The Jacksonville, Fla.-based railway posted net earnings of $356 million on revenues of $2.6 billion for the first quarter of 2016, year-over-year declines of 19 percent and 14 percent, respectively.
The International Monetary Fund cut its 2016 expansion forecast to 3.2 percent as weak exports and slowing investment dim prospects in the U.S., a consumption-tax hike saps growth in Japan, and a slump in prices continues to hobble commodities producers.
The Hong Kong-based logistics services provider entered into a memorandum of understanding to increase its stake in Indev Logistics Pvt. Ltd. from 30 percent to 50 percent.
Overseas shipments rose 11.5 percent in dollar terms in March from a year earlier, compared with a 25 percent slump in February, when factories and offices were closed for a week-long holiday, data showed Wednesday.
Worldwide personal-computer shipments dropped 9.6 percent in the first quarter of 2016, according to a recent report from market research firm Gartner Inc.
Under the agreement, Air Canada Cargo will launch dedicated freighter services from Canada to Latin America and Europe with Cargojet-operated 767-300ER freighter aircraft.
During the month, London Heathrow Airport handled 131,661 metric tons of cargo, a 3.8 percent decline from March 2015.
The logistics services provider opened a new branch office in Miami, Fla. at the beginning of the month.
Meanwhile, Ed DeNike, president of SSA Containers, says truckers picking up import boxes at the Oakland International Container Terminal will need an appointment.
The Dubai-based terminal operator will charge $245 Canadian for boxes arriving at the West Coast ports by truck or rail without verified gross mass data after the new International Maritime Organization rule goes into effect July 1.
With freight rates already 20 percent lower than in 2015, the London-based shipping consultant is predicting prices will continue to slide in the second quarter of 2016.
An annex to the International Maritime Organization’s Convention on Facilitation of International Maritime Traffic aims to harmonize procedures for ship’s arrival, stay and departure from port.
Canadian Pacific CEO E. Hunter Harrison and activist investor Bill Ackman didn’t expect so much pushback regarding CP’s proposed takeover of Norfolk Southern, but arguably they should have been better prepared, according to Bloomberg’s Brooke Sutherland.
Freight forwarding rating application Fleet received $4 million in seed funding and now provides a marketplace where users can solicit bids from a roster of 150 freight forwarders.
The governments of the United States, Canada and Mexico are increasingly alarmed by the deteriorating conditions of their domestic steel industries due the overcapacity of steelmaking in the global market.
The status of BNSF Railway’s Southern California International Gateway project, a proposed intermodal rail facility near the ports of Los Angeles and Long Beach, is “uncertain” following a recent court ruling, the company said.
“Infrastructure constraints are one of the major things holding back Africa and this standard-gauge railway will make a big difference,” according to Mark Bohlund, an Africa and Middle East economist with Bloomberg Intelligence.
The Overland Park, Kan-based less-than-truckload provider introduced its new “Accelerated” service, allowing shipments to reach their destinations one to two days quicker than standard transit times.
The deployment of megaships, road congestion, and a decline in rail cargoes such as coal and crude oil are some of the reasons the Port of Long Beach is taking another look at the idea of moving more cargo out of the port using short-haul rail.
The software provider’s freight sourcing solution is designed to give shippers and 3PLs a single platform for sourcing across modes and integrates with the company’s flagship TMS.
