Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
The French shipping company, which acquired Neptune Orient Lines and its APL subsidiary earlier this year, is seeking a buyer for the APL container terminals.
The Atlanta, Ga.-based shipping and logistics provider reported year-over-year increases in net income and revenues for the third quarter of 2016 despite pressure from changes in fuel surcharges and currency exchange rates.
The Northwest Seaport Alliance will release two new mobile applications, DrayQ and DrayLink, in early November as part of an effort to speed cargo flow through the ports of Seattle and Tacoma and along local freight corridors.
The U.S. Maritime Administration said the grants will support five initiatives designed to transport freight on rivers to help relieve congestion on highways and reduce diesel pollution from trucks.
A group led by the Competitive Enterprise Institute sent a letter to Congress calling the Surface Transportation Board’s proposal to increase reciprocal switching an “unlawful attempt to push the U.S. railroad industry back into the economic dark ages.”
The New-Zealand based company said the system is targeted at exporters and logistics companies needing to weight containers outside of ports and other high volume container hubs.
The combined companies will have gross revenues approaching $1 billion and will manage more than 700,000 intermodal, truckload and less-than-truckload shipments annually.
Tailwind Capital has acquired the third-party automotive logistics provider from Corinthian Capital Group for an undisclosed sum, according to statements from the firm and BB&T Capital Markets, which served as financial advisor to MetroGistics.
The Oak Brook, Ill.-based multi-modal transportation management company saw net income fall 9.6 percent to $17.9 million in the third quarter of 2016 despite a 3.7 percent increase in revenues compared with the same 2015 period.
The freight broker and third-party logistics provider also said Wednesday it has completed the integration of truckload-oriented freight broker Command Transportation, LLC, which it acquired in June 2015 for $420 million.
Under an agreement reached earlier this year, Ports America Chesapeake will assume operational responsibility for the Seagirt Container Transfer Facility at the Port of Baltimore on Oct. 31, the port terminal operator said in a statement.
The Houston, Texas-based tank barge operator posted a net income of $32 million for the quarter, a 43.7 percent drop from $56.8 million in the third of quarter 2015, according to the company’s most recent financial statements.
Richard G. Phillips will remain chief executive officer of Pilot Freight Services, and his family “will maintain a significant equity stake” in the company.
The railroad transportation equipment manufacturer posted net earnings of $183.2 million in fiscal 2016, ended Aug. 31, a 5 percent decrease from the previous fiscal year, even as revenues reached a record $2.68 billion.
Anchorage, Alaska-based Northern Air Cargo will commence a twice-weekly freighter route connecting Miami International Airport with Puerto Rico and Saint Martin, and two weekly routes between MIA and the Dominican Republic.
The decision to lower the global cap on the amount of sulfur in marine fuel from 3.5 percent to 0.5 percent in 2020 could cause shipping costs to rise drastically.
The third-party logistics provider’s earnings per share for Q3 2016 fell short of analyst expectations, largely due to net revenue margin pressure as contractual sell rates fell faster than spot buy rates, William Blair Equity Research said.
The port terminal operator arm of the recently merged China COSCO Shipping saw net profits from continuing operations tumble 37.3 percent to $43.9 million in third quarter 2016 despite a 3.3 percent increase in revenues compared with the previous year.
The National Retail Federation, the California Trucking Association Intermodal Conference and the Harbor Trucking Association have proposed a “joint powers authority” to oversee funding of night and weekend terminal operations.
