Trucking and intermodal carrier Swift Transportation grew net income 4.7 percent year-over-year to $38 million in third quarter 2016 on revenues that slipped 4.9 percent to $1.01 billion compared with the same 2015 period.
Gross profits for the first nine months of 2016 remained practically unchanged from the same period last year, since the growth in air freight volumes offset the drop in ocean freight volumes, Panalpina CEO Stefan Karlen explained.
In addition, the containership leasing company reported a profit of $20.7 million for the third quarter of 2016, down from $34.8 million a year earlier.
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Japanese container carrier Kawasaki Kisen Kaisha could be targeted by Singapore-based hedge fund Effissimo, the firm’s largest shareholder as of early August, according to recent media reports.
Following Hanjin Shipping filing for receivership, Hyundai Merchant Marine will start up two new services, one between Korea and the U.S. and one between Korea and Europe.
Electronics manufacturer Samsung said in court filings that "cargo owners are being held hostage," while Maher Terminals said it "is not required to extend free credit to Hanjin, and should not be forced to."