Third-party logistics provider the Rhenus Group has acquired a 40 percent shareholding in ocean vessel owner and manager ARKON Shipping GmbH & Co., according to a joint statement from the companies.
The sanctions, pursuant to the Iran, North Korea, and Syria Nonproliferation Act, will remain in place for two years.
U.S. District Court Judge Katherine Forrest found the parcel giant and third-party logistics provider violated state law by transporting hundreds of thousands of cartons of untaxed cigarettes into New York City from lower-tax areas.
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The Bonn, Germany-based parcel carrier and logistics provider saw consolidated net profits soar 71.4 percent to 2.64 billion euros for the year, even as revenues slipped 3.2 percent to 57.33 billion euros.
XPO Logistics CEO Brad Jacobs commented on the contentious relationship between the union and his company after Teamster-affiliated protesters burst into one of the morning sessions at JOC’s TPM Conference in Long Beach, Calif.
With capacity in the ocean carrier industry continuing to outstrip demand levels, many are left wondering what carrier is next in line for a merger or acquisition.