business

UPS posts strong first quarter with pension adjustments as driver

UPS Inc. (NYSE:UPS) reported Tuesday first-quarter diluted earnings per share of $5.47, with about half of that coming from a $2.4 billion net benefit from favorable adjustments to its pension costs from COVID-19 relief legislation signed into law last month.

On the operations side, it was a strong quarter for the Atlanta-based transportation and logistics giant. Revenue rose 27% to $22.9 billion, as demand rose across its three main product lines. The U.S. domestic package segment posted a...

https://s29755.pcdn.co/news/ups-posts-strong-first-quarter-with-pension-adjustments-as-driver

Global Trade Revolution and Standardized Containers

  • The process of loading and unloading as goods were transferred from one method of transportation to another remained very labor-intensive, time-consuming and costly.
  • Containers from a ship being transferred onto a smaller rail car, for example, often had to be opened up and repacked into a boxcar.
  • Different-sized packages also meant space on a ship could not be effectively utilized and also created weight and balance challenges for a vessel.
  • And goods were more likely to experience damage from...

https://mfame.guru/global-trade-revolution-and-standardized-containers/

KSOE Bags $137m Worth Order

Korea Shipbuilding and Offshore Engineering (KSOE) bagged an order for the construction of two crude oil carriers, says an article published in Ship Technology.

About the contract

As per the agreement, KSOE’s unit Hyundai Samho Heavy Industries (HSHI) will be responsible for the construction of two Suezmax for Sonangol Shipping.

Sonangol Shipping is a unit of Sonangol EP, Angola’s state-controlled oil firm.

In a stock exchange filing, KSOE disclosed that the value of the contract is approximately...

https://mfame.guru/ksoe-bags-137m-worth-order/

CN’s first-quarter net income slips nearly 4%

A photograph of a CN train passing by a mountainside lake.

CN’s (NYSE: CNI) net profit for the first quarter of 2021 fell 3.7% to CA$974 million, or $1.37 per diluted share, compared with CA$1.01 billion, or $1.42 per diluted share, in the first quarter of 2020. One Canadian dollar equals 81 cents in U.S. dollars.

First-quarter revenue was “in line” with a year ago, at CA$3.54 billion on record intermodal traffic and shipments of Canadian grain, offset by pandemic-induced lower volumes for other commodity groups. A stronger Canadian dollar, lower fuel...

https://s29755.pcdn.co/news/cns-first-quarter-net-income-slips-nearly-4

Toyota subsidiary to acquire Lyft’s self-driving vehicle division

Woven Planet Holdings has agreed to acquire Level 5, the self-driving vehicle division of Lyft (NASDAQ: LYFT). Woven will pay $550 million in total cash for the division, founded in 2016 at Open Platform. The sale price includes $200 million in upfront cash and $350 million in additional cash payments over five years.

The acquisition is subject to regulatory approvals and customary closing conditions. It is expected to close in Q3 2021.

Woven Planet Holdings is a subsidiary of Toyota Motor Corp.

“T...

https://www.freightwaves.com/news/toyota-subsidiary-to-acquire-lyfts-self-driving-vehicle-division

E-commerce’s rise drives up pressure on merchants to prevent fraud

Online payment fraud is expected to increase to more than $20 billion in 2021, according to a new report from Juniper Research. Fraud reached $17.5 billion in 2020.

The firm said e-commerce is making it easier for thieves to target consumers, especially as online sales grow at merchants that are unfamiliar, or lack the resources, to provide advanced security measures.

“From market data, it is clear that online payment is convenient and drives e-commerce. However, it has also created a playground...

https://www.freightwaves.com/news/e-commerces-rise-drives-up-pressure-on-merchants-to-prevent-fraud

E-Commerce Revolution Powered by Robots from Israel

  • Three companies are making strides in the automated fulfillment landscape, providing a glimpse into the future of retail.
  • One of the first things that strike you when you enter eGold’s fulfillment center in the port city of Ashdod, is how quiet things are.
  • The 20,000 square meter facility, that handles thousands of items a day, taking them from the container ship they arrived on and prepping them for delivery to customers’ homes is eerily silent.
  • The company’s state-of-the-art facility is one...

https://mfame.guru/e-commerce-revolution-powered-by-robots-from-israel/

LR Awards AiP for Dual-fuel Kamsarmax Vessel

  • Tsuneishi dual-fuel Kamsarmax bulk carrier gets LR AiP.
  • The Kamsarmax vessel is equipped with a fuel gas supply system (FGSS) and IMO Type-C LNG tank.
  • The vessel can significantly reduce sulphur oxides, nitrogen oxides, and carbon dioxide in engine exhaust gas.

LR has awarded Tsuneishi Shipbuilding Co., Ltd. with an Approval in Principle (AiP) for its Kamsarmax Bulk Carrier, which has been designed for dual-fuel operation, using both Liquefied Natural Gas (LNG) and Fuel Oil.

LNG-driven vessel

The...

https://mfame.guru/lr-awards-aip-for-dual-fuel-kamsarmax-vessel/

Lion Electric SPAC wins shareholder approval

A Lion8 electric truck with a trailer produced by the Lion Electric Co.

Lion Electric is set to go public after shareholders of special purpose acquisition company (SPAC) Northern Genesis Acquisition Corp. (NYSE: NGA) approved a merger Friday with the Canadian electric truck and bus manufacturer. 

Quebec-based Lion will trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV once the transaction closes.  

The company announced its plans to go public via a SPAC merger in November saying it would help fund a U.S. manufacturing facility...

https://www.freightwaves.com/news/lion-electric-spac-wins-shareholder-approval

Return of in-person dining can’t slow Chipotle’s digital growth

Digital growth continues at Chipotle

Even as its restaurants’ dining rooms reopen, Chipotle Mexican Grill (NYSE: CMG) is seeing record digital revenue in the first quarter of 2021, with digital food sales now reaching 50% of total sales, the company said on its Q1 earnings call this week.

“We’re feeling great about where we are. Consumer sentiment is definitely one where they want to get back out to socialize and get back into the dining rooms and have that in-dining experience,” Chairman and CEO Brian Niccol said on the earnings...

https://s29755.pcdn.co/news/return-of-in-person-dining-cant-slow-chipotles-digital-growth

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