damage..“The scale of this disruption has been significant,” he tweeted. “The extent of it has shown just how important the relationship between industry and labour is to our national interest. Our supply chains and our economy depend on it. We do not want to be back here again.”.Although Greater Vancouver Board of Trade CEO Bridgette Anderson said the group welcomed the agreement, it noted the “consequences of the strike… will continue for some time.”.“This is the longest strike we have had in nearly 40 years on the waterfront, and it follows a period of great instability for our supply chains. Looking forward, we need to rebuild our reputation as a stable trading partner and ensure the future resiliency and stability of our supply chain,” she said in a statement..“We ask the federal government to explore adding additional tools in their toolkit that can better address labour disputes on the waterfront to avoid further damage to our supply chain.”
