The commercial fleet management, dedicated transportation and supply chain solutions provider saw third quarter net income fall 6.3 percent to $85.1 million compared to the same 2015 period despite a 3.3 percent uptick in revenues.
The new GENCO multi-tenant facilities are located in Memphis, Tenn. and Milton, Ontario, comprising 1.1 million square feet and 400,000 square feet, respectively.
Trucking and intermodal carrier Swift Transportation grew net income 4.7 percent year-over-year to $38 million in third quarter 2016 on revenues that slipped 4.9 percent to $1.01 billion compared with the same 2015 period.
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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.
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 commission said it has “reasonable grounds” to suspect the carriers engaged in collusive practices to fix incremental cargo rates from Asia to South Africa.