warehouse

Kenco adds warehouse in California; Lineage buys into Spain

Third-party logistics provider Kenco Logistics said Thursday that it has opened a 397,000-square-foot distribution center in Perris, California, that is designed to house multiple tenants.

The facility is on Kenco’s existing Southern California campus in Perris, according to the Chattanooga, Tennessee-based company. David Caines, Kenco’s COO, said the facility will allow customers to share labor resources in a tight labor market and to scale operations in response to demand fluctuations. Perris...

https://www.freightwaves.com/news/kenco-adds-warehouse-in-california-lineage-buys-into-spain

Food inventories ‘literally being eaten into,’ Americold says

Food stocks remain pressured as producers struggle to ramp production

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

Prologis report details spike in logistics real estate activity

Demand for logistics space surges

Results of a quarterly industrial real estate survey conducted by Prologis (NYSE: PLD) showed a surge in activity in response to “strong retail sales and inventory restocking.”

After steadily increasing from a reading of 56 in the fourth quarter to 59 in the first quarter, Prologis’ Industrial Business Indicator jumped to a late-April reading of 68, “reflecting increased throughput and indicating strong future demand growth,” the report stated.

The 68 reading was the highest level reached on the...

https://s29755.pcdn.co/news/prologis-report-details-spike-in-industrial-real-estate-activity

XPO finally takes a bite of Apple

Drive XPO app

XPO Logistics Inc. (NYSE:XPO) said Tuesday that it will build a 1 million-square-foot distribution center for Apple Inc. (NASDAQ:AAPL) in the small Indiana town of Clayton that will support Apple’s direct-to-consumer distribution and delivery strategy.

XPO’s first-ever contract with the technology titan was part of $4 billion in done deals negotiated by the company’s logistics unit since the start of the year. Included in the basket was an 11-year, $1.2 billion deal with an existing customer...

https://s29755.pcdn.co/news/xpo-finally-takes-a-bite-of-apple

XPO first-quarter revenue sets quarterly record

XPO Logistics Inc. (NYSE:XPO) posted late Monday the highest quarterly revenue in its history at $4.77 billion. It also posted first-quarter records for net income at $115 million, more than quintupling first-quarter 2020 results, and for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at $443 million, compared with $333 million in the year-earlier period.

On an adjusted and diluted basis, the Greenwich, Connecticut-based transportation and logistics provider...

https://s29755.pcdn.co/news/xpo-first-quarter-revenue-sets-quarterly-record

New Jersey bill, backed by key leader, seeks more local input on warehouse growth

The growing footprint of warehouses in New Jersey — which is hardly alone in adding massive amounts of logistics space — has spurred the introduction of legislation that could slow its growth.

Most significantly, the sponsor of the legislation introduced this week is state Sen. Stephen Sweeney. He is the Democratic majority leader of the New Jersey Senate, giving him more influence to drive a piece of legislation to approval. Sweeney is arguably the state’s second most powerful politician after...

https://www.freightwaves.com/news/new-jersey-bill-backed-by-key-leader-seeks-more-local-input-on-warehouse-growth

Amazon’s 1-day shipping in US still has work to do, CFO says

During a quarter when, again, virtually everything went right, Amazon.com Inc. (NASDAQ:AMZN) CFO Brian Olsavsky, pressed by an analyst on what part of its business needs improvement, was able to find a fly in the ointment.

Amazon’s one-day shipping service has still not found its groove in the U.S. after being derailed by the avalanche of parcel-delivery volumes throughout 2020 as well as an acute shortage of warehouse space, Olsavsky said. He did not provide specifics on where Amazon is and...

https://s29755.pcdn.co/news/amazons-1-day-shipping-in-us-still-has-work-to-do-cfo-says

Importers lost their pricing power. How should they adapt?

container port

The good news for U.S. importers: Demand for consumer goods continues to boom. The bad news: Shipments from Asia face massive delays and even when cargo finally arrives, it costs so much to transport that profit margins are slashed. The worse news: The shift in the balance of power from shippers to ocean carriers does not look temporary.

To better understand how importers should adapt to this challenging new landscape, American Shipper conducted an in-depth interview this week with Jochen...

https://s29755.pcdn.co/news/importers-lost-their-pricing-power-how-should-they-adapt

FedEx Ground warehouse shooting shocks normally stable system

Fatal shooting at warehouse

Violence in the warehouse is rare, which could reflect the success of stakeholders in keeping it that way. Just as rare, it seems, is public discourse surrounding the issue. Few people want to discuss it on or off the record. The Warehouse Education and Research Council (WERC), the leading trade group for warehouse executives, hasn’t published anything on workplace violence since 2002. Then, Barry Brandman, president and CEO of Fair Lawn, New Jersey-based Danbee Investigations, which marks its...

https://www.freightwaves.com/news/fedex-ground-warehouse-shooting-shocks-normally-stable-system

Logistics space in high demand, rents moving up

Demand for logistics warehouse space continues to grow

Logistics real estate provider Prologis Inc. (NYSE: PLD) pointed to a continuation in positive momentum from the fourth quarter as the catalyst for better-than-expected first-quarter results.

The San Francisco-based company reported core funds from operations of 97 cents per share Monday, 3 cents ahead of consensus and 14 cents higher than the year-ago quarter.

“Demand driven by the powerful economic recovery, retail revolution and higher inventory levels has unfolded more strongly than we...

https://www.freightwaves.com/news/logistics-space-in-high-demand-rents-moving-up

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