Wind Point Partners will acquire the Kearny, N.J.-based asset-light third-party logistics provider for an undisclosed sum as it attempts to expand its portfolio of transportation and supply chain services companies in the United States.
Number four U.S. railway Norfolk Southern reported net income of $405 million for the second quarter compared with $433 million during the same 2015 period, according to the company’s most recent financial statements.
Gerry Wang, chief executive officer of Seaspan, expressed how he believes the industry will gradually improve if scrapping remains high and new ship orders remain low.
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Shipment volumes and expenditures both increased compared with the previous month after three months of lackluster performance, but still remained well below 2015 levels, according to the latest Cass Freight Index Report.
Hong Kong handled 1.61 million TEUs of containerized cargo for the month and 9.16 million TEUs in the first six months of 2016, year-over-year declines of 8.6 percent and 10.5 percent, respectively, according to recent data from the port.
The International Monetary Fund is forecasting the global economy to increase at a 3.1 percent pace in 2016 and 3.4 percent in 2017, both down 0.1 percentage points from previous projections, following the UK’s surprise vote last month to leave the EU.