XPO Logistics said the sale of its truckload operations includes approximately 3,000 tractors, 7,500 trailers and 29 facilities it acquired in its October 2015 purchase of Con-way Inc., and proceeds will be used to pay down debt.
The less-than-truckload carrier reported a net income of $85.6 million on revenues of $782.6 million for the third quarter of 2016, year-over-year increases of 1.4 percent and 0.4 percent, respectively.
Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
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The Massachusetts Port Authority said the Conley Terminal will be upgraded with an additional berth and three new cranes, while the Boston Harbor will be dredged to accommodate 12,000-TEU vessels.
Meanwhile, the Port of Los Angeles signed a partnership with the U.S. Department of Commerce and the Center for Global Supply Chain Management to advance the use of technology at ports in order to make them more globally competitive.
The South Korean carrier said certain providers have been charging its customers more than what it would have charged to transport cargo and has tried to intervene, taking its concern up with the Federal Maritime Commission.