Temperature-controlled warehouse operator Lineage Inc. said on a Wednesday quarterly call that its customers remain growth-oriented but acknowledged that food inventories have stabilized at lower levels.
Total throughput at its facilities hasn’t changed all that much since the pandemic, but customers are holding less inventory than they did prior to COVID. Food producers ramped production in 2022 in efforts to rebuild stock levels, but they overshot the mark and were left holding more...
Cold storage warehouse operator Lineage Inc. reported financial results Wednesday for the first time since becoming a public company. The Novi, Michigan-based real estate investment trust posted a $543 million net loss, which included numerous expenses tied to the initial public offering. Excluding certain items, adjusted funds from operations (AFFO) increased 20% year over year to 90 cents per share.
“We are excited to report strong results for our first quarter as a public company,...
https://www.freightwaves.com/news/lineage-reports-strong-q3-in-first-quarter-as-public-company
Bananas for all is something that Chiquita takes very seriously. Its ongoing partnership with Daikin Reefer has been holding strong since 2018. That’s nearly six years of collaboration to give bananas to the world, more specifically North America. Chiquita uses Daikin’s ZeSTIA reefer units, which Chiquita says are unmatched for reliability and performance. As a bonus, the units help reduce carbon dioxide emissions while preserving the...
https://www.freightwaves.com/news/running-on-ice-a-partnership-for-the-ages
Your latest info on all things cold chain
Hello, and welcome to the coolest community in freight! Here you’ll find the latest information on warehouse news, tech developments and all things reefer madness-related. I’m your controller of the thermostat, Mary O’Connell. Thanks for having me!
All thawed outhttps://www.freightwaves.com/news/running-on-ice-freezers-hit-the-desert
googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });
Hello, and welcome to the coolest community in freight! Here you’ll find the latest information on...
https://www.freightwaves.com/news/running-on-ice-panama-canal-the-latest-wrench-in-the-supply-chain
Temperature-controlled storage provider Lineage Logistics announced Thursday the acquisition of MTC Logistics. The deal expands Lineage’s coverage at ports on the East and Gulf coasts.
Baltimore-based MTC operates four cold storage facilities with 38 million cubic feet of space and more than 113,000 pallet positions near the ports of Baltimore, Philadelphia, Wilmington, Delaware, and Mobile, Alabama. MTC provides warehousing, blast freezing and import-export services in addition to its...
https://www.freightwaves.com/news/lineage-logistics-adds-port-locations-in-latest-deal
Labor headwinds and COVID-related work outages have crimped food production across the globe, a trend that has spilled into the new year. The declines are weighing on the financial results of cold storage facility operator Americold Realty Trust.
Americold (NYSE: COLD) reported fourth-quarter 2021 adjusted funds from operations (AFFO) of 31 cents per share, 16% lower year-over-year. Core FFO beat analysts’ expectations by a penny. The company booked a net loss of 3 cents per share in the period.
G...
https://www.freightwaves.com/news/new-americold-ceo-faces-tough-questions-on-recent-performance
New Jersey-based RLS Logistics announced Wednesday it is now among the nation’s top 10 providers of temperature-controlled storage space and logistics networks following two acquisitions. Through its affiliate RLS Partners it recently acquired Hutt Trucking and Logistics and Performance Cold Storage.
Financial terms of the transactions were not disclosed. Both companies were renamed with the RLS moniker, becoming RLS Hutt and RLS Performance.
Holland, Michigan-based Hutt Trucking offers cold...
Cold storage facility operator Americold Realty Trust (NYSE: COLD) said manufacturers still aren’t producing food products at pre-COVID levels and recent production activity isn’t keeping pace with demand. Food producers’ inventory is “literally being eaten into,” said Fred Boehler, president and CEO, on a Thursday evening call with analysts.
Demand for food and food consumption remains steady. However, food stocks held by Americold on behalf of its manufacturing customers, as well as food...
https://s29755.pcdn.co/news/food-inventories-literally-being-eaten-into-americold-says
The largest temperature-controlled logistics provider in the world, Lineage Logistics, announced Thursday it has raised $1.9 billion in equity from various investors. Lineage plans to use the capital to fund various new developments, facility expansions and tech initiatives. The company will also use the money to remain active acquiring smaller cold storage operators.
The latest funding round adds to the $1.6 billion equity raise the company completed in September, bringing the total to $4.3...
https://www.freightwaves.com/news/lineage-logistics-fattens-coffers-again-with-1-9b-funding-round