Physical examination by the Nigeria Customs Service, NCS and other government agencies involved in cargo examination process at the nation's seaports has increased the cargo dwell time by over 100 percent. Vanguard investigation revealed that about 40 to 60 containers are physically examined at Apapa port daily while between 50 and
Business
FedEx FY18 earnings soar on tax cuts
The Memphis-based parcel giant reported a net income of $4.57 billion, up 52 percent year-over-year. FedEx Corp. earnings surged 52 percent to $4.57 billion in its fiscal 2018 year, which ended May 31, according to the company’s most recent financial statements. The Memphis-based parcel and express carrier posted diluted earnings per share
UPS to spend $130 million on new natural gas vehicles, fueling stations
Package delivery company UPS on Tuesday said it will invest $130 million to buy 730 compressed natural gas vehicles and build five more domestic CNG fueling stations as the industry moves to shift from petroleum-burning vehicles to those that use less-polluting alternative fuels. United Parcel Service Inc, along with rivals such as
FedEx calls U.S. tariffs on Chinese goods ‘counterproductive’
A package of the FedEx courier delivery services company is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration Global delivery company FedEx Corp said on Friday that U.S. tariffs on Chinese goods will raise prices for American businesses and consumers and are “counterproductive to U.S. economic interests,” according to a
Rolls-Royce cuts 4,600 jobs at ‘pivotal moment’ for business
London - Rolls-Royce is to cut 4,600 jobs over two years in the latest attempt by boss Warren East to reduce costs and complexity and make Britain’s best-known engineering company more profitable and dynamic. East, a softly-spoken former tech boss, has overhauled the 134-year-old Rolls since he took charge in 2015 but
Panalpina acquires Argentine logistics network for perishables
Panalpina agreed to acquire the Argentinian perishables specialist Newport Cargo S.A., subject to conditions. On Wednesday, Swiss forwarder Panalpina released news of a new deal to acquire Argentine logistics company Newport Cargo S.A. in a move that will bolster its orientation toward the growing Latin American perishables market. Newport Cargo handles 24,000
Kenya Airways Gets Additional U.S.$42.6 Million From Banks
Eight Kenyan banks including Equity and KCB have advanced national carrier Kenya Airways additional loans amounting to Ksh4.3 billion ($42.6 million) as part of the ongoing capital restructuring at the airline. The new debt is backed by government guarantees, protecting the lenders from the national carrier's default. The airline, known by its
BMW says May sales of BMW, Mini vehicles dip due to China tariffs
Container shipping lines are having difficulty passing along higher fuel costs to customers
Container spot rates in retreat as 'gung-ho' carriers jockey for market share The Shanghai Containerized Freight Index (SCFI) lost a cumulative 2.8% this week as container spot rates on the transpacific and Asia-South America trades went into retreat. The SCFI’s comprehensive index is 7.2% below the level of a year ago, despite
UPS expanding LCL ocean offering
The parcel carrier and third-party logistics provider is adding direct sailings in 130 trade lanes covering Asia, Latin America, Africa, Europe, the United States, the Caribbean and the Middle East. UPS is significantly expanding its less-than-container-load (LCL) ocean freight services. The Atlanta-based parcel carrier and third-party logistics provider said in a statement