XPO Logistics said the sale of its truckload operations includes approximately 3,000 tractors, 7,500 trailers and 29 facilities it acquired in its October 2015 purchase of Con-way Inc., and proceeds will be used to pay down debt.
The less-than-truckload carrier reported a net income of $85.6 million on revenues of $782.6 million for the third quarter of 2016, year-over-year increases of 1.4 percent and 0.4 percent, respectively.
Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
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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.
The South Korean carrier said certain providers have been charging its customers more than what it would have charged to transport cargo and has tried to intervene, taking its concern up with the Federal Maritime Commission.
The Israeli ocean carrier reported a net loss of $74 million in the second quarter of 2016, compared to profits of $12 million in the same 2015 period, according to the company’s most recent financial statements.