Truckload Freight

The expected rebound for truckload markets did not disappoint.

TruckLabs founder and CEO Daniel Burrows joins Kevin Hill, executive publisher at FreightWaves, to discuss fuel efficiency for trucks and post-COVID changes in the automotive supply chain.

Fuel card provider WEX Inc. continues to see gradual sequential improvement but at a pace below analysts’ expectations. The company’s fourth-quarter result was slightly below expectations and its first-quarter revenue guidance disappoints. Shares are off 4% in early trading.

CFI’s facility in Laredo, Texas, has 6,000 square feet of office space on a 40-acre lot, including a staging and transloading area for cross-border Mexico freight.

Certified B Corporation Flock Freight raises the bar with a commitment to offset carbon emissions from FlockDirect shipments for customers.

Tender rejections see a massive spike.

Cass freight data released Thursday shows a huge surge in freight spending with solid growth in shipments. The report indicated that 2021 is unlikely to produce the “rate relief” to shippers that 2019 provided.

Werner Enterprises modestly lowered earnings expectations for the first quarter of 2021 due to downtime caused by recent winter storms. The company expects no change to the tight capacity dynamic for some time.

Appearing at an investor conference, J.B. Hunt CEO John Roberts said this year’s intermodal bid season will go a long way in determining whether the company curtails the division’s margin target.

The activist investor group seeking changes at Forward Air said the company’s recent results and guidance are “substandard” in a letter to shareholders. The group also asserts that Forward was “disingenuous” in the way it provided updates on fourth-quarter results, suggesting it was fearful of receiving other board nominations.

A fire that began inside an engine compartment at Kreilkamp Trucking in Wisconsin caused $1 million in damage after it engulfed a storage facility containing three trucks and bulk commodities.

Spot rates have increased for the first time in five weeks.

Amid heightened scrutiny over the direction of the company, Forward Air’s management team defends its current strategy. Fourth-quarter results were negatively impacted by a December cyberattack.

Leaf Logistics CEO Anshu Prasad believes manufacturers of food and consumer packaged goods could be in jeopardy of missing earnings expectations as transportation rates remained elevated throughout the quarter.

An open letter from activist investor Ancora Advisors says “ineffective capital allocation” and diversification into “margin- and return-dilutive service offerings” have led to inferior results for Forward Air compared to other less-than-truckload carriers.

TFI International CEO says it will take a hard line on UPS Freight customers who aren’t making the company money after its $800 million acquisition closes.

Tender rejections rise for the first time in a month.

North American automotive and import opportunities could boost business for Universal Logistics during 2021, CEO Tim Phillips said during the Q4 earnings call.

Titanium Transportation Group becomes one of the largest trucking companies in Canada after acquiring International Truckload Services.

A Wall Street research firm calls the performance “remarkable.”

The trucking and logistics company gained from strong demand and tight supply.

Universal Logistics’ operating revenues from truckload services in the fourth quarter decreased $8.7 million to $49.8 million.

Schneider National plans to use its strong cash generation capabilities to reinvest in the fleet during 2021. The carrier will also look to allocate growth capital to its dedicated and intermodal offerings.

Schneider National posted fourth-quarter results ahead of analysts’ forecasts on Wednesday. The company’s 2021 outlook is largely in-line with the current consensus estimate.

Logistics provider ArcBest sees positive tonnage trends continue in the first quarter. The less-than-truckload carrier is attempting to break the historical margin decline seen from the fourth quarter to the first.

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Logistics provider ArcBest reported better-than-expected results for the fourth quarter Tuesday. Less-than-truckload tonnage increased by double-digit percentages as weight per shipment jumped 10%.

Forward Air is the latest transportation provider to implement general rate increases amid a tight capacity environment. The company’s 6% GRI will apply to all shipments.

Only a week removed from the $800 million purchase of UPS Freight, TFI International is back at it. On Monday, the company announced the acquisition of van and flatbed carrier Fleetway Transport.

Another issue in the earlier trial: Did the driver blow his horn?

An interview with flatbed carrier Daseke outlines the company’s operational focus and plan to get back to growth through acquisitions.

Trucking markets headed back in the right direction

Flatbed truckload company Daseke beats earnings per share estimates in the fourth quarter but revenue and operating ratios slide. 2021 guidance provides a bit of a mixed bag.

In what amounted to an “encore,” the end of the Q&A didn’t mean an end to the discussion on Variant and its role in USX’s future.

Fuller: Variant initiative was 9.4% of truckload revenues in fourth quarter

Truck broker Landstar System expects high demand and elevated truckload rates to carry through the first quarter of the year. However, the company’s CEO has a bit of a contrarian “pessimistic” view for the second half.

Truck broker Landstar System set records in the fourth quarter. The company is expecting the high-demand environment and improved truckload pricing to carry through at least the first quarter.

Knight-Swift Transportation reports a big jump in results during the fourth quarter. However, while some may view this as a victory lap, investors appear to be calling the end to the TL trade.

Knight-Swift Transportation capitalizes on strong truckload fundamentals to post much higher year-over-year results. Fourth-quarter numbers came in slightly ahead of expectations and the company’s full-year 2021 guidance remains unchanged.

Operating ratios for all its segments improved in the final three months of the year.

Wall Street reacts negatively to the latest earnings report, but Covenant suggests it’s playing a long game.

Past Forward Air CFO Andy Clarke outlines his outlook for improving returns at his former company. He represents an activist investor group, which includes turnaround investment firm Ancora Advisors and Forward’s founder.

Normal January seasonality may be upon us.

An economic outlook report from truckload carrier U.S. Xpress calls for tight truckload dynamics to remain in place at least through the third quarter. The forecast calls for contractual rates to increase as high as 15% in the year.

J.B. Hunt Transport Services’ fourth quarter came in better than expected. However, the company said it was reviewing long-term margin targets across all segments. Intermodal margin forecasts may be reduced but other units could see upward revisions.

Cortera report shows surge in business spending as the year drew to a close.

J.B. Hunt Transport Services’ fourth quarter outpaces analysts’ forecasts. Brokerage, truck and final-mile divisions benefit from revenue surge.

Fourth-quarter results for Heartland Express displayed a revenue dip on driver employment headwinds but operating income jumped 35%. The company mentions getting back into M&A.

U.S. Xpress announced Monday that Jake Lawson has joined as chief commercial officer and Justin Harness will head the dedicated division.

Interview with Daseke’s leadership team covers recent changes and the return to M&A.

Tender volumes accelerate, driven by strong, stimulus-fueled consumer spending.

The December rates subindex jumped 13% year-over-year, setting the stage for big rate hikes in 2021, according to Cass data.

Temperature-controlled carrier Nagle Toledo announced a 17% pay increase for its drivers. The company was one of the first to start paying drivers a straight salary.

Q1 should be one of the stronger first quarters in recent history from a consumer and freight volume standpoint.

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.

While the pace of growth in the supply chain cooled during December, transportation and warehouse capacity remains tight and prices are high.

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.

Innovation chief McLelland says the questions for the industry go from the very big to the very small, and not all can be anticipated yet.

A couple more truckload carriers have announced pay increases for drivers ahead of the new year. Beacon Transport and Bay and Bay Transportation are the latest.

The FMCSA’s final rule allowing third-party instructors to provide both instruction and qualifying testing for the same applicant isn’t likely to materially alter trucking’s capacity shortfall, according to analysts.

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.

Roehl Transport joins the list of truckload carriers increasing driver pay to keep trucks rolling during a high-demand environment.

Consumer resilience wavering.

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.

The Cass Freight Index sees sequential weakness in shipments but logs year-over-year improvement with expenditures data advancing.

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.

As trucking fleets reassess their safety programs for 2021 and the post-pandemic world, here are five steps they can take to reduce their risk exposure.

Third-party logistics provider FitzMark announces its third brokerage acquisition of the year and fourth in the past two years.

Speaking during the North American Supply Chain Summit, Dollar General’s Meghan Nicholas says organizations need to map out a digitization plan — and be prepared to pivot.

J.B. Hunt announces temperature-controlled transportation options have been added to digital freight-matching platform J.B. Hunt 360. Shipper 360 now has more than 10,000 carriers that can transport temperature-sensitive goods.

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.

Rejections ease again slightly.

C.R. England is boosting driver pay an average of 15.5%, and when combined with a new bonus program, means some drivers could see a 25% pay increase.

Truckload carrier Titan Transfer adds another fleet to the portfolio with the acquisition of JTL Carriers.

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.

Canadian flatbed trucking company BLB Transport shuts down after a bank pulls its credit, but an asset sale to another carrier is ensuring that most drivers get back on the road.

Average rate for team drivers up by 9 cents per mile, company says

Tender rejections fall as drivers return to the roads.

U.S. Xpress brings on the team at MIT to study greater efficiency. A member of that team discusses the program’s activities in this podcast.

TFI International carrier Transport America has been shifting its fleet to offer more dedicated services in the hopes of attracting and retaining truckers.

Daseke receives a “positive” nod from ratings agency as its restructuring initiatives are being noticed.

Cold storage warehouse operator RLS Logistics advances growth initiative with the announcement of plans for a new facility serving New England.

Firm to create two independent companies with each trading on the NYSE.

Penske Logistics plans to acquire Black Horse Carriers, a Chicago-based trucking company with more than 2,000 vehicles and 4,000 employees.

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.

A November supply chain survey shows the rates at which transportation capacity is shrinking and pricing is climbing are increasing.

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.

E-log violations during roadside inspections and compliance reviews can add up to thousands of dollars in penalties for carriers. Knowing the most common violations is the first step to avoiding these penalties.

Expect rebound next week.

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.

Cash payout to class members small; but debt forgiveness more than $1,300 per driver

J.B. Hunt Transport Services announces several changes to the executive roster on Tuesday, including the appointment of John Kuhlow as the company’s permanent chief financial officer.

Forward Air adds to non-airport less-than-truckload service by opening a facility in Bethlehem, Pennsylvania.

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.

Tender rejections reaccelerate.

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.