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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The National Retail Federation, along with a coalition of 120 retail, manufacturing and agriculture groups, sent a letter to U.S. Secretary of Commerce Penny Pritzker asking her to continue to work towards a swift resolution for shippers.
However, the Bellevue, Wash.-based third-party logistics and multi-modal transportation services company’s revenues for the fiscal year, which ended June 30, rose 55.7 percent year-over-year to $782.5 million.
Edward Greenberg, the association’s general council, said the Federal Maritime Commission’s revision would offer "much needed flexibility" to non-vessel-operating common carriers when including rate and surcharge changes in their service arrangements.