Lease-purchase deals haven’t always had a great reputation, and this TCA session focused on how to make them work.
Second $300 million deal with Tumim Stone Capital will cover Nikola’s cash needs as it ramps up electric truck production.
BMO’s quarterly reports show a trucking market that is stronger than it has been in years.
Last week’s Transfix, project44 and Emerge deals herald a maturing FreightTech space.
Instapay, a factoring company, and its parent company Flexible Funding are seeking Chapter 11 bankruptcy protection, according to court filings with the U.S. bankruptcy court in Fort Worth, Texas.
Transportation procurement system will handle $4B worth of bids this year.
The company didn’t blindside anyone. But it didn’t please that many, either.
M&A in third-party logistics continues at a high rate. PLS Logistics Services announced it has acquired freight broker D&L Transport.
“With GCP as a partner, their strategic connections will allow us to build the technology that our FDPs are craving,” says the FRONTDoor Collective COO.
“Our acquisition of Convey brings project44 all the way to the front doorstep,” says project44 founder and CEO Jett McCandless.
“We are thrilled to be partnering with G Squared on this significant milestone,” said Transfix CEO Lily Shen.
FreightWaves examines 5 deals and partnerships that highlight how fintech can improve FreightTech offerings.
Shelton, Connecticut-based 3G provides TMS solutions and advanced multi-carrier shipping software.
“We have always wanted customs authorities to share their rules, what they are looking for and what they are sharing, but they will never do that,” says Altana’s CEO on problems the company is aiming to solve.
Capstone Partners explains why brokerages are so expensive.
The research firm of Evercore ISI launched coverage of the 3PL sector with an enormous report.
Melio’s monthly processing volumes increased 5,000% over the past 18 months as its customers turned toward its digital suite to maintain positive cash flow.
More trucking heads weigh in on rate expectations for 2022. Following a sizable rate bump this year, it appears that rates could move considerably higher again next year.
“Amazon Web Services makes it easy to host web applications for scalable solutions. We are looking to do the same thing for supply chain software by breaking down the data barriers that stop anyone from building the tools they need to offer better services.”
Less-than-truckload carrier Yellow reported tonnage declines worse than its peers for the first two months of the third quarter. The carrier said it currently remains focused on driving yields higher in lieu of volume growth.
Private equity takeout allows Echo Global Logistics’ equity value to rise to that of its peers. Management believes its new affiliation with deeper pockets opens up bigger M&A opportunities.
The new owners of Echo have portfolio investments in several other logistics companies.
Radiant Logistics announced it closed its fiscal year in record fashion on Thursday. The company will repurchase shares and pursue acquisitions as a means of boosting valuation.
The financial analysis of Uber Freight does not yet include the impact of Transplace, which the digital brokerage is acquiring.
Recent earnings reports from retailers exhibited improved inventory positions compared to a year ago. However, the comps show merchandise levels are still lagging sales by a wide margin.
Intermodal logistics provider RoadOne announced the acquisition of Rose Transportation on Wednesday.
ArcBest said Wednesday an August tonnage decline in its asset-based segment was done intentionally so that it could better service its core less-than-truckload customers.
“Everest’s growth is a great example of creative problem-solving,” said Cambridge Capital CEO Ben Gordon.
The IRS level effectively sets the rate paid by companies to their drivers.
“Its rapid customer adoption is clear, demonstrable feedback of the value that Fractory brings to manufacturing supply chains,” says investor.
Less-than-truckload carrier Old Dominion reported strong operating trends for the first two months of the third quarter. The carrier said it will continue to reinvest in its network to achieve further market share wins.
“To satisfy the hiring needs of the companies currently on the platform, we need to find over 220,000 drivers every year for them. That’s not a small number,” says the CEO of YouCruit.
Less-than-truckload carrier Saia sees tonnage gains carry into the third quarter.
Transplace’s new bookings are said to be a key reason for the improvement in its financial outlook.
OneRail makes last-mile delivery profitable for shippers.
“In times of natural disasters, you find an increase in purchases of fuel, maintenance, food and hotels for drivers. … Many of our current customers need help routing their fleets during those times.”
Discount chain Dollar Tree expects the positive impact from heightened consumer demand to be totally offset by elevated transportation expenses this year.
The New York Shipping Exchange, a digital trading platform for two-way committed ocean contracts, announced it raised $15 million in its latest funding round.
Sustainable fuels and technologies are up against decades of perfecting the efficiency and economies of scale of the fossil fuel industry.
The former Bank of Montreal is a lender to all levels of trucking, big and small.
Yellow Corp. announced that its interim CFO, Dan Olivier, will assume the role permanently. The change comes as the company navigates a financial and operational transformation.
As this year’s peak season gets underway, dislocations in the supply chain are increasing. However, this is really nothing new as the industry has been in peak mode for a year.
“We are very interested in areas where mobility collides with other themes. … Companies becoming more open to innovation will make these collisions much more frequent.”
Daimler Trucks North America’s participation in this round points to an increasing market for Truck-as-a-Service products, tools integrated during the manufacturing process to help fleets manage safety, privacy and intelligent automation tools.
Truckload carrier Heartland Express announced a 50-cent-per-share special dividend Friday. It was the second carrier to announce a special dividend this week.
The outlook for the pandemic hurt the company’s review last year, but Moody’s has a more positive view in 2021.
Freight forwarder JAS Worldwide announced it has entered into a share purchase agreement with forwarding, logistics and supply chain management provider Greencarrier Freight Services International.
Ocean carrier ZIM now expects to earn $4.8 billion-$5.2 billion this year — five times what it earned in 2020.
Marten Transport announced a special dividend of 50 cents per share. The payment marks the third straight year of special dividends for the carrier.
Truck broker Landstar System points to better-than-expected truck volumes and yield trends in the third quarter as reasons to raise its outlook.
The company will build a limited number of trucks in the fourth quarter for validation and regulatory clearance.
Titanium Transportation Group plans to add two more U.S. freight brokerage offices this year after the Canadian firm reported record second-quarter revenue.
“Over more than two years of working with Parcel Perform, their solution has become our global track-and-trace solution,” said Davide Costella, global delivery services manager at Nespresso.
“Iowa is now at the leading edge of the inclusion of blockchain in contract law here,” said CEO Spillman, as his team recently fought to have smart contracts recognized under law in Toggle’s operating state.
As freight markets enter the second year of peaklike conditions, FreightWaves caught up with Amit Mehrotra, Deutsche Bank’s transportation analyst, to talk about how this freight cycle will play out.
Workhouse Group is reviewing its electric delivery van designs to add cargo capacity and sold most of its stake in troubled Lordstown Motors.
A 26% gain in revenues helped boost BNSF’s net profits in the second quarter of 2021 to $1.5 billion.
Maersk results offer more evidence that capacity constraints and U.S. — not worldwide — demand drive rates.
Temperature-controlled warehouse operator Americold pulled in its 2021 outlook, citing labor-related food manufacturing limitations within its customer base.
Air Transport Services Group is like a Swiss Army knife. It flies cargo and passenger planes for other airlines, leases aircraft, does aircraft maintenance and freighter conversions, and provides ground handling. It’s all clicking for the bottom line.
Also on the podcast: The investment drought in oil setting the table for higher prices
TuSimple is sitting on $1.5 billion in cash as it ramps up hiring and expands its autonomous freight network.
Atlas Air is keeping eight jumbo jets by buying them from leasing companies. It doesn’t want to turn them in because it would have fewer assets available to meet customer demand.
The company says it is on track to hit record earnings this year.
The earnings report is for a 3-month period with no impact from the big Transplace acquisition announced in July.
Yellow says it is making progress toward its unified transport network strategy.
Trimble’s Q2 revenue totaled $945 million, up 29% year-over-year.
Fleetcor is “finally moving past [its] pre-pandemic baseline,” Chairman and CEO Ron Clarke said during the earnings call.
The Chaparral has a set of applications for national defense, including dust-off operations; casualty evacuation; and intelligence, surveillance and reconnaissance.
“There was an immediate synergy,” said AIT Worldwide Logistics’ CIO of the acquired companies’ culture.
Expeditors is a rare logistics “dividend aristocrat,” with dividend increases of 25 years or more. It is keeping that intact in 2021.
Cummins beat analysts’ Q2 estimates on the top and bottom lines as it looks into making its filtration business a stand-alone entity.
The Texas-based flatbed and specialized carrier raises 2021 full-year guidance for revenue of up to $1.6 billion.
Confident that the indictment of founder Trevor Milton won’t lead to legal trouble, Nikola focuses on supply challenges.
Diesel sales were up 21.2% from last year, but were less profitable on a per-gallon basis
Container giant earned $5.1 billion in the second quarter and expects earnings of $18 billion-$19.5 billion for the year.
“The acquisition of RJ’s further expands the reach of A&R’s liquid platform into strategic geographies and allows our team to continue meeting the needs of our customers across the supply chain.”
The company’s earnings per share tripled the prior-year results due to strong demand, favorable comparisons with 2020’s second quarter.
Ocean Network Express says the “economic environment is now changing” and it cannot forecast what the rest of 2021 holds, but Hapag-Lloyd can. It expects to triple 2020’s EBITDA.
“Gopuff has quietly built a very strong business and solidified itself as the leading player, continuing to define this evolving category.”
USA Truck reported second-quarter net income of $4.2 million, after reporting a loss of $900,000 in the same period a year ago.
Shipping and fulfillment costs continue to escalate at double-digit levels.
The Omaha, Nebraska-based transportation and logistics provider reported second-quarter adjusted earnings of 86 cents per share.
Forward Air posts a quarterly record for operating income and revenue in the second quarter.
The trucking industry’s issues with driver availability along with customers’ commitment to sustainability are factors that could support growth for intermodal beyond 2021 and 2022, executives said during Hub Group’s earnings call on Thursday.
Wall Street investors liked what they saw in the company’s earnings, pushing the stock up by more than 8%.
“Our logistics segment has been thriving and growing, including contract logistics and port services, with the largest contributor being brokerage,” says Schneider CEO.
Market alliances that seek to convert truck traffic east and west of the Mississippi River could be a way for Canadian Pacific to grow its network, executives said during the second-quarter 2021 earnings call Wednesday.
As Wabash National streamlines its business, the trailer manufacturer will convert reefer capacity to add 10,000 dry vans in 2023.
The numbers that the company is getting on its used tractor and truck sales is outpacing the assumptions in last year’s big inventory writedown
The company posts solid numbers for its transport and logistics units as the logistics business prepares for trading on Monday as a spun-off entity.
Supply chain congestion is more about issues with throughput among various stakeholders and less about Norfolk Southern’s ability to handle volumes, executives said during NS’ second-quarter 2021 earnings call Wednesday.
CP’s second-quarter 2021 revenue totaled $1.64 billion in U.S. dollars.
Management has raised full-year revenue guidance to $3.45 billion-$3.55 billion.
Truckload carriers’ “spillover” freight ties up LTL capacity during unprecedented times, Old Dominion executives said.
The acquisition is a part of a five-year strategic plan to innovate and create disruption in the bulk trucking space.
A recent SEC filing shows the company has already raised $44.7 million from four investors.
The key profitability metric comes in 550 basis points below the company’s 2020 results.
A 24% increase in operating revenue contributed to record second-quarter net income of $819 million for Norfolk Southern.
E-commerce platform Shopify posted 57% growth in revenue in the second quarter as online shopping remained strong.
