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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Historically low ocean freight rates have caused carriers to implement cost-cutting measures that have reduced reliability, meaning shippers need to be more flexible in how they procure capacity.
Rafi Danieli, chief executive of ZIM, said in an interview with American Shipper that the carrier focuses on specific global trades, where it wants to sail, and where it has an advantage and a big market share.
The Shanghai Containerized Freight Index fell 3.5 percent from last Friday to a reading of 707.68, declining for the second straight week as the short-term boost after Hanjin Shipping filed for receivership at the end of August has now faded.