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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The valuation provider VesselsValue said that during the past year, the value of a 2016-built Panamax containership with 4,250 TEUs of capacity tumbled 49.57 percent, while the value of a 2016-built ship with 7,000 TEUs of capacity fell 32.27 percent.
The United States imported 2.99 million net tons of steel in August, an 8.5 percent month-over-month decline, driven down by lower volumes from Brazil and South Korea from a month prior.
On a year-over-year basis, the sharp increase in limestone shipments from Canadian quarries was not enough to offset the drop in limestone shipments from quarries in the United States.