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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Geneva-based Mediterranean Shipping Co. has confirmed it is looking to buy the now insolvent South Korean shipping company’s 54 percent stake in the Southern California container terminal.
Ocean carriers Maersk Line, CMA CGM, Hapag-Lloyd, OOCL and MOL issued freight rate increases.
The total bill for bankruptcies and bailouts in South Korea’s ocean freight transportation and shipbuilding sector could also result in redundancies and layoffs of around 10,000 workers, according to a recent report from the International Monetary Fund.