Strikes at US ports along the East Coast and Gulf Coast have been called off following a tentative agreement on a new six-year master contract between the International Longshoremen’s Association and the US Maritime Alliance

The strikes, set to begin on 15 January, would have led to the closure of ports from Maine to Texas, disrupting the vital flow of goods.

Had the strikes proceeded, data from Xeneta, the freight intelligence platform, indicated a potential further rise in freight rates, which had already increased by 26% since mid-December.