The third-party logistics provider’s earnings per share for Q3 2016 fell short of analyst expectations, largely due to net revenue margin pressure as contractual sell rates fell faster than spot buy rates, William Blair Equity Research said.
The port terminal operator arm of the recently merged China COSCO Shipping saw net profits from continuing operations tumble 37.3 percent to $43.9 million in third quarter 2016 despite a 3.3 percent increase in revenues compared with the previous year.
The National Retail Federation, the California Trucking Association Intermodal Conference and the Harbor Trucking Association have proposed a “joint powers authority” to oversee funding of night and weekend terminal operations.
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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.
The U.S. District Bankruptcy Court in Newark, N.J. will hear from companies today that said Hanjin is not “promptly” informing creditors when ships go off charter.
Wilmington, Calif.-based Trapac disclosed its plans to lease an additional 57 acres and two vessel berths at the port during a meeting of Oakland’s Board of Port Commissioners last night.