A white paper by factoring company OTR Solutions highlights risks it sees from the combination of 3PL bankruptcies and asset-based lending.
FreightWaves is hosting its biggest event yet, F3: Future of Freight Festival, Nov. 7-9, packed with world-renowned speakers, educational sessions, music and more.
Trucking bloodbath expands to lenders as industry experiences one of the sharpest downturns in history.
Approximately 65 employees for Pittsburgh-based Elite Transit Solutions were laid off via Microsoft Teams on Friday. This is the second round of job cuts the freight brokerage has experienced over the past month; about 20 employees were let go on Oct. 20 because of the “current economic situation,” according to sources familiar with the layoffs.
Innovation in freight goes beyond technology. While many major FreightTech companies have gone bankrupt, it does not mean that innovation is lacking or that every tech company is doomed to fail.
Who is leading, following, emerging or out of the game in autonomous trucking? Here’s an assessment of shifts among the players.
The family who founded Pilot Travel Centers and sold 80% of it to Berkshire Hathaway has filed suit over valuing the final 20%.
“This is not a diet. This is a resetting of the baseline,” said Maersk CEO Vincent Clerc on his company’s job cuts.
Trucks are featured heavily in projects reaping $653 million worth of port infrastructure grants announced Friday by the Biden administration.
Lufthansa Cargo didn’t make a profit in the third quarter as revenues fell more than 40% from last year.
Schneider National missed third-quarter estimates Thursday and cut its outlook for the year by more than 20%.
Nikola’s recall cost burden and lack of production lead to a dismal Q3 earnings report but the company sees light ahead.
CRST is making its first acquisition since 2020 by buying BCB Transport.
After the Great Shopping Spree of 2021, tens of thousands of truck companies will have to shut down to restabilize the industry.
Cummins Inc. reported higher profits and sales in the third quarter as it generated record working cash but foresees Q4 pullback.
Werner Enterprises reported a worse-than-expected result for the third quarter as margins in both its trucking and logistics segments deteriorated from the second quarter.
3PL C.H. Robinson had a weak third quarter, as expected, but the late trading in its stock liked what it heard.
Flexport’s acquisition comes weeks after the venture-funded trucking startup closed down. Convoy has some 400,000 truck drivers in its network.
Aurora Innovation opened its Interstate 45 autonomous trucking route between Dallas and Houston as unease and criticism grow.
Supply chain technology provider Trimble posted impressive Q3 results but said transportation revenue could slow down in the next quarter.
As large e-commerce businesses have raised consumer expectations, midsize and smaller logistics companies must keep up and provide the same on-time delivery, visibility and experience. When something goes wrong — and it often does — they must figure out how to adjust quickly by leveraging data from their supply chain.
As the industry recovers, keeping a “do more with less” mindset can enhance a company’s growth and help it prepare for the next downturn.
Southwire’s strategic road map focused on FreightTech, strategic partnerships, RFPs, carrier scorecards and freight analytics.
Profits being reported by container shipping lines are down from the stratosphere but many still surpass pre-COVID returns.
Forward Air will primarily focus on less-than-truckload opportunities moving forward as it tries to exit a burdensome merger agreement.
Voltera is removing obstacles to electrification for fleets by reducing the risks of developing and operating charging sites.
FreightWaves’ F3: Future of Freight Festival is next week. Here are some of the companies that will be coming.
Greenscreens.ai’s Matthew Silver said with Capacity On Tap, “brokers get all their capacity sources in a single pane of glass without having to reenter data.”
Air Canada said it is taking a slower approach to adding cargo jets because there isn’t enough demand now to justify the investment.
Electric trucks are expensive, so Mack Trucks figures avoiders might go for a monthly subscription fee and pay by the mile.
Forward Air said it would accelerate a strategic review of its assets after missing third-quarter consensus and providing a weaker-than-expected fourth-quarter outlook.
Third-quarter earnings reports show how Yellow Corp.’s market share was redistributed across the less-than-truckload industry.
Tough freight market hits Echo’s debt ratings, down a notch at S&P.
XPO said Monday it plans to increase capital spending to respond to a tightening capacity dynamic following Yellow’s closure.
Car hauler Jack Cooper Transport has been rumored to be behind a bid for Yellow Corp. just four years removed from its own bankruptcy.
XPO reported a third-quarter-earnings beat on Monday as fallout from a competitor’s closure overshadowed a soft macroeconomic environment.
Hawaiian Airlines is finally on its way to positive cash flow from its new Amazon Air contract after spending money to launch freighter operations.
ArcBest’s less-than-truckload operation saw a meaningful step up in profitability in the third quarter as it remains selective on market share opportunities.
Saia posted across-the-board gains but its operating ratio worsened as it absorbed higher-than-expected costs.
Universal Logistics Holdings released its third-quarter financial results on Friday, reporting year-over-year decreases in its trucking, intermodal and brokerage segments.
In a conversation with American Shipper, CarGurus’ director of industry insights and analytics shows that some model inventories will be impacted by the strike and some will be fine.
Echo Global Logistics leverages a variety of intelligence capabilities to provide shippers and carriers with solutions that meet them where they are in their technology adoption journeys.
After 12 years at the helm of the freight brokerages he founded and bootstrapped in 2011 — SEL Supply Chain Solutions (SELSCS) of Fort Worth, Texas — CEO Dennis Martin says he is winding down operations.
Flexport would hire a small team of Convoy employees and take on its technology stack. That could keep the trucking startup’s app functioning for customers.
A review of the state of SPAC-sponsored and other electrification startup shows a less-than-pretty picture.
The Greenbrier Companies, GATX and Wabtec all reported quarterly earnings this week. Among the themes expressed during earnings calls was pervading market uncertainty domestically but an abundance of international opportunities.
ArcBest reports a third-quarter earnings beat when adjusting for several one-off items.
Find out who the unsung FreightTech disrupters are and how they provide unique tools to help shippers.
Hub Group reported $1 billion in revenue and earnings per share of 97 cents during the third quarter.
Link Logistics added 24 million square feet of space during the third quarter while holding occupancy level.
Amazon’s EPS handily beat estimates, while operating and net income posted four- and three-bagger gains.
Heartland Express books a third-quarter net loss and makes changes to cull unprofitable accounts.
Truckload carrier Covenant Logistics Group said the freight market is bottoming out, and the company is eyeing only a “modest decline” in earnings next quarter.
Shippers and logistics service providers want and need to proactively manage their customers’ shipments, ensuring they keep cadence in line with delivery expectations. When something goes wrong in transit, this demands quick, timely notification from carriers so they can proactively reset expectations or enact contingency plans.
UPS’ third-quarter results reflect struggles with macro weakness, volume diversions and higher labor costs.
Forward Air may decide to terminate its merger agreement with Omni Logistics even though a Tennessee court said it won’t stand in its way.
Uncertainties over consumer demand and inflation rates are causing Canadian Pacific Kansas City to adopt a more cautious stance as 2024 approaches.
A former senior executive at Polar Air Cargo pleaded guilty to corporate corruption and agreed to pay restitution of $9.3 million in addition to serving a potential jail sentence.
The ultra-buzzy trucking startup Convoy could have fixed trucking. Instead, it shut down suddenly to the shock of industry insiders.
Chattanooga, Tennessee-based Covenant Logistics Group’s third-quarter revenue declined 7% year over year to $288.7 million.
Inflation, higher cargo volumes and diesel prices fueled a spike in congestion costs for trucking companies, according to new data from ATRI.
Freight broker Landstar System told analysts on a Thursday call that it expects the current freight downturn to last eight quarters, not six as previously hoped.
CPKC reported a 12% decline in net profit in the third quarter despite higher combined revenues.
Rush Enterprises experienced softer Class 8 aftermarket revenue at its dealership network, but it had other business to replace it in Q3.
Truck leasing giant Ryder posted total revenue of $2.9 billion and earnings per share of $3.58 during the third quarter.
This is CargoX’s second sizable partnership aimed at bringing more efficient import and export practices to global markets.
Old Dominion sees a 6% uptick in shipments following Yellow’s closure but says the industry’s freight reshuffle hasn’t been permanently settled.
Wabash’s reorganization is continuing to pay off as service revenue rises as trailer sales fall amid improved profits.
Short-term pain will lead to long-term gain for Norfolk Southern, the railway’s CEO said when asked about his company’s higher margins amid plans to continue improvements to rail service.
Consistent with its rivals, Traton sees orders slowing but strong deliveries across its brands including Navistar.
Convoy Inc. has found a buyer for its tech stack, which would include the digital freight company’s driver app and automated freight matching and pricing engines.
A company can “go through all your tests, due diligence, cyber resilience and everything, but if you don’t know what to do when something happens, then all bets are off,” IT exec Steve Hankel said during the Digital Solutions Conference.
NS’ third-quarter net income fell 50% amid a $163 million incident charge related to the East Palestine, Ohio, train derailment in February.
Old Dominion Freight Line reported better-than-expected third-quarter results as Yellow’s departure provided a tailwind.
Partnerships with other Class I railroads will help the freight rail industry gain market share, CN executives said during the Canadian railway’s third-quarter 2023 earnings call Tuesday.
President and COO Webb Estes reviews restored functions, praises customers that stuck around.
Less-than-truckload carrier Saia will implement a 7.5% general rate increase in early December.
TFI’s overall third-quarter results reflect a weak macro environment.
Nikola Corp. has won $165 million in arbitration from convicted founder Trevor Milton, but it wants to recover attorney fees, too.
Edge continues to win new business on the back of a regional carrier strategy.
Companies are evaluating their warehouse footprint, assessing consolidation and not ruling out relocation, WarehouseQuote executive says.
Paccar Inc. posted record third-quarter net income and continued to build on a streak of beating analyst estimates.
While logistics visibility platform provider Slync had hoped that new management and a $24 million cash infusion in February would be enough to save the FreightTech company after its former CEO was indicted on fraud charges, the company is proceeding with an alternative option to a traditional bankruptcy and plans to wind down operations and sell off its technology.
Coming on the heels of the hack against LTL carrier Estes, an industry meeting maps out ways to battle cyberattacks.
The decision to prioritize technology in a business so reliant on people to cover loads and deal with exceptions is poignant in the wake of the past week’s events.
Convoy’s story, while tragic for investors and insiders, should prove cautionary for other founders.
Amerijet, a mid-tier cargo airline based in Miami, is trying to block a startup operator of business jets owned by Korean Air from gaining flight access to the U.S. because it says the Korean flag carrier is undermining its expansion into Korea.
Enabling information sharing between departments will help CSX not only cut costs but discover new business opportunities, COO Mike Cory said on the railway’s third-quarter earnings call.
Can Hyliion pivot to make stationary generators the base of its business as it decides whether to pursue the Hypertruck ERX?
Knight-Swift Transportation beat lowered third-quarter expectations Thursday and said the market appears close to a tipping point.
Triumph Financial’s earnings saw a tighter EBITDA loss at TriumphPay and a largely flat average invoice price in its transportation factoring business.
Eastern U.S. Class I railroad said its third-quarter net profit fell 24% amid lower operating revenues.
On his first earnings call as Union Pacific’s CEO, Jim Vena said his goal for the railway is to “win and be the best in the industry.”
American Airlines Cargo had a disappointing, but expected, third quarter. Management says new aircraft and operational enhancements should help attract customers as the market improves.
Transfix has closed a $40 million Series F funding round during “one of the most challenging markets in freight history,” company officials said.
Prospective acquirers are looking at Convoy’s platform and engineering and product teams.
Pam Transportation Services sees truckload fundamentals weaken further during the third quarter.
Austin, Texas-based Tank Payments, a trucking fintech company, has received Airbnb’s Economic Empowerment Award.
A third-generation family-owned trucking company and brokerage — Certified Freight Logistics, headquartered in Santa Maria, California — is ceasing operations on Saturday after 95 years, citing “falling freight rates and reduced volume.”
Lower revenues dented Union Pacific’s earnings for the third quarter of 2023.
