As it stands, the tax bill, as it’s currently drafted, looks to benefit the industry in general, but what it means for the individual trucker is less clear.
Larger fleets sometimes control their insurance costs by self-insuring. Smaller fleets, though, often don’t have the financial resources to self-insure, so more of them are turning to “captive” insurance programs.
Innovation is sweeping across the trucking industry; technologies such as autonomy, blockchain, and electrification are beginning to demonstrate real value potential. However, the question is, where innovation has been stagnant in the past, is the industry ready for change?
As the Chinese economy rises and more people in the world’s largest nation move into the middle class, the demand for foreign goods escalates. In response to domestic demand and pressure from the U.S. to lower the trade deficit, China is opening its doors to American beef.
The push for autonomous vehicles is gaining more traction as it is provides an easy solution to the worsening driver shortage. Greg Nichols, writing for ZDNet, says the obvious reason is that “millennials don’t want to drive trucks.”
With less than two months left before the ELD mandate goes into effect, statistics coming from ground zero on the compliance of carriers to the proposed rule are far from satisfactory.
Even with rates rising – both contract and spot – and capacity tightening, attracting drivers still remain a primary concern for fleets. Driver pay is increasing, but outside influences are still hurting the recruitment efforts.
eCapital, a leading supply chain financial services provider, announced today that it has been selected as the newest member of the Blockchain in Trucking Alliance (BiTA). BiTA was formed by experienced tech and transportation executives to create a forum for the development of blockchain standards and education for the freight industry. View member companies here.
For the past 15 years, if a carrier needed some assistance getting over a rough time financially, there has been help available from lenders who specialize in transportation finance. One of those companies is Marquette Transportation Finance, which just surpassed a milestone of sorts: It’s lent more than $15 billion to companies large and small.
The process of matching freight is complicated – with many parameters involved in exploring thousands of different possible combinations in real time and in identifying the best possible match to the parties involved. TGMatrix, a startup based out of Oxford in the United Kingdom, is working on creating an intermodal freight matching engine.
There were a number of companies that presented new and updated products this past week at the American Trucking Associations’ MCE 2017 conference in Orlando, FL. Here is a rundown of some of those products.
We need NAFTA. That was the general consensus from Bob Costello and Derek Leathers on Sunday during a general industry update session at the American Trucking Associations’ MCE 2017 conference in Orlando.
Some of the most prominent stakeholders in Canada voiced their concerns over NAFTA at an event organized by the Truckload Carriers’ Association (TCA) entitled “Bridging Border Barriers.”
The concept of driverless trucks has recently jostled the transportation industry. However, truck drivers everywhere may be relieved to discover that world-renowned business tycoon, Warren Buffett, is betting a fortune on their livelihoods, and sees no need to worry about an impending AI driver revolution.
Celadon Group has announced the appointment of Thom Albrecht as executive vice president – chief financial and strategy officer. Albrecht is president of consulting firm Sword & Sea Transport and a member of the TransRisk Board of Advisors.
Bitcoin is super-hot and has fended off any real threat to its meteoric rise. We examine what has fueled this factor and how it impacts the viability of blockchain in the logistics sector.
On Wednesday night, President Donald Trump talked about his administration’s tax plan at an event at an airport hanger on the Pennsylvania Air National Guard base in Harrisburg, PA. Here is the official, unedited transcript of the speech provided by the White House:
President Donald Trump took his case for tax reform to the American people on Wednesday night – specifically the trucking community – at an event in Harrisburg, PA.
Until Hurricane Maria slammed into Puerto Rico, few people had ever heard of the Jones Act. Now, armed with a basic knowledge, many are wondering if the Jones Act is actually harming the U.S. and whether lifting it might benefit shipping and logistics in this country.
Elon Musk has delayed the public unveiling of the Tesla semi, citing issues with the Model 3 production rollout and a focus increasing battery production to help Puerto Rico, Musk tweeted late on Friday.
Chris Burruss, formerly with the Truckload Carriers Association (TCA), is the Blockchain in Trucking Alliance (BiTA)’s first President. The Alliance was launched in September 2017 to develop blockchain standard and certifications for the freight industry, has 160+ applicants, and 85% of the truckload transactions can be represented in the space.
John Larkin and the team at Stifel go super bullish on the truckload sector after spending weeks on the road gaining market insights to just how hot the market has become.
Goodyear is replacing one of its long-haul drive tires with a new model that features advancements that improve miles to removal and retreadability. The Endurance LHD is being introduced this week at the North American Commercial Vehicle Show in Atlanta.
Some reports suggest truck driver wages have not kept up with inflation. But wages are not always the defining factor when it comes to jobs. Are truck drivers really better off today than 40 years ago?
The first two weeks in after a bankruptcy filing of a customer are critical to ensuring you get paid. Trucking companies, especially smaller carriers and owner-operators, are often at the end of that line – the so-called unsecured creditors. But it doesn’t have to be that way.
When a major retailer such as Toys “R” Us files for bankruptcy, a long line of creditors comes knocking. Trucking companies, especially smaller carriers and owner-operators, are often at the end of that line – the so-called unsecured creditors. But it doesn’t have to be that way.
No need for those extra extension cords just yet; electric vehicles are not about to take over the world. That is one of the points that Lars Stengvist, CTO of the Volvo Group and EVP of Volvo Group Truck Technology, made to a select group of reporters during a roundtable discussion on truck technologies
The ongoing and future transformation in the industry will not only benefit the carriers, truckers and shippers, but also the controlling authorities as well as positively impact other industries in the market and the economy at large. Here are a few of the technologies already impacting the industry.
Delphi CTO says that autonomous vehicles will come to cities and ports long before they will ever go into the highway or over-the-road trucking markets
In the past two decades, more than 90% of the nation’s pollinators – from bees to butterflies – have disappeared. That’s why companies like Bee Downtown are working so hard to save the honeybee, and trucking is playing a critical role in its survival.
FreightWaves adds a startup directory to the site to help startups identify partners, investors, and talent in the emerging FreightTech space.
A major pipeline supplying diesel fuel from Texas to the East Coast has had to be shut down with no indication of when it will be turned back on.
Once revered as one of the top trucking companies in the nation, Celadon Group has hit a rough patch in 2017. But there is a new leader with a new vision, and that’s to make Celadon a top carrier once again.
Even as the industry steps up to help, dedicating thousands of trucks and millions of cubic feet of capacity to relief efforts, an analysis from FTR says that approximately 7% of the industry has been affected already and some of that will be affected for weeks.
While the third quarter may be a slow time for contract renewals between carriers and shippers, a few deals have been done so far and the early indications are contract rates are heading up.
After Hurricane Harvey departs Texas, the area will likely be in need of relief supplies. Trucks will haul those supplies. but how are the logistics of moving relief supplies handled? Someone who was involved in that process explains.
Solar power is most known as a source of electricity, but it is now proving that it belongs in other applications. Within the trucking industry, the use of solar is growing and it’s showing itself quite capable of the demands.
McLeod Software has joined the Blockchain in Trucking Alliance (BiTA), a new organization focused on the promotion and educational efforts to utilizing blockchain technology in the transportation ecosystem.
An industry that has a reputation of being behind the curve on technology may be at the forefront of one of the most important technological developments in decades. Yes, the trucking industry is poised to lead the blockchain way, and BiTA plans to help it get there.
Two separate deals kicked off this week’s big transportation news as Greenbriar Equity Group has acquired Transplace and Descartes said it was acquiring MacroPoint.
The Great American Eclipse has dawned upon the trucking industry. Thanks to the upcoming solar eclipse, states have started asking businesses that use the roadways, such as trucking companies, to consider adjusting their delivery schedules.
In recent years, disruption to routes along the Gulf Coast and East Coast because of hurricanes – which can spread hundreds of miles wide and leave widespread flooding and infrastructure damage in their wake – has been minimal. That could change this hurricane season.
A new month, but the same old story. Spot rates rose again according to data from DAT, with the national van and flatbed rates each climbing 3 cents per mile and refrigerated rates rising 4 cents for the week of July 30 to Aug. 5.
The boost in one sector of the economy ultimately leads to boosts in other sectors, either directly or indirectly. This is the case with oil extraction in North Dakota and it has helped drive the growth of trucking services in that region and nearby Canada.
Contract pricing, which has affected second-quarter earnings for a number of 3PLs, remains weak according to the latest data from FTR.
Survey results released last week by the National Safety Council tell a sobering tale of just how tired American workers are, and how that fatigue could be impacting safety on the job.
Paul Svindland’s appointment as the new CEO of Celadon Group has been enthusiastically by many, including investors who have pushed up the company’s stock in recent weeks. But, Svindland faces many challenges in the weeks ahead.
The latest legal troubles for the U.S. Postal Service are just part of a problem in the agency which has seen billions of dollars in losses each year. The impact of these issues could significantly impact the broader trucking industry, which has a large stake in USPS’ success.
The on-again, off-again saga over the electronic logging device rule is back on again after language was inserted into a House appropriations bill this week directing FMCSA to review the rule and make a determination if the rule should be delayed or changed.
Starting with just two trucks in Joplin, MO, in 1951, Contract Freighters Inc. (CFI) built a reputation for quality service, professional drivers, and being a good community partner. Today, CFI – after several name and ownership changes in the past 15 years – is reconnecting with the Joplin community and its customer base. The truckload carrier is home, even though it never left.
Multiple reports have indicated that Walmart has threatened to withhold business from any trucking company that continues to haul goods for Amazon. Walmart has denied making any such threats, but the mere suggestion of it raises questions that carrier executives need to address.
Shut downs of operating systems due to cyberattacks are complete handicaps for logistics companies and lead to significant amounts of lost business as well as productivity. But can they be prevented?
The Indian trucking market is not unlike that of the U.S. Technological change is happening, albeit a little slower in India, Numadic is one company that is trying to quicken the speed of change.
Across the nation, rising freight volumes, a strong produce season and the ongoing oil boom are driving up spot rates, but how long will the current trend continue?
TaaS seems like another in a long line of acronyms that have infiltrated the transportation industrypromising to disrupt the world as we know it. But what is TaaS, and why will this be an acronym that might deliver on its promise?
The Federal Reserve voted to increase its key interest rate today, upping the rate 0.25% to a target of 1% to 1.5%. The increase, while small, could have a profound impact on trucking companies, shippers and consumers.
The lifeblood for many small trucking companies and independent truckers is the load board. There is no shortage of load boards, and differentiating between them can be difficult. For truckers who handle bulk products, though, finding loads on a generic load board can be time consuming. That’s what Bulkloads.com is trying to change.
Claiming the upcoming ELD mandate violated the 4th Amendment, OOIDA had asked the Supreme Court to hear the case. The Court has declined to do so, allowing the rule to go into effect in December.
The nation is about to heat up starting this weekend, and that could drive more volatility to already rising spot rates for agricultural haulers and shippers.
Do you have money to invest? If so, Martin Tillier has some advice: the time may be right to invest in trucking and logistics company stocks. Tillier notes that money spent on infrastructure will improve the fortunes of an industry that counts infrastructure as a critical piece to getting its job done.
Many larger carriers already require their drivers to use ELDs, but for smaller carriers that make up the majority of the industry, the implementation of ELDs and their associated cost could be a game-changer. This infographic highlights some of the key facts around ELDs, their impact on operations, and potential solutions to mitigate those impacts.
President Trump’s decision to pull the U.S. out of the Paris Climate Accord could have a profound effect on global efforts to reduce greenhouse gases, but will probably have little impact on the U.S. trucking industry.
In 2015, the trucking industry experienced over 996 million hours of delay because of congestion, which is equivalent to 362,243 commercial truck drivers sitting idle for an entire working year, at a cost of $63.4 billion. Here are some more facts about congestion.
The improvements in 3D printing technology has boosted the hopes that one day supply chains will become shorter as products are printer on-demand in close proximity to end users. Deutsche Post DHL Group and IT logistics provider Axit recently showcased how replacement parts could be produced and shipped in the same day.
The news out of the Middle East on Thursday that OPEC would continue recent production cuts in an effort to boost oil prices may have upset some oil traders, but it shouldn’t have much effect on diesel fuel prices at the pumps, according to experts.
The cost of traffic congestion each year to the transportation industry is staggering. In 2015, the industry experienced over 996 million hours of delay because of congestion. ATRI determined the cost to be $63.4 billion, or $63.70 operational cost per hour for trucking. But going inside the numbers tells an even deeper tale of the cost to society.
The recent surge in U.S. oil drilling has helped keep gas and diesel prices depressed, despite oil production cuts by OPEC. This infographic provides a quick glimpse of what is happening in the sector.
The Northeast has exited a period of cloudy, rainy weather that has held down freight volumes into and out of the region. That is just one of the weather-related stories this week that have affected rates across the nation.
“If the thesis is that all of these small carriers who’ve been running illegally will be put out of business were they to comply with this mandate, there is no incentive for them to comply.” That is part of the reasoning that Stifel analysts have used to suggest the ELD mandate will not drive up shipping rates.
Good morning. Hope the roads are clear where you are today. As it turns out, that is not often the case for many of us. The American Transportation Research Institute reported that congestion on U.S. roadways cost the trucking industry $63.4 billion in 2015 and resulted in 996 million hours of lost productivity, which is equal to 362,243 truck drivers sitting idle for an entire year.
While in-store sales have been declining in recent years, retail sales as a whole have not due to growth in e-commerce. That is resulting in a shift in freight movement, with more heading to a growing number of distribution centers and less heading to brick-and-mortar stores.
There has been a narrative in the U.S. that retail is dying a quick death. The reality is that is just not true. So far in 2017, there have been nearly as many store openings announced as store closings. This FreightWaves infographic details some of the trends in retail and how trucking is responding.
They say farm to fork, but without trucks, the farm never makes it to the stores, much less the fork. And that’s why ag haulers are so in tune with their shipping partners. When farmers suffer from crop delays for any reason – trucking is affected.
This Week in Trucking, Elon Musk adds some details to his electric Tesla Semi program; the U.S. trade gap with Mexico is growing larger and Amazon faces a carrier lawsuit for refusing to pay shipping fees.
The Republican health care bill has received both criticism and applause from a divided nation. But what does it do for trucking? Well, like the rest of the nation, that may depend on what side of the industry you are on.
To highlight the impact weather can have on trucking, and to highlight their new partnership, TransFX, which is seeking to offer trucking freight futures contracts, and Riskpulse, a supply chain risk analytics firm, have produced an infographic that provides a few surprising facts about weather-related delays.
With weather delays costing the trucking industry as much as $3.5 billion yearly, the impact is enormous, especially on shipping rates. TransFX is seeking to offer trucking futures contracts to help brokers, carriers and shippers better manager their exposure to volatile rates. As part of that effort, it has tapped into the expertise of Riskpulse, a leading supply chain risk analytics firm.
Whether you are a large or small trucking company, or even a driver, there is a lot to like about President Donald Trump’s proposed tax plan, even if many of the specifics are lacking at this point.
President Donald Trump’s decision to place softwood lumber tariffs on Canada this week might be an indication that the administration is set for a reset on the North American Free Trade Agreement (NAFTA). It is a gamble that potentially puts billions of dollars in NAFTA trade shipments at risk – much of it hauled by trucks.
Is the trucking industry over-regulated? Good luck finding anyone in the industry that would say no. But ask which regulations should be repealed and chances are each one will be mentioned at least once. But will repealing regulations actually make the industry safer?
This Week in Trucking, President Donald Trump’s infrastructure plan is hitting some bumps in the road; economic indicators continue to favor improving conditions for the nation’s trucking fleets and the Owner-Operator Independent Drivers Association is making a last-ditch effort to stop the upcoming ELD mandate.
A futures market will react to the underlying fundamentals of its physical market because in the end, the futures price is linked to the physical market. But, the opposite is also true. A physical market can look to a futures market for transparency and guidance on rate structure. A developing trucking freight futures market might be the answer to solving these industry issues.
The upcoming electronic logging device (ELD) rule is a great example of the type of mandated technological change coming to the trucking industry, and yet it serves as a great reminder of the importance to perform due diligence before adopting such technologies.
Unlike some technologies, blockchain technology is not likely to displace many workers in the trucking industry. It does promise, however, to streamline financial operations and compliance reporting to make those operations more seamless, potentially saving fleets tens of thousands of dollars.
Once a disparate group of entities, the modern supply chain is becoming more akin to a well-oiled machine thanks to technological advances. As it becomes more digitized, the business case for blockchain technology becomes more powerful.
“The potential here is phenomenal. The match between what blockchain offers and the industry pain points is incredible,” says Bridget McDermott, vice president of Blockchain Business Development for IBM. So what exactly is blockchain?
Blockchain is a relatively new term used to describe a series of distributed databases that act as a tamper-proof, verifiable ledger. As with any new technology, blockchain has its own terminology. Here is a listing of some of the most important terms and their meanings.
As many drivers and small fleets worry about the impact on productivity and cost with the upcoming mandate to install electronic logging devices, one overlooked aspect is what impact ELDs will have on their insurance rates.
Amazingly, there’s one area of the country where more than 80% of the nation’s freight travels through on its way to its final destination. It’s not Chicago, New York or Dallas. It’s not even in the center of the U.S. Meet Freight Alley.
Weather disruptions such as Winter Storm Stella that is dumping up to 2 feet of snow on the Northeast today can have a ripple effect throughout the supply chain, driving up rates as freight pickups and deliveries are delayed and cancelled.
The required implementation of electronic logging devices later this year has created plenty of worry within industry circles. Beyond the logistics of installing the devices, though, carriers and shippers need to be worried about the business impact: specifically lost productivity and rising rates.
Those on both sides of the freight business have struggled for years with volatile shipping rates. Contracts get locked in for months or more with no assurance that the contract will reflect current prices when loads are delivered. TransVix believes part of the solution to this problem is the creation of a Trucking Futures Exchange.
Steve Sashihara, CEO of Princeton Consultants, recently spoke about disruptive technologies and Big Data in the transportation space. Here are 9 areas of impact he identified. Each slide represents the belief that industry stakeholders surveyed have in digital disruption. (Click the arrow to scroll through).
As transportation providers begin reporting their earnings for the 4th quarter, a common theme is developing – while profits are down slightly, the outlook for 2017 remains positive.
