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Expeditors International of Washington, the largest U.S.-based freight forwarder, had a better-than-average 2020 with gross revenue increasing 23.7% to $10.1 billion and net revenue increasing 11% to $2.9 billion. Growth primarily came from airfreight, where gross revenue grew a whopping 63% to $4.8 billion, from $2.9 billion in 2019.
Apex Logistics International, headquartered in Hong Kong, has significant operations in the U.S. and is one of the largest China-U.S. airfreight forwarders. Its airfreight metric tons grew 44% to 750,000 in 2020, driving a 53% increase in gross revenue to $2.3 billion. Apex Logistics managed multiple weekly air charters of PPE from China to the U.S. and has burgeoning e-commerce business. It also more than doubled its ocean freight forwarding business, which ended 2020 with 190,000 20-foot equivalent units.
JOC Rankings: Truckload carriers trimmed fleets in 2020 as revenues slid
| Mar 16, 2021 1:14PM EDT
As the market careened downhill in the first half of 2020, many of the largest truckload carriers began reducing their fleets, and many did not begin adding trucks when demand returned and capacity tightened.
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Operator
Good afternoon, ladies and gentlemen. Welcome to the Penske Automotive Group Fourth Quarter 2020 Earnings Conference Call. Today s call is being recorded and will be available for replay approximately one hour after completion through February 17, 2021 on the company s website under the Investors tab at www.penskeautomotive.com.
I will now introduce Anthony Pordon, the company s Executive Vice President of Investor Relations and Corporate Development. Sir, please go ahead.
Anthony R. Pordon
Executive Vice President of Investor Relations and Corporate Development
Thank you, Regina. Good afternoon everyone and thank you for joining us today. A press release detailing Penske Automotive Group s fourth quarter 2020 financial results was issued this morning and is posted on our website, along with a presentation designed to assist you in understanding the company s results. As always, I m available by email or phone for any follow-up questions you may have. Joining me for