Cosco Shipping Ports (CSP) reported a 7% container throughput in January to 8.38 million Twenty Foot Equivalent Unit (TEU) from 7.83 million TEU in the previous corresponding period. CSP's overseas terminals once again took the lead segment with volumes soaring 38% to 1.41 million TEU, compared to 1.02 million TEU in the same month last year.
The key Bohai Rim and Yangtze River Delta regions also performed well with volume gains of 3% and 2% respectively.
Throughput rose to 2.76 million TEU from 2.68 million TEU at the Bohai Rim region in January, while at the Yangtze River Delta, volumes rose to 1.62 million TEU from 1.58 million TEU in January 2016.
Ashok Leyland Limited has announced that Ashok Leyland West Africa has bagged an order of 135 buses under lines of credit from Exim Bank of India through Ecowas Bank of Investment & Development (EID) for Burkina Faso worth INR 70.35 Crores.
The buses will be supplied to the Ministry of Higher Education Scientific Research and Innovation and will be supplied over the next 180 days. This includes delivery of vehicles, spare parts, aggregates supply, training and an effective after sales support system in Burkina Faso.
Shares of Ashok Leyland Limited was last trading in BSE at INR 95.15 as compared to the previous close of INR 94.5.
The total number of...
Hyundai Merchant Marine (HMM) has declared that it intends to take 5% of the global market share by 2021.
In a recent announcement, the company outlined its intention to achieve this through various measures.
HMM said it would concentrate on boosting cost-competitiveness by primarily focusing on the Asia-US route as well as raising wet bulk carriers rather than dry bulk carriers.
The line also aims at focusing on acquiring more terminals, said an official so as to hit a 5% operating margin and garner a 5% share of the global shipping market by 2021.
The official added that It will not, however, be engaged in overly active fleet expansion. HMM...
According to the American Trucking Associations (ATA) advanced seasonally adjusted For-Hire Truck Tonnage Index, US October truck tonnage fell 0.3% after suffering a 6.3% decrease in September, marking the second monthly decline in 2016.
IATA economist Bob Costello said that "While seasonally adjusted tonnage fell, meaning the not seasonally adjusted gain wasn't as large as expected, the bottom of the current tonnage cycle should be near.”
He said that "There are some recent trends that suggest truck freight should improve, albeit gradually, but soon.”
Costello said that "Retail sales, housing starts, and even factory outp...
OLD Dominion Freight Line, Inc has announced that less-than-truckload (LTL) tonnes per day in August declined slightly by 1.4% compared to the same month last year.
The company attributed the decrease to a 1.5% reduction in LTL shipments per day and a 0.1% increase in LTL weight per shipment.
CEO David Congdon said that "The decline in Old Dominion's LTL tons per day for August reflects an operating environment that continued to be challenging.”
He said that "The pricing environment has remained relatively stable, however, and quarter-to-date LTL revenue per hundredweight, excluding fuel surcharges, increased between 2% and 2.5% as c...
FedEx Corp posted a quarterly net loss to USD 70 million year on year, narrowing the previous year's net loss of USD 895 million.
This year, quarterly revenues came in a USD 13 billion, up 7.3%. But full year profit came in at USD 1.82 billion up 73.3% year on year, drawn on revenues of USD 50.4 billion, up 6.1%.
The company said it was unable to provide guidance that included the results of the TNT takeover or the change in pension accounting.
"I was a little disappointed to see their guidance does not incorporate TNT," said Logan Purk, an analyst at Edward Jones.
"The implication is their guidance would come down for the ...
FedEx Corporation and TNT Express N.V. have jointly announced that FedEx has acquired TNT Express.
The €4.4-billion acquisition combines the strengths of the companies—the world’s largest air express network and an unparalleled European road network, which will expand the existing FedEx portfolio and reshape the global transportation and logistics industry, emphasised a release.
"This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for our people, customers and shareowners," said Frederick W. Smith, Chairman and CEO of FedEx.
"We are proud to celebrate the joining of t...
Freight rates for shipping containers from Asia to northern Europe fell 0.9% to USD 231 per Twenty foot container (TEU) in the week ended on Friday.
It was the sixth consecutive week of falling freight rates on the world’s busiest route. Rates are at their lowest since June 19, and widely seen as being at loss-making levels.
Denmark’s A.P. Moller-Maersk downgraded its profit outlook for 2015 on Friday and said the main reason was that the container shipping market deteriorated beyond management’s expectations, especially in the latter part of third quarter and October.
The conglomerate owns Maersk Line, the world’s biggest contai...
DHl Freight has raised European road freight less-than-truckload (LTL), or groupage, charges an average of 6% starting October 1, the company announced.
The company explained that its domestic and international LTL groupage market was "under high cost pressure caused by the strong fluctuations in fuel price and available capacity; severe wage increases caused by driver shortages; minimum wage regulations and higher administration insurance and environmental fees, including the reduction of average shipment sizes and increased delivery frequencies".
"The market is changing at a high pace and, as a result, we are being faced with new realities," ...
FedEx Express posted a 45% year-on-year quarterly operating profit increase to USD 545 million, drawn on revenues of USD 6.59 billion, which declined 4%.
Overall, Memphis-based FedEx Corp posted a 6% net profit increase to USD 692 million in the first financial quarter, drawn on revenues of USD 12.3 billion, which increased 5% year on year.
FedEx Express attributed its revenue loss to unfavourable currency exchange rates and a drop in fuel surcharges, which more than offset improvements in base rates.
FedEx Ground's revenues stood at USD 3.83 billion, a year-over-year increase of 29%, attributed to the inclusion of results of GENCO, a third-party lo...