54 container ships queued outside ports, risking shortages
Tentative deal includes 62 wage hike over six yearssources
Strike cost U.S. economy 5 billionday, JP Morgan analysts say
Shipping stocks tumble across Asia and Europe

Oct 4 Reuters U.S. East Coast and Gulf Coast ports began reopening late on Thursday after dockworkers and port operators reached a wage deal to settle the industry39;s biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time.

The strike ended sooner than investors had expected, weakening shipping stocks across Asia on Friday as freight rates were no longer expected to surge.

At least 54 container ships queued outside the ports as the strike had prevented unloading and threatened shortages of anything from bananas to auto parts. Everstream Analytics was calculated the number queuing at 400 p.m. ET 2000 GMT. More ships are sure to arrive.

Pricing platform Xeneta said it was likely to take two to three weeks for the normal flow of goods to be reestablished.

Remember that ships keep calling, so it39;s not just a matter of handling the ships already in line, but to work extra hard to run down the congestion before supply chains are rerunning, Xeneta Chief Analyst Peter Sand told Reuters.

The International Longshoremen39;s Association ILA workers union and United States Maritime Alliance USMX port operators announced the deal late on Thursday. Sources said they had agreed a wage hike of around 62 over six…