Warehousing: Page 248

Northern Transportation Faces Bankruptcy

Northern Transportation, which delivered construction material to the Distant Early Warning system during the Cold War and the first drilling rig to Alaska’s Prudhoe Bay in 1963, is sinking in debt and faces the end of court-ordered bankruptcy protection.

Owned by an Inuvialuit corporation, the company owes $130 million, most of it to a consortium of Canadian banks.

Ocean Ports & Carriers

Hyundai Merchant Marine to Acquire Hanjin Shipping’s Assets

The creditors and financial authorities opted for the receivership of Hanjin Shipping and the acquisition of Hanjin’s core assets by Hyundai Merchant Marine, with the idea to achieve a merger between the two national flag carriers at a minimum cost.

The financial authorities and creditors are estimating that Hyundai Merchant Marine will have to spend 300 billion won to 400 billion won on the key asset acquisition.

GE Transportation Acquires ShipXpress

ShipXpress Inc.

The agreement extends GE Transportation’s portfolio of solutions into the logistics value chain, giving it new offerings for shippers, and expanding its ability to deliver information and transaction services for railroad customers around the world.

GE Transportation, a producer of rail and transportation-related products and offerings, has acquired ShipXpress, a provider of cloud-based software solutions that enable transportation, industrial, and commodities businesses to efficiently operate with supply chain partners.

C.H. Robinson to Acquire APC Logistics

C.H. Robinson Worldwide, Inc.

The two companies have had a long-standing exclusive agent relationship for business in Australia and New Zealand.

The acquisition is expected to be accretive in 2016 and 2017 and will be financed through cash and funds drawn from C.H. Robinson’s existing revolving credit facility.

Emerson Acquires Locus Traxx and PakSense

These investments in cargo solutions allow Emerson to provide consistent and safe control of food and other temperature-sensitive goods.

Emerson is a partner with shipping companies, trucking lines and refrigerated container manufacturers, providing technology and services to ensure the integrity of cold chain assets.

Ocean Ports & Carriers

Hanjin Shipping Co. Files for Receivership, Ports Deny its Vessels

A bankruptcy for Hanjin Shipping would be the largest ever for a container shipper in terms of capacity, according to consultancy Alphaliner, exceeding the 1986 collapse of United States Lines.

Hanjin Shipping announced the filing for receivership and a request to the court to freeze its assets, which the Seoul Central District Court planned to grant, a judge told Reuters, declining to be named.

Freight Marketplace Operator Freightos Acquires WebCargoNet

WebCargoNet maintains a database of global air-freight rates, allowing Freightos to list a wider variety of routes and modes of transportation in its marketplace.

Freightos claims inefficiencies in the freight shipping business amounts to about 26 percent of all containers shipped annually and about 30 percent of all trucks on the road being empty.

Grocery Manufacturers Association Sept. 12 Webinar to Address FSMA Recall Requirements

Grocery Manufacturers Association (GMA)

The Grocery Manufacturers Association will host a webinar on Monday, Sept. 12 at 1 p.m. EST on the recall requirements under the Food Safety Modernization Act (FSMA).

Mondelēz Drops its Bid for the Hershey Company

The Hershey Company

"Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement," said Irene Rosenfeld, Mondelēz chairman and CEO.

A takeover would have created the world’s largest confectioner and expanded Mondelez’s U.S. footprint.

Odyssey Logistics & Technology Builds Transload Facility in Joliet, Ill.

Odyssey Logistics

Situated on 17 acres in the CenterPoint Intermodal Center - Joliet (CIC-Joliet)/Logistics Park Chicago (LPC), it provides easy access to the BNSF intermodal rail yards through the park’s private, heavyweight road system.

Odyssey Logistics & Technology Corporation (Odyssey) today broke ground on the construction of a new 121,680-square-foot metals trans-load facility in Joliet, Illinois on Aug. 23. Odyssey’s subsidiary CMI Logistics LLC (CMI) will operate the facility. Joining the ceremony from left to right are Patrick K. Kinne, general director, International Marketing, BNSF Railway Company, Rick Rudie, president, Odyssey subsidiary Interdom LLC and head of CMI Logistics LLC, Paul Sever, executive vice president & general manager, CMI Logistics LLC, Cosmo Alberico, chief operating officer and chief financial officer, Odyssey, Jeremy Grey, vice president, Infrastructure & Logistics Development, CenterPoint Properties, Bob Shellman, president & chief executive officer, Odyssey, Alan Bouchier-Hayes, senior financial analyst, CenterPoint Properties.

Warehouse Construction Rebounds in Chicago: E-Commerce a Driving Force

Developers are wagering that big changes in the economy, workforce and supply chain will cause urban warehouse space to be absorbed as quickly as it's built.

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Ocean Ports & Carriers

Port Canaveral Completes First Phase of Titusville Logistics Center

This makes Class A warehousing available for the first time to cargo customers and other companies interested in logistics and distribution facilities near the Port.

Port Director of Real Estate Scott Shepard said there is active leasing interest in the 246,736 square-foot dividable space and, now that construction is complete, he expects potential tenants to begin finalizing decisions.

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