On January 8 local time, ILA and USMX jointly announced that they have reached a preliminary agreement on all terms of a new six-year master contract.

The parties agreed to continue operating under the current contract until the union holds a full compensation committee meeting and schedules a ratification vote, while USMX members approve the final contract terms.

An agreement has been reached on technology to automate container handling at U.S. East Coast and Gulf Coast ports, despite strong opposition from the International Labor Organization, which said the move would reduce union jobs.

Under the terms of the agreement, terminal operators and ocean shipping companies will be allowed to expand the use of semi-automated machinery in exchange for a guarantee to create union jobs specifically related to the equipment.

The 25,000 ILA longshoremen who load and unload containers at 14 ports will also get a 62 percent pay raise over the six years of the contract, which was agreed after a three-day strike by the union in October.

"Mr. Trump is a hero to our ILA union and our members and was instrumental in the successful conclusion of the tentative general contract agreement," union President Harold Daggett said in a press release.

As of Wednesday, Freightos Baltic Index showed freight rates from Asia to the West Coast of the United States remained at $5,924 per 40-foot TEU. Freight rates from Asia to the U.S. East Coast fell 1 percent to $6,898 per 40-foot TEU.

Asia-northern Europe freight rose 1% to $5,640 per FEU. Asia-mediterranean freight rose 1% to $5,685 per FEU.

Industry analysts are forecasting a 10 percent increase in January freight volumes compared with the same month last year.