Tailwind Capital has acquired the third-party automotive logistics provider from Corinthian Capital Group for an undisclosed sum, according to statements from the firm and BB&T Capital Markets, which served as financial advisor to MetroGistics.
Anchorage, Alaska-based Northern Air Cargo will commence a twice-weekly freighter route connecting Miami International Airport with Puerto Rico and Saint Martin, and two weekly routes between MIA and the Dominican Republic.
The third-party logistics provider’s earnings per share for Q3 2016 fell short of analyst expectations, largely due to net revenue margin pressure as contractual sell rates fell faster than spot buy rates, William Blair Equity Research said.
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Thousands of chassis in and around the ports of Los Angeles and Long Beach have containers mounted on them that are either owned or leased by the now insolvent ocean carrier Hanjin Shipping.
An MSC spokesperson told American Shipper the reason it sold its interest in Genoa, Italy-based logistics company Aprile to Savino Del Bene was to exit the freight forwarding business.
Geneva-based Mediterranean Shipping Co. has confirmed it is looking to buy the now insolvent South Korean shipping company’s 54 percent stake in the Southern California container terminal.