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! m l b . . R E P O R T From The Chairman's Desk To say that 2009 was a horrible year would be an understatement of epic proportions. We witness- ed the near collapse of our economic system, and the subsequent bailout of the big banks. We also observed, sometimes in total disbelief, the vitriolic rhetoric and deliberate misinformation that seemed to permeate the debate over health care reform. 2010 is getting off to a slow start. Unemployment is still hovering at or close to double digits, and while critical legislation on financial reform, energy, and immigration needs to be dealt with by Congress, they are mired in bickering and partisan politics. Our Industry did not escape the carnage. Container carrier losses in 2009 approached a staggering $20 billion, and many member companies had to implement staff reductions and cutbacks. Tonnage and manhours are down in nearly every port on the East and Gulf coasts of the United States, and many of our long- shore employees are not getting a full week's work. Despite everything that was hap- pening, ILA President Hughes and I began to explore the possi- bility of reaching an agreement on a new Master Contract in 2009. We both believed that this action was essential to protecting the economic bene- fits gained by the industry because of the labor stability we have brought to the East and Gulf coasts. The negotiations centered on these key issues: the need for the Carriers to offset the cost of the wage increase due on 10/01/09, under the terms of the contract that was set to expire on 9/30/10 the ILA's proposal to eliminate the Container Royalty CAP the tiered wage system I'Ve were able to achieve these objectives with some hard work and creative thinking. The result was a Contract Extension through September 30, 2012. Even with the current econom- ic situation, analysts are still predicting a bright future for the East and Gulf coasts. They believe that the widening of the Panama Canal, with a projected completion date sometime in 2014, should provide additional Volume III, No. 1 May 2010 opportunities for many of our ports on these coasts. However, these opportunities will also present a number of challenges that must be addressed: We must invest in improving our infrastructure--our roads, bridges and tunnels We have to continue with our efforts to improve terminal through-put. This requires the continued introduction of technology and additional capital investment in our facilities All of these things need to be accomplished with due consid- eration of the potential impact on the environment Meeting these challenges will necessitate interaction between the public and private sectors and will require hard work, understanding, cooperation and compromise. As evidenced by what we have seen in the current financial crisis, it certainly reinforces the fact that we live in a truly global economy in which our industry is a major player. Therefore, it is imperative that we all continue working together to maintain and improve our competitive position in this worldwide arena. I look forward to seeing you at our Annual Meeting on June 17th. . . . . . . . . . . . . . . . . . r o g r a m ~S ~ point ofinfo~ion ~he ~FS funded ~WIC refund program ~as ~o da~e eo e~ed I~ 8~ ~reden~i~s 72.50. While the bui~ of ~h~ ~ edenii~I~ ~ere appI~d fo~ still continues as those ILA members who are qua|i~[ng under ~fie ~er~ ~ e e m e n t ~ e ~ m b ~ s e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . .