Tentative deal reached in Canadian port strike

Retailers who use two of Canada’s busiest shipping ports can breathe a sigh of relief.

The strike that hit the Western Canada ports, including the country’s largest, the Port of Vancouver, has ended after the International Longshore and Warehouse Union (ILWU) Canada and waterfront employers reached a deal on a tentative four-year contract, reported Reuters. The agreement still needs to be ratified by both sides.

The walkout started on July 1 when roughly 7,500 dock workers represented by the ILWU walked off the job after failing to reach a new contract.

"The British Columbia Maritime Employers Association (BCMEA) and International Longshore and Warehouse Union (ILWU) Canada are pleased to advise that the parties have reached a tentative agreement on a new 4-year deal," the BCMEA said in a statement.

The strike is estimated to have disrupted $6.5 billion (Canadian dollars) of cargo movement at the ports, based on the Canadian Manufacturers & Exporters' calculation of about $500 million (Canadian dollars) in disrupted trade each day, the report said.

The Greater Vancouver Board of Trade said there are 63,000 shipping containers stuck on vessels waiting at B.C. ports to be unloaded, according to CBC.