Maersk Profit Plunges as Oil, Container Units Suffer
A.P. Moeller-Maersk A/S reported an 84% plunge in 2015 profit after its oil unit was hit by lower energy prices and the container division got squeezed between sluggish trade growth and overcapacity. The shares fell the most in almost a year.
February 10, 2016CP Rail Said to Back Away From Norfolk Southern Proxy Fight
Canadian Pacific Railway is moving away from a proxy fight for Norfolk Southern Corp. but still plans to pursue a takeover of the U.S. carrier, a person familiar with the plan said.
February 9, 2016XPO Logistics Suit Claims YRC Poached Execs, Stole Trade Secrets
XPO Logistics Inc. filed suit against YRC’s Freight unit, claiming that the company poached seven management employees, including two vice presidents, and stole trade secrets around the time that XPO was completing the acquisition of Con-way Inc.
February 8, 2016Saia, Echo Report Lower Fourth-Quarter Earnings
Weaker freight market conditions drove net income down 16% at less-than-truckload carrier Saia Inc., which reported a profit of $11.4 million, or 45 cents a share, and Echo Global Logistics Inc. earnings declined 64% to $1.7 million, or 6 cents a share, hurt by acquisition-related costs.
February 5, 2016Norfolk Southern, CSX Say They Won't Make 2018 Deadline for Train-Control Safety System
CSX Corp. and Norfolk Southern Corp. told the Federal Railroad Administration they won't make the 2018 deadline for full implementation of positive train control.
February 4, 2016Total Quality Logistics to Open New Indiana Location
Total Quality Logistics is planning to open a sales office next month at Blackthorn Corporate Park on the northwest side of South Bend, Indiana.
February 4, 2016Trailer Shipments Set Record as 2015 Orders Stay Strong
New trailer orders in the United States reached 315,000, the second-highest annual total, while a growing backlog pushed total shipments to an annual record, ACT Research reported.
February 1, 2016XPO Logistics Makes More Job Cuts at LTL Unit
XPO Logistics said it has cut another 190 jobs, primarily at its less-than-truckload unit, to save more than $20 million annually.
January 29, 2016Norfolk Southern to Cut 2,000 Jobs as Part of Streamlining Plan
Norfolk Southern Corp. reported Jan. 27 that fourth-quarter profit fell 29% from the same period a year ago and its yearly profit for 2015 was off by nearly as much — down 20% from a year earlier.
January 27, 2016Swift Fourth-Quarter Net Income Rises 24%
Swift Transportation Co. improved fourth-quarter net income by 24% to $72.5 million, or 51 cents per share, helped by operational improvements throughout the company and improved profits at its dedicated freight unit.
January 26, 2016