business

Ryder beats estimates but its earnings show signs of the pandemic’s impact

In an earnings season full of several trucking companies coming through the second quarter better than expected, the earnings report of Ryder was a reminder of how tough the landscape has been. 

The truck leasing and supply chain company did better than expected, according to SeekingAlpha in at least one key measurement. Its non-GAAP earnings per share of negative $0.95 beat Wall Street consensus by $0.36. The GAAP estimate of a $1.14 loss was better than consensus by $0.22. 

But revenue of $1.9...

https://s29755.pcdn.co/news/ryder-beats-estimates-but-its-earnings-show-signs-of-the-pandemics-impact

Major Shipping Players Join the Hydrogen Coalition

  • The Hydrogen Council, a global CEO-led coalition working to enable the global energy transition through hydrogen, has announced 11 new members.
  • The news comes at the juncture of world’s sustainable economic recovery from the pandemic and further bonds the industry’s commitment to leverage hydrogen solutions to build a cleaner economy.
  • The Hydrogen Council has grown from 13 founding companies in 2017 to 92 members in just three years.

The Hydrogen Council, a global CEO-led coalition working to...

https://mfame.guru/major-shipping-players-join-the-hydrogen-coalition/

Boeing takes $2.4B loss in Q2 due to COVID-19

Boeing

Aircraft manufacturer Boeing (NYSE: BA) reported a $2.4 billion net loss in revenue for the second quarter of 2020, which it attributes to the significant hit to the aviation industry by the ongoing coronavirus pandemic.

Commercial aircraft deliveries across the board fell by more than half during the first half of 2020, compared to the same period last year. Boeing’s popular 737 MAX was grounded more than a year ago after two deadly crashes within five months.

In addition, airlines are...

https://www.freightwaves.com/news/boeing-takes-24b-loss-in-q2-due-to-covid-19

Cummins dives into hydrogen as traditional engine business stalls

Cummins Inc. (NYSE: CMI) is acquiring businesses, forming partnerships and investing research dollars into a future hydrogen economy. Its across-the-board bets cover fuel cells for trains, ships and trucks – and the hydrogen fuel to power them.

The global leader in diesel engines recently formed a New Power unit as a home for its growing portfolio. The unit lost $38 million before interest, taxes, depreciation and amortization (EBITDA) in the second quarter on $10 million in revenue. But like...

https://s29755.pcdn.co/news/cummins-dives-into-hydrogen-as-traditional-engine-business-stalls

33% Supply Chains Moving Out of China

Citing Covid-19 pandemic, rising tariffs, and Brexit, companies are moving their sourcing to Vietnam, India, and Mexico, reports Cargo Now

What is it?

According to a recent survey from analyst firm Gartner Inc.

One-third of companies with global supply chains have moved their sourcing and manufacturing activities out of China or plan to do so in the next two to three years, 

And while the Covid-19 pandemic is certainly one of the top reasons for the trend, other powerful factors are the U.K.’s...

https://mfame.guru/33-supply-chains-moving-out-of-china/

Achim Boehme,CEO of Lomar Shipping, Dies Due To Cancer

Lomar Shippping shared a sad news in their official website about the death of their Chief Executive Officer, Achim Boehme, who died peacefully on Saturday 25th July 2020, at his home in Bremen, Germany, surrounded by his family.

Waging a brave battle with cancer

He was aged 56 and for the past year had been waging a brave battle with cancer.

As Chief Executive Officer at Lomar he held overall responsibility for the company’s strategy, development, management and was also General Manager of Lomar...

https://mfame.guru/achim-boehmeceo-of-lomar-shipping-dies-due-to-cancer/

Rebound Hopes for Shipping Industry A Distant Dream

  • Orders for new oceangoing ships are at record lows as carriers sit on the sidelines.
  • COVID-19 pandemic has left cargo carriers’ demand forecasts in tatters.
  • Shipyard executives in China, South Korea, and Japan are now in a high-stakes competition.
  • Interest in big container ships seen as fundamental to growing global trade is close to zero.
  • At $175 million each, LNG carriers are more expensive than other ship types.
  • Owners are looking to order large tankers as demand to move crude and petroleum...

https://mfame.guru/rebound-hopes-for-shipping-industry-a-distant-dream/

DP World To Acquire Majority Stake of UNICO

DP World announces its agreement to acquire 60% of Korea’s UNICO Logistics, reports Reuters.

What is in the agreement?

According to a statement issued by DP World, Dubai-based global ports operator DP World has agreed to acquire a 60% stake in South Korea-based UNICO Logistics Co.

DP World said that the transaction, subject to regulatory clearance, is expected to close in the fourth quarter of this year.

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Source: Reuters

The...

https://mfame.guru/dp-world-to-acquire-majority-stake-of-unico/

C.H. Robinson easily beats the Street, outlook ‘uncertain’

On Tuesday, July 28, after trading ended, C.H. Robinson (NASDAQ: CHRW) reported its financial results for the second quarter of 2020. 

Robinson reported earnings per share of $1.06, handily beating Wall Street’s expectations of $0.61/share. That came on gross revenues that were 7.2% lower year-over-year ($3.6 billion, beating the consensus estimate $3.46 billion) and net revenues that were 11.6% lower year-over-year. Net income fell 14.9% to $143.9 million compared to the year-ago period.

Lower...

https://www.freightwaves.com/news/ch-robinson-easily-beats-the-street-outlook-uncertain

U.S. Xpress has strong second quarter

U.S. Xpress turned in strong second quarter earnings, with its closely watched operating ratio (OR) improving both year-on-year and sequentially.

The truckload carrier’s GAAP operating ratio of 96.1% was 180 basis points better than the 97.9% it recorded in the second quarter of last year. But an even bigger improvement was posted in the company’s GAAP OR for the first quarter, when USX turned in an OR of 100.8%. 

The non-GAAP adjusted OR for USX in the second quarter was 95.9%, an improvement of...

https://s29755.pcdn.co/news/u-s-xpress-has-strong-second-quarter

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