Electric vehicle chassis maker Motiv Power Systems has secured $20 million in debt financing from Crescent Cove Advisors.
ORBCOMM’s privately transacted $200 million refinancing means the ELD provider is entering 2021 with a markedly different balance sheet than in recent years.
Deutsche Bank’s December geofencing data suggests LTL volumes continued the positive trends seen in the first two months of the fourth quarter.
Bed, Bath & Beyond reported EPS of less than half consensus estimates. CEO Mark Tritton pointed to tight shipping capacity and elevated freight costs for the miss. Get used to hearing this.
Uber’s stock dips on a report that Goldman Sachs is looking to unload 38 million shares. The company has made several moves recently to shore up the balance sheet and sustain its cash-intensive brokerage segment.
UBS equity research analyst Tom Wadewitz’s 2021 outlook calls for a continuation of healthy freight activity during the first half of the year with a little more uncertainty in the back half.
Ridgemont becomes Seko’s majority investor by buying Greenbriar Equity’s stake. Greenbriar retains a minority position.
A congressional oversight report highlights flaws in the Defense Department’s designation of less-than-truckload carrier YRC Worldwide as a company vital to national security.
Flatbed carrier Daseke announced several moves Tuesday. The company’s CEO has resigned, former founder Don Daseke will be renominated to the board and institutional shareholder Lyons Capital will occupy a board seat.
Former executives at Forward Air along with an activist investor have been acquiring shares since October in efforts to make changes to the management team, board and capital allocation strategy, which may include divesting “non-core assets.”
The trucking sector has been on a historic run of late, with some pointing to an end nearing. Don’t tell that to Deutsche Bank’s Amit Mehrotra, who sat down with FreightWaves to discuss his positive outlook for the new year.
Electric vehicle sector hottest area for SPACs
Americold announced that it has closed on a 46-facility deal valued at $1.74 billion.
Railcar lessor GATX acquires tank container lessor Trifleet in 175 million euro deal.
The plan: signing up lots of carriers who then team with brokers to use the factoring capabilities built into the platform
Indianapolis-based third-party logistics provider FitzMark announces the completion of a majority recapitalization. The transaction allows the brokerage consolidator to further pursue organic growth plans and acquisitions.
A quarterly year-over-year drop of 25% needs to be on the books for access to money.
Capstone Headwaters releases December update on logistics technology deals.
Drayage provider ContainerPort Group announces intermodal terminal operator FSI Inc. will start operating under the CPG banner at the beginning of the year.
Sell-side research analysts have made their bets on trucking in 2021. Some believe a continuation in consumer spending and inventory restocking will benefit truckload carriers while others see less-than-truckload carriers gaining traction as the industrial economy advances.
Shares take a hard hit in after-hours trade despite blowout fiscal second-quarter results across the board.
J.B. Hunt issues intermodal service advisory as railroads BNSF Railway and Norfolk Southern implement gate restrictions in Los Angeles and Chicago.
Schneider National announces a per-mile pay increase of 4 cents for most drivers beginning in late January. Earlier this year, the company announced an increase in team driver pay.
DASH wants to land the package, not the plane.
Third-party logistics provider FitzMark announces its third brokerage acquisition of the year and fourth in the past two years.
Forward Air is growing its traditional less-than-truckload terminal count. This time it is adding California’s Inland Empire to the roster.
Frozen Food Express is raising linehaul driver pay by 25% for new solo drivers and 20% for team drivers.
Truckload carrier Titan Transfer adds another fleet to the portfolio with the acquisition of JTL Carriers.
Treasury Secretary Steven Mnuchin had his day in court so to speak. He said he stands behind the YRC loan and others made, noting that many lawmakers wished Treasury had taken on more risk.
Landstar System announced after the market close on Wednesday what it would do with cash on the balance sheet. The company plans to pay a one-time special dividend of $2 per share in January.
Average rate for team drivers up by 9 cents per mile, company says
Hub Group’s acquisition ambitions land in the final-mile sector in a $94.5 million deal for non-asset provider NonstopDelivery.
Shares hit record close as UBS markedly boosts EPS for fiscal 2021 second quarter and raises 12-month price target to $380 from $320.
ArcBest sees asset-based revenue continue positive streak in November. This is the fourth LTL carrier to report improving trends in the quarter.
YRC Worldwide reports 3% year-over-year increase in November revenue, following a modest decline in October. The company’s overall trends are still lagging those of some competitors.
A recently formed venture between Stockbridge Capital and a Korean pension fund will acquire 23 logistics properties valued at $2 billion.
Container shipping stocks are back to pre-COVID levels whereas many tanker and bulker stocks are down by double-digits year-to-date.
How long will Brad Jacobs stay on after split and spinoff of logistics business?
Daseke receives a “positive” nod from ratings agency as its restructuring initiatives are being noticed.
ShipMonk, an online fulfillment and technology solutions company, has completed a $290 million growth equity round as the global e-commerce surge shows no signs of abating. Growth investor Boston-based Summit […]
Old Dominion Freight Line reports further improvement in less-than-truckload trends since the positive August inflection. This is the second carrier in as many days to show that metrics have accelerated through the fourth quarter.
Cold storage warehouse operator RLS Logistics advances growth initiative with the announcement of plans for a new facility serving New England.
Canadian supply chain software firm Descartes Systems Group continued to aggressively grow profits in the third quarter as it set a record for revenue.
Less-than-truckload carrier Saia is the first company to provide an update on shipment trends for the fourth quarter, leaving at least one analyst “encouraged.”
Penske Logistics plans to acquire Black Horse Carriers, a Chicago-based trucking company with more than 2,000 vehicles and 4,000 employees.
Tens of thousands of data points on who got what are now available for perusing
Digital freight-matching brokerage Transfix is in discussions with a special purpose acquisition company that could lead to its listing as a public company, according to Bloomberg.
Cold storage heavyweight Lineage Logistics announces the acquisition of Poland’s largest temperature-controlled storage and logistics provider, Pago.
Triten Real Estate Partners announces its latest industrial real estate portfolio addition, picking up the headquarters of Polar Service Centers in a sale-leaseback agreement.
All measures of bad loans are healthier in BMO’s report
Temperature-controlled carrier KLLM Transport Services is rolling out “one of the largest” increases to driver pay in the company’s more than 55-year history.
Two big suppliers of data to the supply chain are combining in an all-stock deal
J.B. Hunt adds to its final-mile network through acquisition for the fourth time since 2017. The company announces the acquisition of commercial fitness delivery and installation company Mass Movement.
Recent data points as well as updates from retailers suggest this inventory restocking cycle may take a few quarters to fix, meaning the current supply-demand dynamic in trucking could linger.
Worries mount for crude tankers: dividend cuts, the pandemic, a stubborn floating-storage hangover … and now newbuild chatter.
Cowen Inc. helps bolster the balance sheets of startup electric vehicle companies by recruiting private investment in public equity to help young companies earn higher valuations.
VectoIQ, the company that led the reverse merger with Nikola, led the raise, according to Forbes.
SBA got a short stay but court considering a longer delay
Forward Air adds to non-airport less-than-truckload service by opening a facility in Bethlehem, Pennsylvania.
Mirroring bullish comments by Maersk and Hapag-Lloyd, container line CMA CGM reports a strengthening market in the fourth quarter.
LoadSmart and Uber Freight attract venture-style capital from traditional investors.
Michigan-based DIS Transportation and DIS Express file for Chapter 11 protection after working with a consultant for more than a year to improve operations.
Canada and the U.K. reach an interim trade agreement ahead of the exclusion of the U.K. from CETA at the beginning of 2021.
BlackRock leads a Series C round in the digital freight company, with participation from TFI International and Maersk
Trucking executives were on hand at Stephens Annual Investment Conference this week, making it known that this cycle is different and that the current market dynamics are here for a while.
YRC head Darren Hawkins has “a lot of confidence” heading into 2021. Network restructuring initiatives are expected to be greatly advanced as the carrier starts accepting delivery of new equipment.
Landstar System inches its fourth-quarter expectations higher but cautions that this trucking cycle may not be different from those in the past.
Payouts will be $1,000 to full-time workers, covering about 75% of all company employees
Holiday orders will be spread evenly throughout cycle, CEO says.
Net profit skyrockets by more than 2,800% to $144.4 million.
Maersk confirms that cargo demand looks strong through year-end, bucking the usual seasonal trend.
EPS reported above analysts’ consensus.
U.S. House lawmakers’ Climate Crisis Action Plan calls for 100% EV truck sales by 2040.
“Winter is Coming” is a warning in House Stark and usually a blessing for tankers. But there’s nothing usual about 2020.
South Korean carrier turns quarterly $103 million loss last year into $20 million profit this year.
Package revenue surpasses first-class mail revenue for first full-year period in history.
Hapag-Lloyd sees strength until “at least Chinese New Year” and a challenge to “get containers where they need to be.”
The earnings season for the third quarter has wrapped up and Todd Fowler of KeyBanc has a few things to say. Fowler is the lead transportation analyst at KeyBanc and […]
The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates. History 2020 will be memorable for many reasons. […]
What won and what lost in the third quarter for the rails?
E-commerce fulfillment provider Transportation and Logistics Systems announces plans to acquire delivery and warehousing company Cougar Express.
“The outlook of container shipping still remains clouded in uncertainties over the possible comeback of the COVID-19 pandemic and U.S.-China trade conflicts.”
Management from Schneider National expects tightness in the trucking markets to continue. Inventory restocking will keep truck demand elevated and new capacity is entering the market at a slower pace than in previous cycles.
Flatbed carriers Hornady Transportation and Builder’s Transportation Co. announce the completion of their merger. The deal is part of parent company Daseke’s operational overhaul.
Canadian trucking and logistics firm Titanium Transportation Group set a third-quarter record for revenue as U.S. freight brokerage businesses delivered rapid growth.
Gains come as the shipping giant braces for peak-season impact.
Air Canada sees a business opportunity flying all-cargo planes for e-commerce companies.
Radiant Logistics uses cost savings to offset demand declines from COVID-19. The fiscal first quarter sees debt decline further as acquisitions remain on the table.
Companies that got less than $150,000 would have their names publicly released; that had happened only for firms that borrowed in excess of that.
Self-driving vehicle company Nuro has raised a $500 million Series C round of funding, as autonomous delivery continues to pick up new markets. The raise, announced on Monday, was led […]
Air Canada revenues came in below expectations, but the company was able to cut costs to beat earnings expectations.
XPO is `very comfortable with where we are’ heading into 2021, Jacobs says.
One of the toughest obstacles for a new trucking company can be finding affordable insurance. Robert Haley, VP of Transportation for USI Insurance Services, and Pierre Laguerre, founder and CEO of Fleeting, discuss tips on risk mitigation for new carriers at FreightWaves LIVE @HOME.
The trans-Pacific capacity crunch continues. Container volume that’s either inbound to Los Angeles or stuck at anchorage is surging.
Clarendon Capital’s John Larkin talks SPAC with HCAC’s Dan Hennessy during FreightWaves’ FreightTech Venture Summit.
FreightWaves CEO announces SONAR SCI at FW LIVE @Home. SCI stands for “supply chain intelligence.” Read how SONAR SCI can help your business.
Rail jobs resume downward slide after increase a month earlier
While some truckload carriers posted significantly better-than-expected results, most saw their shares sag as the bullish trucking trade cooled heading into the third-quarter earnings season.
Americold announces another large acquisition, a couple of expansion projects, and informs analysts and investors that the holidays haven’t been canceled.
FleetCor’s third-quarter revenue topped most Wall Street expectations for revenue at $580.8 million, while its earnings per share missed expectations by 46 cents.
