If the IMO goes ahead with a global, mandatory pricing mechanism for greenhouse gas emissions, it will be a world first, according to the World Bank.

While the ILA and USMX found common ground on wages, the remaining issues may prove to be thornier ones.

A strike at U.S. East and Gulf Coast ports enters its third day, with talks between the ILA and USMX remaining fraught.

The ILA has said that the most recent offer from the USMX "fails to address the demands of our members adequately."

The 900-foot ship was hit by an uncrewed surface vessel 64 nautical miles northwest of the rebel-held port city of Hodeidah.

Even if the dispute between the ILA and USMX is resolved quickly, the battle over automation at U.S. ports is set to rage on for a good long while to come.

Alternative East Coast ports — including Montreal, where half of the terminals are shut down by a strike — will not be able to handle large scale diversions.

The union recently claimed that carriers "are gouging their customers," alleging that it now costs $30,000 to ship a single container. Not so, says freight rate analytics company, Xeneta.

The strike affects ports with the combined capacity to handle as much as half of all U.S. trade volumes.

The three-day strike started at 7 a.m. EST on September 30 at the Port of Montreal's Viau and Maisonneuve Termont terminals.