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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Transportation planners and industry executives briefed House lawmakers last week on progress made so far with implementing freight provisions of the FAST Act.
U.S. Customs and Border Protection Commissioner Gil Kerlikowske lamented the political pressure agencies are under to stop every illegal immigrant or cargo shipment, saying that it is too costly from a budget and economic standpoint.
Notifying importers of their final duty calculations on entries would be handled online rather than by mail or checking paper documents at the Customs house under a proposed regulatory change from the U.S. Customs and Border Protection.