XPO Logistics said the sale of its truckload operations includes approximately 3,000 tractors, 7,500 trailers and 29 facilities it acquired in its October 2015 purchase of Con-way Inc., and proceeds will be used to pay down debt.
The less-than-truckload carrier reported a net income of $85.6 million on revenues of $782.6 million for the third quarter of 2016, year-over-year increases of 1.4 percent and 0.4 percent, respectively.
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.
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Following the recent collapse of Hanjin Shipping, “there will be a wave of consolidation” in the industry and CMA CGM could participate even after its recent purchase of APL parent Neptune Orient Lines, according to vice chairman Rodolphe Saadé.
The United States’ largest independent marine terminal operator and stevedore company, Ports America, has merged its breakbulk operations at the Port of Houston with Cooper/T. Smith, forming a new joint venture called Cooper/Ports America, LLC.
At 11:00 a.m. EST Thursday, the National Hurricane Center said the Category 4 hurricane was 25 miles west/northwest of Nassau Bahamas and about 180 miles southeast of West Palm Beach, Fla.