The maritime workers union have come to an agreement with DP World, bringing months of stalemates and stoppages to an end.
DP World, which runs several port terminals across Australia, had been in dispute with unions over pay, with the multinational logistics company threatening to dock the wages of workers involved in industrial action.
But on Friday, Maritime Union of Australia assistant national secretary Adrian Evans announced the two parties had come to an "in-principle agreement" after three days of negotiations before the Fair Work Commission.
The new four-year agreement would provide fair pay, safety and fatigue management measures, improved job security and a better world-life balance for wharfies, the union said.
The deal was yet to be endorsed by union members, but Mr Evans said the MUA was pleased negotiations had ended.
"Wharfies perform hard, physical work on a 24-hour, seven-day working week in all conditions and all seasons," Mr Evans said.
"The past fortnight has shown how quickly a fair and sustainable deal can be solved once both the workforce and the employer are fully engaged in the negotiation process."
All industrial action has been withdrawn and the DP World employees are set to return to work.
DP World is the second-largest port operator in Australia and accounts for about 40 per cent of the cargo that comes through the nation's maritime terminals.
As negotiations grinded to a halt in in late 2023, the stevedore company called on the government to intervene, claiming industrial action had cost the nation $34 million per day and created a significant container backlog.
DP World Oceania's executive vice president Nicolaj Noes said the agreement came as a relief to the industry.
"This agreement is a testament to our commitment to our workforce and to providing uninterrupted services to our customers," he said in a statement on Friday.
"We are now focused on moving forward, restoring the supply chain operations, and working collaboratively with our employees to rebuild confidence among our customers and make a positive impact on the national economy."
Australian Associated Press
