Richard G. Phillips will remain chief executive officer of Pilot Freight Services, and his family “will maintain a significant equity stake” in the company.
The freight broker and third-party logistics provider also said Wednesday it has completed the integration of truckload-oriented freight broker Command Transportation, LLC, which it acquired in June 2015 for $420 million.
The railroad transportation equipment manufacturer posted net earnings of $183.2 million in fiscal 2016, ended Aug. 31, a 5 percent decrease from the previous fiscal year, even as revenues reached a record $2.68 billion.
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The U.S. trade deficit surpassed analyst expectations in August, rising 3 percent from July to $40.73 billion as higher imports offset a gain in exports.
An increasing amount of shippers are requesting “hidden” financial data from carriers, following weak carrier financials and Hanjin’s bankruptcy filing, according to shipping research and consulting firm Drewry.
Hyundai Merchant Marine said Thursday it will launch a new loop between Korea, China and the West Coast of North America this month.