Lightning eMotors has enough parts to build electric vehicles through the end of the year, but it needs new capital soon to stay in business.
FreightWaves, the world’s leading provider of freight market forecasting, data, news and analysis, has made the annual Inc. 5000 list of the fastest-growing private companies in America.
Daimler Truck CEO Martin Daum will add the role of CFO while the Supervisory Board searches for a permanent replacement for Jochen Goetz.
Cargojet trimmed its express flying in Canada, but lower fuel costs and other cost measures made for a relatively healthy bottom line last quarter under weak market conditions.
“Almost all breaches end in a lawsuit. On average, those lawsuits are upwards of $10 million per company just to get back on your feet,” said the NMFTA’s Antwan Banks.
“I believe what we basically had in the supply chain was a reset, an unfortunate reset, due to the overstocking. I think, in all areas, we’re kind of close to the end of that,” said John Vaccaro, PalletTrader CEO and founder.
The inevitable dilution from a recent increase in authorized shares has led former and current Nikola executives to sell.
Looming rail car retirements and high rates for rail car scrapping — not rail volumes — are driving the rail car market, according to the CEOs of rail car leasing companies and rail equipment manufacturers.
Second-quarter cargo revenue at Air Canada fell 24% — not so bad in the context of global market conditions.
An attorney for Yellow Corp. said Friday he’s hopeful to have in place by early next week a bankruptcy financing deal superior to what the company was previously offered.
Looking ahead, Taiwanese ocean carrier Yang Ming said that “the overall momentum for economic recovery over the next two years still appears relatively weak.”
Two Genesee & Wyoming subsidiaries are seeking a permit from the Federal Railroad Administration to conduct a pilot project that would involve deploying Parallel Systems’ autonomous rail vehicle technology on limited portions of their networks in Georgia.
Moves similar to blackjack tactics describe how cash-poor transportation startups are grasping for new capital.
Ocean carrier HMM attributed much of its first-half net-profit nosedive of 90% to overcapacity in the container shipping industry.
Forward Air announced Thursday it will merge with asset-light logistics peer Omni Logistics.
“Weaker demand and lower freight rates are having a very noticeable impact on our earnings,” said Hapag-Lloyd CEO Rolf Habben Jansen.
“Leadership has got to make sure they have the right information, as well as the right driver at the right time for the right reason,” said Lytx’s Jeff Martin.
While AI technologies have the potential to transform the shipping and logistics industries, their success takes careful and strategic planning.
In the post-pandemic pivot from just-in-case to just-in-time manufacturing, digital freight network Convoy has launched a service to help shippers and carriers manage risk.
Electric bus and battery maker Proterra Inc. won’t fight an Aug. 17 delisting from the Nasdaq as it works on a bankruptcy reorganization plan.
Cathay Pacific is rebuilding its passenger network after a three-year pandemic freeze, and the network effect is greatly benefiting the freighter operation.
Hyliion Holdings has enough cash and investments to run its business through 2024 without raising new capital.
Yellow Corp. released second-quarter financials Wednesday following a bankruptcy petition earlier in the week.
The U.S. Postal Service’s non-GAAP loss nearly doubled year over year, while shipping volume was down slightly and revenue was flat.
Lowe’s has been changing the way it deploys trucks to deliver goods and has garnered a spot on FreightWaves’ annual list honoring shippers.
Atlanta-based FleetCor Technologies reported fuel transaction revenue of $399 million in the second quarter, a 6% year-over-year increase.
Less-than-truckload carrier CrossCountry Freight Solutions announced Tuesday it has closed on the acquisition of Express 2000 Transportation.
Freighter operator Western Global got in financial trouble when the overheated air cargo market cooled off last year and nearly shut down this summer before getting a financial lifeline from creditors and filing for bankruptcy.
About 1 million daily packages were diverted from UPS and 200,000 more did not enter the system due to lost sales.
Hyzon Motors is willing to consider selling itself or merging to keep making progress on its fuel cell system.
Expeditors had a second-quarter financial performance that might be expected from a company active in the air and ocean freight markets.
Workhorse Group claims business progress, but it needs approval for new shares to raise capital to make electric trucks and drones.
UPS’ full-year guidance change reflects the volume and cost impact from labor negotiations with the Teamsters.
Cash-strapped electric bus and battery maker Proterra Inc. sought bankruptcy protection Monday and plans to operate during reorganization.
Investors in Danaos thought they were buying a container shipping stock. Now they’re invested in dry bulk, too.
Rate deals and spikes don’t last forever, and smart industry players know caring for the partners who will sustain them when the market inevitably shifts is mission-critical.
The quarterly earnings report from Berkshire Hathaway was the first with a full set of financial numbers from Pilot.
Second-quarter freight volumes fell 11% across BNSF’s segments for consumer, agricultural and industrial products and coal.
Western Global Airlines, struggling under a heavy debt load and weak market conditions, has filed for Chapter 11 bankruptcy protection in a Delaware court.
FedEx Corp. has laid off more than 900 workers at facilities across the country since June.
“…at FreightVerify, it is a distinct honor to play a role in the industry’s transformation,” said FreightVerify’s Greg Nelson.
Asset sales in Q2 helped Nikola add cash to its balance sheet, but losses widened as ramp-up of fuel cell trucks consumed cash.
Sun Country Airlines had a strong quarter for cargo thanks to growth in its Amazon business.
Less-than-truckload carrier XPO said it would add capacity to meet the increased demand created by Yellow’s departure.
“Part of what worries us about trucks, in particular, is that the truck vehicle networks weren’t really designed to be put on the internet,” said NMFTA’s Ben Gardiner.
Steve Girsky, the man responsible for bringing Nikola public three years ago, is taking over as CEO — the third chief executive in a year.
Less-than-truckload carrier XPO saw shipments and tonnage surge in July as a competitor shut down.
Despite upgrading its full-year outlook, container shipping giant Maersk no longer sees a second-half demand rebound.
Could Kodiak leverage some of the work Navistar has in on a redundant chassis for a Class 8 autonomous truck?
Texas-based flatbed carrier Daseke does not expect to see improvement in the freight market the rest of the year.
Werner Enterprises reported an earnings miss for the second quarter on Thursday after the market closed.
Supply chain technology provider Trimble posts impressive Q2 results and says truck spot rates may have “bottomed out.”
Amazon’s earnings per share of 65 cents nearly doubled consensus estimates.
Kodif’s founding team showcases experience, resulting in the development of a technical product that empowers even those lacking technical proficiency to effectively utilize it.
The day after CEO Dave Bozeman’s first call with analysts, they weighed in on the company’s outlook.
Multimodal provider Schneider National reeled in its 2023 earnings outlook by roughly 13% on Thursday.
GXO Logistics is one of few companies to better its 2023 estimates and raise its guidance.
Lufthansa Cargo last year was able to avoid much of the fallout from the shrinking freight market, but the bottom line is feeling the negative effects in 2023.
Less-than-truckload provider Forward Air missed second-quarter earnings expectations but management noted it’s seeing a lift from Yellow’s shutdown.
Cummins posted higher second-quarter sales and income thanks to its acquisition of Meritor, but EBITDA declined.
New C.H. Robinson CEO Dave Bozeman waxed philosophical on his first earnings call with analysts.
Murray Droescher has been tapped to lead refrigerated freight company TransAm Trucking.
Asian demand for propane continues to build, as does US supply, equating to booming business for LPG tanker owners in the middle.
GXO’s full-year EPS guidance was raised by 5 cents, while adjusted EBITDA was increased by $10 million.
RXO was flat between the first and second quarters, and that proved to be a turnoff for investors in the 3PL.
“The discussion of reducing the de minimis back to the $200 threshold could impact e-commerce retailers with high-value products by increasing costs,” said BoxC Logistics co-founder Chad Schofield.
Korean Air is the latest Asian airline to announce outsize declines in cargo revenue for the latest quarter.
“In an era where financial empowerment can impact the success of companies and the livelihood of small business owners, we’re making sure the trucking community can take advantage,” says OTR CEO Fritz Owens.
An NLRB action is being viewed by the Teamsters as providing an incentive for companies to consider independent contractors as employees.
Shipping lines are seeing higher cargo volumes and successfully integrating newly built vessels into their fleets, says Textainer’s CEO.
Schneider National announced it has acquired Massachusetts-based M&M Transport Services.
Less-than-truckload carrier Yellow Corp. is reported to be close to a deal with one of its current lenders to obtain debtor-in-possession financing to facilitate a bankruptcy.
Like other trucking OEMs, Daimler Truck rode higher prices to solid second-quarter results while incoming orders fell.
DHL Group forecasts $7.7 billion in earnings before interest and taxes should a recovery take hold early in the second half.
Yellow’s demise is a “huge benefit for our industry,” TFI International CEO Bedard says.
Uber Freight’s negative EBITDA was improved from the first quarter, but revenue has declined steadily for more than a year.
“The establishment of a Silicon Valley-based technology lab is a natural evolution for Ryder,” says Ryder’s CMO.
Volume declines ate into TFI International’s revenue in the second quarter.
Western Global Airlines could be on the verge of Chapter 11 bankruptcy.
“It is extremely difficult to announce a reasonable business forecast at this time,” said ONE, citing container shipping market uncertainties.
Truckload carrier Heartland Express reported worse-than-expected second-quarter results on Monday.
J.B. Hunt Transport is helping Nikola reduce its inventory of battery-electric trucks and adding to the order bank for fuel cell models.
Less-than-truckload carrier Yellow Corp. closed the gates Sunday and ceased all operations.
Transportation spend optimization is a shipper’s secret weapon to transform its spend management process, improve inefficiencies, and reduce complexities and operational risk.
Canada-based transportation provider Titanium Transportation announced Monday the acquisition of Georgia-based truckload carrier Crane Transport.
The Teamsters union said late Sunday it received a legal notice that Yellow Corp. will be filing bankruptcy.
Less-than-truckload carrier Yellow Corp. closed its gates at 12 p.m. Sunday.
Because container liner profits plummeted off an extraordinarily high peak, some carriers are still posting hefty profits despite huge declines.
CPKC eyes opportunities for intermodal and for beefed-up business in Mexico to help recoup higher costs and lost revenue in the second quarter.
All Nippon Airways underperformed competitors by a wide margin in cargo during the last quarter as it prepares to invest in growing the cargo business.
On an earnings call with analysts, Saia’s CEO and CFO tried to address the pending collapse of Yellow without mentioning the company’s name.
Universal Logistics reported revenue of $413 million and earnings per share of 90 cents during the second quarter.
Investor confidence coincidentally clashes with an executive’s stock sales at autonomous trucking developer.
The latest data from WarehouseQuote indicates retailers have ho-hum expectations for the holiday season.
Saia’s second-quarter earnings show a decline in volume but by a relatively small amount.
ArcBest reported an earnings miss Friday but that may not matter as its less-than-truckload unit is quickly taking on volume as a competitor winds down.
After experiencing two years of record growth during the COVID-19 pandemic, Jacksonville, Florida-based Surge Transportation, a digital freight brokerage, sought to find a buyer and slashed its rates nearly a year before it filed for Chapter 11 bankruptcy protection on Monday.
Hub Group reported $1 billion in revenue and earnings per share $1.44 during the second quarter.
CPKC released second-quarter earnings results as a merged company.
NS is seeking to improve network fluidity after the East Palestine train derailment, cut down on Ohio-related costs and match resources with market demand in the second half of 2023.
