Indian port strike averted: Some 20k workers across India’s major ports called off a plan to go on an indefinite strike on Tuesday after a new five-year agreement was reached, Reuters reports. The union leaders, who were demanding a 10.6% wage increase, agreed to an 8.5% increase in pay over five years. The agreement prevented further stress to an already strained global supply chain, which is grappling with increased freight costs and congestion at major Asian and European ports.

ICYMI- Union representatives from India’s state-run ports met with government officials in an eleventh-hour attempt to avoid the strikes. Union leaders were threatening to initiate industrial action the following day if they had deemed the proposals from the ports association unacceptable.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Maersk welcomes new vessel: Maersk has added its fourth large dual-fuel vessel — the Alette Maersk — to its fleet. (Statement)
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