The Rome, Ga.-based freight broker’s purchase of Apex Freight Services will allow Scott Logistics to expand its market presence and contribute $20 million in additional annual revenues, according to a statement from the company.
Although activity increased from the first quarter, total deal volume and value in the transportation and logistics sector were still down 18 percent and 22 percent year-over-year, respectively, according to a new report from PricewaterhouseCoopers.
Echo posts strong second quarter Chicago-based Echo Global Logistics reported strong year-over-year increases in net income, revenues and truckload volumes during the second quarter of 2016.
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Ocean carrier Hyundai Merchant Marine joining the 2M Alliance - comprised of Maersk Line and MSC - has fueled speculation about Maersk’s ultimate motives, but the short term impact is a larger share on the transpacific trade, especially from Korea.
After a weak first quarter in 2016, east-west capacity rebounded slightly in advance of the traditional summer peak season, but overcapacity, decreased volumes and low rates continued to drive carriers into the ever-changing alliance game.
The expanded Panama Canal locks, which just opened June 26 to handle vessels up to 14,000 TEUs, are expected to reshape U.S. East Coast port operations.