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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Georgia Ports Authority Executive Director Griff Lynch said the Port of Savannah is quickly recovering from Hurricane Matthew, but cargo vessels are unable to reach the port until navigational aids are repaired.
The Federal Maritime Commission said Friday it concluded its review of the proposed OCEAN Alliance, allowing the new ocean carrier alliance to take effect Monday, although it is not expected to commence operations until around April 2017.
A new Visibility Benchmark Study from American Shipper also found that third-party logistics companies have a major problem delineating their cost to provide visibility to shippers.