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.

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.

The planned talks are a welcome sign for importers and exporters bracing for a labor disruption that would shut every major port on the U.S. East and Gulf coasts. 

The ILA and USMX have until January 15 to come to a deal on a new collective bargaining agreement to avert another strike at U.S. ports.

The project was brought about following the grounding of the Ever Given in 2021, which blocked the waterway for six days and impacted billions of dollars worth of trade.

Data released by the port on December 26 shows that full imports increased by more than 13% year-over-year in November 2024. 

Tolls charged for naval ships crossing the canal are based on the amount of water used and the type of ship, Mulino said.