In segments described as liner or containership operations, NYK, MOL and “K” Line reported a combined loss of 77 billion yen (U.S. $691 million) for the fiscal year ending March 31, 2017, resulting from historically low freight rates.
Knight Transportation’s Q1 earnings stuck in reverse
The Phoenix, Ariz.-based truckload carrier and logistics provider, which recently announced a $6 billion merger with competitor Swift Transportation, saw first quarter net income fall 35.4 percent to $14.9 million compared with the same 2016 period.
U.S. GDP growth slows to a crawl in Q1 2017
United States gross domestic product increased just 0.7 percent in the first quarter of 2017, down from from a 2.1 percent growth rate the previous quarter and the slowest in three years, according to the “advance” estimate from the Department of Commerce.
Navios Maritime to acquire FSL Trust
Navios Maritime Holdings, Inc. will acquire 154.4 units in First Ship Lease Trust from FSL Holdings, and all issued and paid-up share of FSL Asset Management Ptd. Ltd.
Wilhelmsen to buy Drew Marine Technical Solutions
The Norwegian global maritime industry group inked a deal to acquire the technical business solutions business from Drew Marine for approximately $400 million.
Yang Ming establishes subsidiary in the Philippines
The new subsidiary will provide increased voyage frequencies and slots to Yang Ming’s service network within Southeast Asia, the Taiwanese ocean carrier said.
OOCL drives up box volumes, revenues in Q1
The Hong Kong-based ocean carrier’s container volumes increased 7 percent year-over-year, while revenues rose 6.4 percent from the corresponding 2016 period.
Japan Post projects annual loss due to Toll writedown
The Japanese postal, banking and insurance conglomerate now expects to post a net loss of 40 billion yen (U.S. $362.4 million) for its fiscal year ended March 31, 2016, after taking a 400.3 billion yen writedown on Australian logistics arm Toll Holdings.
NAFTA trade growth hits fourth straight month in February
Total cross-border trade between the United States, Mexico and Canada grew 2.9 percent in February 2017, the fourth straight month of year-over-year increases, according to the Department of Transportation’s Bureau of Transportation Statistics.
Echo posts Q1 loss despite record revenues
Freight broker and third-party provider Echo Global Logistics reported a net loss of $2.9 million in first quarter 2017, compared with a $0.3 million gain in the same 2016 period, even as revenues grew 3 percent year-over-year to $415.8 million.