The combined companies will have gross revenues approaching $1 billion and will manage more than 700,000 intermodal, truckload and less-than-truckload shipments annually.
The Houston, Texas-based tank barge operator posted a net income of $32 million for the quarter, a 43.7 percent drop from $56.8 million in the third of quarter 2015, according to the company’s most recent financial statements.
The Oak Brook, Ill.-based milti-modal transportation management company saw net income fall 9.6 percent to $17.9 million in the third quarter of 2016 despite a 3.7 percent increase in revenues compared with the same 2015 period.
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The latest round of funding for freight forwarder Flexport shows early stage venture capital groups are nowhere near burned out on logistics technology startups.
American Shipper has profiled the founders of four companies - Haven, ClearMetal, Flexport and Xeneta - that are presenting a unique approach to technology application in ocean freight.
Aviation industry officials and governments are expected to finalize a global climate change agreement at the International Civil Aviation Organization's 39th Assembly in Montreal, which begins today, according to the Air Transport Action Group.