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 Water Resources Development Act has mostly received bipartisan support, but Democrats in the House are upset that a provision that would have protected Harbor Maintenance Tax receipts from being diverted for other uses was removed from the final draft.
The Long Beach Board of Harbor Commissioners is expected to formally name Duane Kenagy as the port’s interim chief executive officer Wednesday, who joined the port in 2014.
The future size of feeder vessels will determine how much the legacy locks at the Panama Canal will be utilized by ocean carriers, compared to the new section for big ships.