The Jacksonville, Fla.-based Class I railway will not be moving forward with a project that would have allowed the tunnel, which connects to the Port of Baltimore, to accommodate double-stacked container trains.
Driven by top line sales growth and a booming e-commerce market, the roll-up trucking and third-party logistics provider reported the highest revenues, net income and cash flow of any quarter in its history, CEO Brad Jacobs tells American Shipper.
The National Waterways Foundation (NWF), in cooperation with the U.S. Maritime Administration (MarAd), released a study that examined the economic impacts of unscheduled lock outages and highlighted the benefits associated with reliable inland navigation.
The Port of Oakland’s board of port commissioners names board secretary; and Selandia Ship Management appoints chairman.
Container carrier reliability stood at just over 72 percent in September, marking the third straight month of declines, according to Lars Jensen, chief executive officer and partner at SeaIntelligence Consulting.
The Hong Kong-based containership leasing giant has also appointed Bing Chen to serve as its next chief executive officer, effective January 2018, following the retirement of co-founder and longtime CEO Gerry Wang.
Jack Hellmann, chairman, president and CEO of short-line and regional railroad operator Genesee & Wyoming, said the company is continuing to evaluate various acquisition and investment opportunities across its global footprint of railroads.
Seaspan names new chief executive officer; Wen-Parker Logistics appoints key account manager and director of finance; and ContainerPort Group President passes away.
The U.S. Army Corps of Engineers has awarded a second $213 million contract to Great Lakes Dredge and Dock Co. to carry out the remaining dredging of Charleston Harbor’s entrance channel to 54 feet, allowing it to handle larger containerships.
In other news, China COSCO Shipping’s tanker unit, COSCO Shipping Energy Transportation, will order 14 tankers, according to a report from maritime news outlet Splash 24/7.
NYK Line and “K” Line got back into the black during the six months ended Sept. 30 after posting losses in the same 2016 period, while MOL’s earnings took a hit despite all three recording year-over-year increases in revenues.
Between Amazon’s rapid growth and unpredictability, third-party logistics providers say it is definitely a looming concern as to whether the e-commerce giant will be a threat to their business in the future.
The North Atlantic port handled 573,458 TEUs in September, a 15.2 percent increase from 12 months prior, back when 18,000-TEU ships were not able to sail beneath the Bayonne Bridge.
Germany’s Finance Ministry said in a document that a complete or partial sale of Schenker AG, the logistics arm of state-owned rail operator Deutsche Bahn, could be taken up again, according to a report from Reuters last week.
Chicago-based freight broker and third-party provider Echo Global Logistics recorded a net income of $2.4 million on revenues of $509.5 million for the quarter, according to the company’s most recent financial statements.
The Jacksonville, Fla.-based asset-light provider of integrated transportation management solutions recorded earnings per share (EPS) of $1.01 for the quarter, surpassing the street consensus estimate and Q3 2016’s EPS of $0.86 per share.
The North Liberty, Iowa-based trucking and logistics provider recorded a net income of $7.9 million on revenues of $182.1 million for the quarter, according to the company’s most recent financial statements.
On the Shanghai to Europe trade, spot container rates have finally stopped their weeks-long slide, rising 9.3 percent since last Friday to $744 per TEU as multiple carriers plan to implement rate increases on the trade Nov. 1.
The Class I railway recorded a net income of $1.2 billion for the quarter, up 6 percent year-over-year, amid a 5 percent boost in operating revenues that came despite a 1 percent drop in volumes.
Global Logistic Properties (GLP) has dispatched to shareholders the scheme document in relation to the company’s proposed privatization and expects a full vote on the plan at a Nov. 30 meeting, the Singapore-based warehouse operator said in a statement.
