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.
Historically low ocean freight rates have caused carriers to implement cost-cutting measures that have reduced reliability, meaning shippers need to be more flexible in how they procure capacity.
The U.S. government has signed off on a plan by Crowley Maritime to transfer perishable cargo from Central America to the Miami International Airport for onward delivery to customers in Europe.