Ground Freight

Sources in maritime industry said that the European Union's anti-piracy force had deployed a warship off the coast of Somalia, after a suspected pirate band tried to target vessels in the area. Sources from the maritime industry said that armed assailants fired at a commercial oil tanker Monday off the coast of Mogadishu after they attempted to board it. This was the first incident of suspected Somali piratery of this kind since 2024. The attack, as well as other incidents, has raised concern for the shipping lanes through which vital energy and goods are shipped to global markets. This week,...

The administration of President Donald Trump, which had threatened to remove aging railcars in Pennsylvania from service, announced on Tuesday that it would extend the deadline for an inspection by a state transit agency. The Federal Railroad Administration issued a special order on October 1 requiring that the Southeastern Pennsylvania Transportation Authority address the fire risk from its 225 Silverliner IV Railcars within 30 days. The order was issued in response to a safety recommendation made by the National Transportation Safety Board after five fires. FRA gave the agency until November 14 to finish inspections, and until early in December...

The global freight forwarder, Expeditors of Washington, reported a third-quarter profit that was above Wall Street expectations on Tuesday. This was due to strong airfreight volume and an increase in demand for their customs brokerage service. Early trading saw the company's stock rise 5%. The tonnage of air freight carried by expeditors increased 4% during the quarter reported, mainly due to shipments from Asia. This was due in part because the previously limited air capacity became more available after the 'de minimis exemption' for goods entering the United States expired. Sources in the industry say that the company also benefits...

Ford reported Monday a 1.6% increase in U.S. sales for October as the demand for pickups offset a decline in electric vehicle volumes. The U.S. tax and spending bill signed by President Donald Trump last month ended the $7.500 tax credit for new EVs, causing a temporary spike in sales. Experts in the industry had predicted a drop in EV sales for later this year. Ford's electric vehicles, including the Mustang Mach-E, F-150 Lightning and F-150 Lightning, saw a drop of nearly 25% in sales from last year to 4,709 units. The demand for Ranger, Maverick and other models helped...

Sources from the maritime industry said that armed assailants fired at a commercial oil tanker Monday off the coast of Mogadishu after they attempted to board it. This was the first incident of suspected Somali piratery of this kind since 2024. Maritime sources reported that if confirmed, it would be the first Somali pirate attack on a merchant vessel since May 2024. This could pose a risk to the vital energy and goods being transported through this region. In a report, British maritime risk group Vanguard stated that the vessel was about 332 nautical mile (615 km), off the coast...

Berkshire Hathaway said on Saturday it was cautious in the markets. It let cash reach a record of $381.7 billion, even though profits rose. This is its final financial report before Warren Buffett steps down as CEO. Buffett's conglomerate has sold more shares than it purchased for the 12th consecutive quarter. Its $283.2 billion portfolio of equity holdings includes Apple and American Express. Berkshire did not buy back any of its stock either, marking the fifth consecutive quarter that it hasn't done so, despite its stock price being significantly below the market. Net income increased 17% to $30.8 billion. Lower...

The Globe and Mail reported that Canadian National Railway laid off 400 managers from its rail offices in Canada and the United States due to a drop in freight caused by the trade war. In August, Donald Trump announced that he would increase tariffs against Canada by an additional 10%. Sector tariffs of 50 percent on all steel and aluminum imports have hurt the economy in the region. The company did not disclose the number of affected employees. Could not verify immediately the number of affected people. On October 31, the railroad company that connects Canada's Eastern, Western and Gulf...

Three sources with knowledge of the matter confirmed that Mercuria was shipping over 30,000 metric tonnes of aluminium to New Orleans from Port Klang, Malaysia. They added that the commodity trading company probably needed the metal because it had customers in the United States. Sources said that the metal was coming from London Metal Exchange-approved warehouses in Port Klang. Aluminium stocks, which stood at 268,325 tons on October 29, were down by 74,700 metric tons or 22 percent since September 22. . Industry sources claim that Mercuria's shipment to the United States of aluminium is part of an overall strategic...

Global freight forwarder C.H. Robinson, a global freight forwarder, posted a third-quarter profit that was above Wall Street expectations on Wednesday. Cost-cutting initiatives helped Robinson offset the weak freight demand. The Minnesota-based firm has simplified operations by exiting its European Surface Transportation division and reducing staff. It is working to control costs and protect profits amid the continued decline in surface and ocean cargo rates. Operating expenses for the company fell by 12.6% and its average headcount decreased by 10.8% compared to the same quarter a year earlier. C.H. Robinson reported an adjusted profit per share of $1.40 for the...

By Aishwarya Jain Oct 29 - Old Dominion Freight Line surpassed third-quarter profit expectations on Wednesday. The company was able to do so due to tight cost control as it operated in a long freight recession. The U.S. trucking sector is struggling with low volumes, overcapacity and a persistent recession. Experts predict that the current downturn will continue through the first quarter of next year. This is despite the fact that extra capacity has been gradually removed from the market. The sector faces challenges due to a changing global macroeconomic climate. Old Dominion’s operating costs were $1.05 billion in the...

Oct 29th - Old Dominion Freight Line surpassed third-quarter profit expectations on Wednesday. The company was able to do so thanks to tight cost control as it operated in a long freight recession. The U.S. trucking sector is struggling with low volumes, overcapacity and a persistent recessionary phase. Experts predict that the current downturn will continue through the first quarter of next year. This is despite the fact that extra capacity has been gradually removed from the market. The sector is facing the challenges posed by a changing global macroeconomic climate. Old Dominion’s operating costs were $1.05 billion in the...

Sean Duffy, U.S. Transportation secretary, warned late Thursday that his department may soon order a Pennsylvania transit agency not to use a fleet railcars because of fire risks. He also raised a number of safety and financial concerns. On October 1, the Federal Railroad Administration issued an emergency order that required the Southeastern Pennsylvania Transportation Authority (SEPTA) to fix fire risks from its Silverliner IV Railcars within 30 days after a safety recommendation made by the National Transportation Safety Board in response to a series five fires. Duffy wrote to Pennsylvania Governor Josh Shapiro that "SEPTA does not have the...

The London Metal Exchange said Thursday that it intends to set permanent rules imposing restrictions on members who have large positions in contracts near them due to low inventory levels. Hong Kong Exchanges and Clearing Ltd., the world's largest and oldest market for industrial metals which is owned, placed temporary restrictions on June following a spike in premiums for copper contracts near by. LME stated that these measures were implemented in response to a low-stock situation combined with large positions in nearby dates. This had led the LME Special Committee to instruct market participants to reduce their large on-exchange position....

Wall Street fell on Thursday as signs of weakness among regional banks frightened investors who were already on edge due to the U.S. - China trade tensions. Zions Bancorporation shares fell after the regional lender disclosed an unexpected loss in two loans made to its California division. This added to investor anxiety about hidden credit pressure as lenders navigate economic uncertainty while interest rates are still relatively high. Western Alliance's slump also fueled concerns about regional banks after it announced it had initiated a lawsuit for fraud against one of their borrowers. Investors were watching the S&P 500, which recently...

Matt Chamberlain, Chief Executive of the London Metal Exchange (LME), said that the LME is looking at a market consultation for amendments to the rules of the 450 warehouses it has around the globe. The LME has been introducing queue-based rent caps (QBRC), which limit rental income for registered warehouses at 80 days following the notice given by the owner of the metal to take delivery. The rule has unintended effects. The rule has unintended consequences. Traders who have contracts to deliver metal beyond 80 days can cancel warrants and get free storage. Meanwhile, consumers cannot access metal stored in...

Transnet's CEO announced on Thursday that a South African court had ordered China's CRRC E-Loco, which has been in a long-running dispute with Transnet, to release locomotive parts it had refused to provide. This decision is a boost to the plans of Transnet to improve its performance. Both parties are involved in a legal battle after Transnet halted 1,064 locomotives supplied by four original equipment manufacturers, including CRRC E-Loco. Transnet claimed that contracts for 2014 worth $54.4 billion rand (3.18 billion dollars) were illegally awarded by previous company leadership. Transnet reported that in 2023 161 locomotives provided by CRRC E-Loco...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mexico is planning to increase import tariffs on almost 1,500 products including cars, steel, textiles and appliances to protect the domestic industry and job opportunities, particularly from cheap Chinese goods. This comes amid wider trade talks with both the U.S. Oracle has signed an unprecedented $300 billion cloud computing contract with OpenAI to support massive AI expansion starting in 2027. This is one of the biggest tech contracts ever, and signals a high-stakes wager on ChatGPT’s continued...

Two sources familiar with the matter said that JD.Com's property investment arm and two other firms are planning to launch a Singapore based real estate trust (REIT), with assets valued at potentially more than $1 billion. Sources said that JD Property (the unlisted infrastructure investment platform and asset management platform for JD.Com) is creating the REIT in partnership with Partners Group, a Swiss investment firm, and EZA Hill Property which is backed up by Asian investment firm Hillhouse. Sources who refused to name themselves because the matter was private said that the REIT plan could be listed at the Singapore...

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Vinay Prashad, chief medical and scientific officer of the U.S. Food and Drug Administration, has resigned from the U.S. Department of Health and Human Services (which oversees the FDA). After a rare 8.8-magnitude earthquake hit Russia's east coast, the National Weather Service upgraded its tsunami warning to cover a 100-mile stretch of Northern California coastline between Cape Mendocino bordering Oregon. Union Pacific announced that it would purchase smaller rival Norfolk Southern...

After years of discussions and complaints by licensed taxi drivers in Hong Kong, the Hong Kong government has presented proposals to regulate ride-hailing services, such as Uber. Uber, the first ride-hailing service in Hong Kong to operate without regulation, was launched in 2014. Uber drivers were arrested for driving without a licence after police raided the office of Uber in 2015. Ride-hailing services have an unfair advantage over taxis, according to the city's taxi sector, which is struggling with a decline in income. The Transport and Logistics Bureau stated in a document submitted to the Legislature that all platforms offering...

According to the CEO of the London Metal Exchange, there is a strong demand for metal delivery before the new warehouses open in Hong Kong next month. This is partly due the tightness of the copper market. The LME approved the construction of three new warehouses in Hong Kong last month, bringing the total up to seven. This is part of its efforts to increase its presence in this city, which is the gateway for the world's largest metals consumer - China. Hong Kong's high costs have led to questions regarding the viability and cost of new storage facilities in...

Leasys, an auto leasing company, aims to double its fleet's share of electric and hybrid vehicles by the end of next year. The rapid advancements in electric technology present challenges to the industry. Leasys, a 50-50 joint venture between Stellantis in Italy and France's Credit Agricole is the third-largest player in Europe's long term auto rental industry. The long-term lease, which allows the customer to rent a car at a fixed rate per month, usually for a minimum of 365 days, is an alternative to owning. In recent years, corporate clients have driven its popularity. Leasys is present in 11...

Reports citing four traders indicate that copper inventories at the Shanghai Futures Exchange will continue to fall this week. This would be a continuation of the steep drop, and could trigger a price spike. Traders said that the surge in prices for ShFE copper, an important metal used by China's massive manufacturing sector, would attract more metal into the exchange warehouses. This will make a complete depletion of the stock unlikely. Yangshan copper premium is already tightening up. It is a measure of China's appetite to import copper. On Monday, it was at $93 per ton, its highest level since...

The following are the leading stories on the business pages of British newspapers. Reuters has not verified these stories and does not guarantee their precision. The Times - The takeover of Harland & & Wolff by the Spanish state-owned shipbuilder Navantia has been finished in an offer anticipated to secure more than 1,000 British tasks. - More than $700 billion was wiped from the worth of the world's biggest technology business after the emergence of a. cut-price Chinese rival to ChatGPT raised doubts over whether. America can sustain its lead in expert system. The Guardian - Elon Musk's Tesla has...