XPO Logistics bargains over sale of European business
Delayed by the effects of the COVID-19 crisis, the sale of parts of XPO Logistics resumed in October according to press reports.
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Thomas is a widely respected writer and has been analyzing the global logistics market for over 15 years. He has edited a number of international publications and written for most of the leading trade publications in Europe. He has written several in-depth reports on a variety of subjects including Automotive and Chemical logistics. Thomas has been vital in adding value to Ti’s Logistics Briefing service for the last 10 years and works on many global consultancy projects.
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Delayed by the effects of the COVID-19 crisis, the sale of parts of XPO Logistics resumed in October according to press reports.
The problems of asymmetric demand continue to plague the world’s container transport sector, with a string of developments over the past week illustrating the problem of congestion within marine logistics at present.
Maersk reported its financial results for the quarter ending September 30, 2020. EBITDA for the whole company was up by 39% year-on-year at $2.3bn despite a 1.4% fall in revenue.
The headlines are screaming about “explosions” in freight rates exacerbated by shortages of containers and port space. Certainly, there does seem to be a continuing imbalance between demand and supply, and this is driving up prices.
Press reports indicate that Japan Post has commenced the sale of much of the Toll Group.
Releasing XPO Logistics’ latest Q3 results, CEO, Bradley Jacobs, commented,“Our business rebounded dramatically in the third quarter”.
Expeditors International of Washington’s third-quarter results reflected a familiar pattern in the forwarding markets at present.
Ocado has been investing in and developing its warehouse technology with the purchase of Kindred Systems and Haddington Dynamics for $262m and $25m, respectively.
The Atlanta based giant’s revenue reached $21.2bn for Q3 but it has been caught again in the growth conundrum of higher demand for less profitable services.
Alibaba has signed an agreement with the Israel based container liner, ZIM. ZIM is to provide sea freight and services through a direct interface with Alibaba.com’s logistics platform.
Pfizer is briefing the press aggressively about its prospective COVID-19 vaccine. A heavily publicised open letter from the company’s CEO strongly implied that it is expected to be shipping the vaccine in the last week of November.
The Port of Antwerp, one of Europe’s leading container ports and its largest chemical logistics location, has reported that business for the past three quarters declined by 4.4% measured in volume terms.