Exports of the steelmaking material from Port Hedland in Western Australia reached 47.6 million tons in December.

Crate & Barrel alleges that it had to pay $30 million more than it would have had carriers honored their service commitments. 

Duffy said he would work with Congress and the Federal Aviation Administration to ensure robust oversight of Boeing and other aerospace manufacturers.

Duffy’s new job would heavily overlap with Elon Musk’s empire, requiring him to navigate the priorities of an outspoken billionaire who runs companies that fall under the agency’s jurisdiction.

While the boats have been out of service for about three weeks, port personnel are slowly bringing tankers into harbor, causing a bottleneck.

The NRF praised the two sides for providing certainty for supply chains, and for helping pave the way for modernization at U.S. ports. 

The two sides agreed to continue to operate under the current contract until the union can meet with its full Wage Scale Committee, and schedule a ratification vote.

The anchor was raised to the surface on January 6 and taken for forensic analysis, the National Bureau of Investigation said in a statement the following day.

Sources told CNBC that the discussions largely centered around hammering out language surrounding automation at U.S. ports. 

Diversion of future shipments to West Coast ports would become more difficult and costly if a stoppage was prolonged as ships back-up and remain unloaded, reducing available capacity.