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South African Ports Operator Declares Force Majeure Over Strike

  • Transnet labor unions halt work after wage talks deadlocked
  • Ports and rail facilities are key to coal, iron-ore shipments
Updated on

South Africa’s port and freight-rail operator declared force majeure across all of the nation’s harbors after its employees began a strike over wages. Mining stocks dropped.

Transnet SOC Ltd. invoked the clause in anticipation of some of its operations being “scaled down,” the state-owned company said in a notice to its customers. “To the extent possible, we will attend to invoke contingency plans and source external stand-in/temporary resources to ensure that the operations continue across the various terminals.”