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 Danish conglomerate said one division will focus on transport and logistics, while the other division will focus on energy.
Various media reports have speculated the sale of South Korean liner carrier Hanjin Shipping, viewing COSCO and Maersk Line as possible buyers.
The President of South Korea, Park Geun-hye, said corporate responsibility and moral hazards are creating adverse effects on its national economy and the government will not blindly support companies in financial trouble.