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.
Gross profits for the first nine months of 2016 remained practically unchanged from the same period last year, since the growth in air freight volumes offset the drop in ocean freight volumes, Panalpina CEO Stefan Karlen explained.
In addition, the containership leasing company reported a profit of $20.7 million for the third quarter of 2016, down from $34.8 million a year earlier.
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Georgia Ports Authority Executive Director Griff Lynch said the Port of Savannah is quickly recovering from Hurricane Matthew, but cargo vessels are unable to reach the port until navigational aids are repaired.
The Federal Maritime Commission said Friday it concluded its review of the proposed OCEAN Alliance, allowing the new ocean carrier alliance to take effect Monday, although it is not expected to commence operations until around April 2017.
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.