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Overseas Orient Container Line (OOCL) has sold its Long Beach Container Terminal for US$1.78 billion (HK$13.973 billion) in cash, it was announced today by OOCL’s owner, Overseas Orient International Ltd (OOIL; HKEX:0316). OOIL says that it expects to realize a gain of just under US$1.3 billion from the deal.
Orient Overseas (International) Limited announced the sale for $1.78 billion of Long Beach Container Terminal to a consortium led by Macquarie Infrastructure Partners.
Getting Trump to support raising the gas tax would be a major step toward passing an infrastructure bill.
Canadian National Railway Company reported adjusted earnings per share of C$1.17 per share for the first quarter 2019, 17 percent better than the same period a year ago.
A report released this month outlines opportunities for fleet electrification created by more regional hauls.
Last local ratifies rider, paving way for contract implementation.
Former truck drivers and employees of Falcon Transport of Youngtown, Ohio, admit there were warning signs that the company was experiencing financial problems, but few said they expected the company to cease operations abruptly on Saturday, April 27, stranding truckers hauling loads without working fuel cards or further instructions.
Legislation has been approved by the Washington State Legislature that could restrict the movement of crude oil via railroads. The bill is sitting on the desk of Gov. Jay Inslee (D).
Urbain to leave as CEO June 1, become top aide to new chairman Saade.
Tornadoes, destructive winds and large hail could strike many areas of the Great Plains for next several days.
Eight years since he burst on the scene with a $150 million acquisition of a then 22-year-old company called Express-1 Expedited Solutions, Brad Jacobs today sits astride a $17 billion per year multi-national behemoth.
Industry fragmentation has made it difficult for technology to penetrate the market depths; many small fleets and owner-operators are still in the dark with regard to driving value through data analytics.
British Prime Minister Theresa May is hoping to prolong this session of Parliament by delaying the Queen’s Speech as she fears that her Withdrawal Bill will be rejected by Parliament for a fourth, and probably, fatal time.
Each year, truck drivers and fleets face both announced and unannounced inspections or enforcement blitzes.
Building a small business is difficult if you don’t have access to the same powerful tools that larger competitors do. Uber Freight, with its growing suite of tools, has been trying to empower small fleets and owner-operators to allow them to compete on an even playing field.
Putting export-import documents online may make a difference between container arriving to customer on time or sitting in a warehouse.
Craig Fuller, FreightWaves founder and CEO, has named George Abernathy as the company’s first president. Read about the plans Craig and George have for the company and George’s career.
A few years ago the idea of using drones for last-mile delivery were just an idea. But the idea is becoming a reality in China, Indonesia and now the USA. Read Market Expert Cathy Roberson’s views on the use of drones for last-mile delivery.
Your weekly snapshot of how the markets are doing.
Dry bulk shipping faced multiple headwinds in the first quarter, but NYSE-listed Scorpio Bulkers benefited from its smaller ships and its diversification into the product-tanker sector.
Hernán Rincón Lema is stepping down from airline holding company and Mike Stolzman is stepping in at port subsidiary.
Results of NYK, MOL and “K” Line suffer from loss by their joint venture, Ocean Network Express.
Smiley declares war…again.
Tokyo, Japan-based ocean carrier, Kawasaki Kisen Kaisha http://kline.com/ (TYO:9107) has recorded a fall in revenues of Japanese Yen of 325,293 million down to JPY 836,731 million (US$7.5 billion) for the fiscal year ending March 31, 2019. Several board members have been removed.
Tonya Davis allegedly said individuals had passed driver skills tests when she knew the exams had not been administered.
The event also marked the first berthing of a containership at the new ICAVE terminal.
One-year old container ship joint venture expects customers to come back with more boxes and pay higher rates in 2019.
The rivalry between the two camps was brought into sharp relief during the Advanced Clean Transportation Expo, where a vigorous defense by both sides informed many of the panel presentations and trade show spiels.
But because so many containerships are relatively new, the pool of candidates for scrapping is limited.
The memorandum of understanding was signed during the recent Belt and Road Forum in Beijing to further develop links between China and Hungary.
“There is no appetite in Congress to debate USMCA with these tariffs in place,” the Senate Finance Committee chairman wrote in The Wall Street Journal.
The Treasury agency takes steps to implement a new sanctions list to punish foreign entities that interfere in U.S. elections, but the “final rule” is still in development.
A public session will be conducted after the U.S. and South Korean officials sit down in Washington in May.
The Port of Boston invests in marine terminal infrastructure to handle regional cargo going on and coming off increasingly larger containerships.
Chillicothe has a long history in the state, but in the past 45 years, it is the local Kenworth factory that has become an identifying centerpiece of this central Ohio town.
Truck drivers for the flatbed truckload carrier, Falcon Transport of Youngstown, Ohio, said they received emails late April 27 stating the company was shuttering operations effective immediately.
The housing market has been sliding since early 2018, but there are optimistic signals for a turnaround in 2019. Freight markets can only benefit from a strong housing market.
Richmond, Virginia-based Estes Express Lines has submitted a $15 million bid to buy two affiliates of bankrupt New England Motor Freight – Eastern Freight Ways Inc. and Carrier Industries Inc. – on April 26.
Canadian trucking company Bison Transport acquired all of the intermodal assets of Indianapolis, Indiana-based Celadon Group Inc. on April 26.
It was a truly shocking Easter on Australian roads with an appalling double-fatality in which a truck driver was incinerated in a head-on crash. Elsewhere, a drunk big rig driver faced an Australian court after driving backwards down a motorway and then jack-knifing his double-B into a gas station. Meanwhile, following a two-year study, Australian sleep scientists warned truckers that prolonged eye closure is a sign of drowsiness. And, finally, trucking corporations have been introducing new products, buying out shareholders and attempting hostile takeovers. It’s another week in Down Under Trucking.
The consensus at a panel in Houston is that marine gasoil will be the first fuel to get a big boost in demand as IMO2020 approaches. That’s not good news if you’re a diesel buyer.
Results of two audits could affect current quotas of glider truck kits.
No stakeholder will be spared the consequences of the move.
Though blockchain looks to be promising, companies are still not convinced on the trustability of a blockchain network and it would take more than a few pilots to persuade stakeholders to join together on a single common decentralized ledger.
Amazon could build a zero-margin equivalent of C.H. Robinson inside the ‘shipping costs’ line on its P&L without anyone noticing.
Amazon could build a zero-margin equivalent of C.H. Robinson inside the ‘shipping costs’ line on its P&L without anyone noticing.
Trans-Pacific volumes and revenue up with OOIL acquisition, but stand-alone results reflect seasonal weakness.
Several inches of snow and slush could soon cover roads in parts of Midwest after a week of warm weather.
Amazon.com, Inc.(NASDAQ:AMZN) has launched a program to offer free one-day delivery to users of its popular “Prime” service, cutting its current delivery window in half and throwing down another gauntlet to retailers and logisticians across the country.
Despite lower net income and revenue in the first quarter of 2019, Daimler AG (DAI.XE) reported on April 26 that it expects to see slight earnings and revenue growth for the year.
WTI’s recovery this quarter should accelerate production in the Permian Basin, driving further truckload demand.
National freight volumes took a nosedive this week as Easter had a decent impact on the freight market, but how much of the drop is related to the holiday?
Donald Broughton, FreightWaves’ chief market strategist, helps explain the U.S. economy in a multi-part series. This article focuses on the industrial economy of the U.S., which is critical to the overall health of the nation.
Growth in the U.S. economy improved 3.2 percent during the first quarter, but details related to freight demand suggest a weaker environment to start the year.
Getting stakeholders to cooperate in creating interoperability within blockchain networks is the next hurdle that the technology needs to overcome for mainstream adoption.
Funding for FreightTech, software companies that aid in the movement of freight is rapidly increasing.
In partnership with Slync… Supply chain exceptions are being automatically moved toward resolution and visibility into the problem provided to all relevant partners.
World’s largest operator of marine terminals saw first quarter throughput at its non-China-based assets grow faster than China-based ones.
The port also is looking to speed up a project to widen its main shipping channel.
“Probably all undamaged containers will be on board” when the Hapag-Lloyd-owned ship departs from Freeport, which is expected to occur by early May.
Japanese transport company, Nippon Yusen Kabushiki Kaisha (NYK Line) (JPX:9101) has today reported a loss of approximately US$400 million (Japanese Yen 44.5 billion) for the year ended March 31, 2019. Following the red ink bloodbath, the company has replaced the chairman, president and representative directors.
The final part of the FreightWaves series on the Panama Canal focuses on dry bulk transits. The two trends: US agribulk cargo to Asia is down, Colombian coal to the west coast of South America and Asia is up.
Manufacturers should prepare for increased regional value content for the automobile sector, speakers said during an American Shipper webinar.
Richmond, Va.-based trucking company enters $15 million bid to obtain certain flatbed trailers from bankrupt New England Motor Freight.
The Office of the U.S. Trade Representative released its annual “Special 301” report on Thursday.
The Department of Homeland Security and Justice and State departments are working with counterparts in China, Mexico and Central and South America.
USDA’s Animal and Plant Health Inspection Service said the 25 percent reserve fund keeps its quarantine inspections program running during spikes in demand.
Ocean Network Express, the container shipping company owned by NYK, MOL and “K” Line, forecasts a profit in the current fiscal year.
The weekly stop in Vung Tau is expected to continue until early August.
South Korean ocean box shipping company, Hyundai Merchant Marine, and Russian far East intermodal box transport specialist, FESCO, have announced a series of changes to their Russia-China-Korea shipping operations. Rail specialist FESCO has also announced extensive Russia-China rail services.
Ashley Coker The Truckload Carriers Association has been recognizing Highway Angels, or professional truck drivers who demonstrate compassion and courage on the road, since its 1997 inception. Recently, seven standout […]
Also recognized are ATS, J.B. Hunt drivers, Prologis, TOTE Maritime Alaska and 3Gtms.
Global freight forwarder Bolloré Logistics and productivity software provider WiseTech Global ASX: WTC) have done a deal to roll-out WiseTech’s core software across the forwarder’s global network.
Werner Enterprises, Inc. reported non-GAAP adjusted earnings per share (EPS) of $0.52, $0.03 ahead of the consensus estimate.
Company about to move the delivery cheese again.
Electric scooters and dockless e-bikes offer exciting opportunities for reducing car usage, but municipalities are struggling to retain authority over the public right-of-way and ensure privatized options are safe and accessible.
USA Truck (NASDAQ: USAK) posted its most profitable first quarter results since 2006 on April 25. The quarter is now the seventh straight quarter of profitability.
McKinsey has brought out a report that talks about how increasing passenger density in urban spaces is a strong indicator for an increase in ridesharing demand in the decade ahead.
Werner Enterprises, Inc. (NASDAQ: WERN), reported non-GAAP adjusted earnings per share (EPS) of $0.52, besting the consensus estimate of $0.49 per share.
Covenant Transportation Group (NASDAQ: CVTI) posted adjusted earnings per share (EPS) of $0.27 for the first quarter of 2019, beating analyst estimates and edging past the expectations the company itself announced earlier this quarter.
This is the year when ALK expects Virgin America merger synergies to ramp up, but they’re still adding back costs associated with the deal.
U.S. rail traffic dipped again for the week ending April 20, according to data from the Association of American Railroads.
A panel in Blockchain Expo 2019 spoke on how blockchain solutions can be used for increasing transparency, profitability and provenance in supply chains across a variety of markets.
Today on FreightWaves Now, Texas is under a storm siege. Intermodal rates are high even while volumes are slightly low. And a deep dive evaluation of what is happening with fuel?
Is US airfreight due for a resurgence after 20-year hibernation?
Norfolk Southern (NYSE: NSC) expects to have the next stage of its new operating plan in place by the end of July. In this next stage, which Norfolk Southern dubs “TOP 21,” the railroad will seek to run heavier trains and have them run faster along some routes.
The company’s net income in the first quarter was $37.1 million, or $0.98 cents per diluted share, up 76.6 percent compared to net income of $21 million, or $0.51 per diluted share, in the first quarter of 2018. This exceeded analysts’ expectations of $0.88 per share for the first quarter of 2019.
Knight-Swift Transportation reported adjusted earnings per share that were ahead of analysts’ expectations. FreightWaves was able to speak with David A. Jackson, Knight-Swift Transportation’s President and Chief Executive Officer.
CEO Paul Svindland calls settlement “milestone” in path to stability after hit from financial scandal.
Winds close to 150 mph, major storm surge about to slam parts of Africa never hit by a cyclone in modern times.
World’s largest ocean freight forwarder sees volume growth thanks to Asian export markets and its niche plays in pharma and healthcare.
Sluggish demand in the export trades from Asia to Europe has seen carriers blank nine sailings for the month of May 2019, taking out 115,000TEU in capacity, in an effort to bolster rates against slow growth.
Port Logistics Group, one of the nation’s leading providers of omnichannel logistics services, announced its acquisition of Whiplash Merchandising, Inc. on April 24, effective immediately.
CIT Group provides revolving credit line to the feeder ship company and shareholders vote to authorize additional shares.
Bottom line comes in light. Investors wary to unimpressed.
The expanded Neopanamax locks of the Panama Canal, which debuted in June 2016, have been a boon for many shipping sectors, but they were specifically designed with container shipping in mind. Lock capacity is measured in twenty-foot-equivalent units (TEU).
Ford invests $500M in electric pickup maker; plus U.S. may be pulling freight from trucking, India seeks logistics technology upgrades, and scientists call for unity on electric vehicles.
Intermodal business surges from acquisitions made during 2018.
Landstar’s President and Chief Executive Officer Jim Gattoni said that he is “comfortable” with the current full-year consensus EPS estimate of $6.41.
FreightWaves’ kick-ass Transparency19 will take place May 6-8 in Atlanta. New opportunities for SONAR and Trucking Freight Futures are available; learn how to register and take part!
