The Atlanta, Ga.-based shipping and logistics provider reported year-over-year increases in net income and revenues for the third quarter of 2016 despite pressure from changes in fuel surcharges and currency exchange rates.
The combined companies will have gross revenues approaching $1 billion and will manage more than 700,000 intermodal, truckload and less-than-truckload shipments annually.
The Houston, Texas-based tank barge operator posted a net income of $32 million for the quarter, a 43.7 percent drop from $56.8 million in the third of quarter 2015, according to the company’s most recent financial statements.
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The International Transport Workers’ Federation criticized the U.S. Customs and Border Protection (CBP) saying it was told by CBP that it had concerns crew could try and jump ship due to the Hanjin situation.
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.
Assets related to the South Korean shipping company’s services to the United States will be put up for sale as soon as tomorrow, multiple press reports said Thursday.