For some major shippers, 2019 ended on a sour note
NEW YORK — For major shipping companies dealing with trade wars and a slowing global economy, conditions appear to have deteriorated for some as 2019 came to a close. Global shipping and logistics provider Expeditors International said Friday that it expects fourth quarter operating income to fall between $177 million and $183 million. CEO Jeffrey Musser cited trade disputes and slowing growth for a number of national economies.
The report comes a day after the railroad CSX reported a 7% decline in the freight it hauled during the final months of the year. Transportation companies are the worst performers across the market in trading. Shares in trucking, railroad and ocean shipping companies are selling off.