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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The U.S. government has announced another round of amendments to the Cuban Assets Control Regulations and Export Administration Regulations, further eliminating many long-held U.S. trade restrictions against the Caribbean island nation.
The U.S. trade deficit surpassed analyst expectations in August, rising 3 percent from July to $40.73 billion as higher imports offset a gain in exports.
The Water Resources Development Act was passed by the U.S. House of Representatives Wednesday and will now go to a House-Senate conference committee tasked with merging each chamber's bill into a single version.