The Maritime Union of Australia today reached an in principle four-year enterprise agreement with Teekay Shipping across its blue water fleet of tankers and dry cargo vessels.
MUA Assistant National Secretary Warren Smith said the union's national negotiating committee had unanimously endorsed the outcome after three days of negotiations.
The deal offers improvements in wages, working conditions and improved on board amenities.
"The in principle agreement also provides added job security and reflects the maturity of the parties in ensuring the ongoing viability of the blue water shipping industry, which is under significant attack by Flag of Convenience shipping," Mr Smith said.
"This is a welcome outcome and shows what can be done when both parties are committed to working together.
"This agreement ensures not just the wellbeing of the industry but also the welfare of our workers."
Mr Smith said while it was now a challenging time for the industry, prospects of shipping reform will ensure the job security of MUA members and the viability of Australia's national fleet.