LONDON – NOL Group swung to a net profit of $890 million in the second quarter from a $54 million loss a year ago, almost entirely due to the gain from the sale of APL Logistics to Japan’s Kintetsu World Express.
A revolution is quietly under way in Saudi Arabia’s ports sector, as the first facility to be run outside government control attracts the world’s leading shipping alliance, piling pressure on the kingdom’s premier west coast port, Jeddah Islamic Port.
Officials at Khalifa bin Salman Port in Hidd, Bahrain, predict a structural shift in the size of the Bahraini cargo market and forecast a dramatic increase in container throughput to 500,000 20-foot-equivalent units this year because of growth in government-led infrastructure and construction schemes.
A slew of acquisitions helped Roadrunner Transportation increase truckload revenue. The company's LTL revenue, volume and tonnage dropped, but profits climbed.
Matson plans to invest roughly $30 million in upgrades and new equipment into the new Alaska services it acquired from now-defunct Horizon Lines in May.
The lingering effects of a 2013 acquisition also pulled down second-quarter profits at truckload carrier Heartland Express.
U.S. trucking companies continue to make more from less, with Saia, the 10th-largest U.S. less-than-truckload carrier, reporting bigger second-quarter profits on reduced revenue and tonnage.
Port Canaveral this week broke ground on what will soon be the port’s first multimodal inland facility, part of the Florida port’s ongoing campaign to snag container traffic from other U.S. East Coast ports.
While politicians wrangle over the Greek debt crisis and economists speculate on the lasting impact to the European and global economy, a decision on who controls a container quay miles away from Athens could reshape European supply chains.
The Long Beach Board of Harbor Commissioners Monday elected Lori Ann Farrell Harrison as its new president. The commission president chairs board meetings and represents the port before the public.