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The FreightTech 25 will be announced next month. FreightWaves – the industry-leading provider of news, data and analytics for the logistics markets – has announced the winners of the 2021 FreightTech 100 Awards. The world has faced significant collective hardship this year, throwing both the markets and people’s everyday lives for a …Then the news broke that one of the most iconic freight brokers to come out of the venture era of freight tech funding would fail on the same morning. Convoy was a victim of a violent commoditized industry that is facing one of its deepest recessions in decades and a sudden change in investor appetite from risk to unit economics.Freight market conditions are a function of the balance of supply and demand and the build-up of excess capacity is the most probable cause of the trucking boom-and-bust cycle. As we enter the second quarter of 2023, it appears that the freight market may be worse than the freight recession of 2019, as tender rejections are on the verge of ...Craig Fuller is CEO and Founder of FreightWaves, the only freight-focused organization that delivers a complete and comprehensive view of the freight and logistics market. FreightWaves’ news, content, market data, insights, analytics, innovative engagement and risk management tools are unprecedented and unmatched in the industry.Web

The freight market is suffering from very challenging conditions and few dispute that the freight market is in recession. The root cause of the current freight recession has been the imbalance of supply and demand. According to SONAR’s Outbound Tender Volume Index, or OTVI, freight volumes are currently up 16% over 2019 levels.

Heralded as the 'Beast of Indian Railways', the WAG-12B locomotives are making waves as fully electric, high-powered freight engines that are transforming the landscape of …Many carriers are already taking as much as they can, as Yellow’s freight bills per day have fallen by more than 30% in recent weeks, according to a source close to the carrier. When Celadon shut down in December 2019, the truckload industry readily absorbed the volume, but truckload networks are inherently more flexible than less-than-truckload.

Jul 20, 2023 · Many carriers are already taking as much as they can, as Yellow’s freight bills per day have fallen by more than 30% in recent weeks, according to a source close to the carrier. When Celadon shut down in December 2019, the truckload industry readily absorbed the volume, but truckload networks are inherently more flexible than less-than-truckload. F3: Future of Freight Festival | Nov. 7-9, 2023. Join us in Chattanooga, TN for a festival like no other!Daily Infographic: EV Infrastructure: South Korea leads the charge. FreightWaves produces a daily infographic Monday through Friday. Stay tuned for the latest in illustrated content! FreightWaves is the number one source for freight and logistics news across the globe.FreightWaves. Saia’s 7.5% GRI sooner, larger than prior increase. 4 min. Saia is using favorable less-than-truckload fundamentals to implement a 7.5% general rate increase (GRI), which will take effect Dec. 4. Most LTL carriers announce annual GRIs on general tariff codes at the end or beginning of a year.WebOf the 135 total markets, 75 reported weekly increases as freight demand stirs across the country. Volumes are up in the majority of Texas’ markets. Freight demand in Dallas, the third-largest market in the nation by outbound volume, is up by 4.6% w/w. Freight volumes in McAllen, an important cross-border market with Mexico, are up 28% w/w.

Nikola Corp. is asking dealers and customers to return battery-electric trucks under recall for possible battery fires to its Coolidge, Arizona plant despite the company still working on a fix. “We’re bringing them back to Coolidge for repairs to be made instead of in the field,” spokesman Dan Passe told FreightWaves in an email Saturday.Web

Jul 19, 2023 · In Ying Ye v. GlobalTranz Enterprises Inc., a shipper tendered a load to GlobalTranz Enterprises, a freight broker, requesting that it arrange for the transportation of the load from Illinois to Texas. GlobalTranz retained an unrelated motor carrier, Global Sunrise, to perform the actual transportation. While transporting the load, Sunrise was ...

Eric Kulisch Thursday, November 2, 2023. Lufthansa Cargo didn’t make a profit in the third quarter as revenues fell more than 40% from last year. Read More. Welcome to the home page of Clay Katzman's automotive newsletter, "Transmission." Subscribe to receive insights on the automotive sector.U.S. import numbers confirm that at least some of this rate gain is demand-driven. On Monday, Descartes reported that U.S. ports imported 2,196,268 twenty-foot equivalent units in August, up 0.4% from July and 5.5% from June. This August’s volumes were 2.5% higher than volumes in August 2019, pre-COVID. (Chart: Descartes.Then the news broke that one of the most iconic freight brokers to come out of the venture era of freight tech funding would fail on the same morning. Convoy was a victim of a violent commoditized industry that is facing one of its deepest recessions in decades and a sudden change in investor appetite from risk to unit economics.Container imports bound for the U.S. have dropped over 36% since May 24. (This index measures departing container volumes at the port of origin). This is a troubling sign for domestic U.S. freight markets that have been benefiting from an unprecedented surge of containerized import volumes over the last 18 months.Freight allowed describes an agreement between a buyer and a seller, in which the buyer pays for the cost of shipping, and the seller deducts this from the invoice. This means that the obligation of the seller is to ensure that the goods ar...The trucking industry is a vital component to maintaining economic stability in the United States. Ten-and-a-half billion tons of freight is transported annually, according to the American Trucking Associations website.

Seed producers are highly integrated shippers, meaning that they are not only moving test seeds globally, but also transporting large volumes of seeds across continents to meet different planting seasons. For example, between 10% and 25% of corn and soybean seed planted each spring in the U.S. Midwest originates in South America …In addition, FedEx Express, the company’s air and international unit, will implement a new U.S. network design for pickup and delivery services. That will save $300 million annually once it is fully implemented, said Raj Subramaniam. The moves are part of a global initiative to integrate Express’ ground delivery operations, Subramaniam told ...Daily Infographic: EV Infrastructure: South Korea leads the charge. FreightWaves produces a daily infographic Monday through Friday. Stay tuned for the latest in illustrated content! FreightWaves is the number one source for freight and logistics news across the globe.Nikola refuted its skeptics on Wednesday, lining up nearly a dozen regular production battery-electric Class 8 trucks for shipment to customers from the first phase of a $600 million plant in the desert between Phoenix and Tucson. “We’ve been a pre-revenue startup for years,” CEO Mark Russell said at a production launch event.Greg Miller. · Monday, October 30, 2023. Negative trends at West Coast ports are starting to reverse. (Photo: Jim Allen/FreightWaves) In the perennial tug-of-war between West Coast and East Coast ports, the momentum has shifted yet again. Imports from Asia are starting to head back to America’s Pacific gateways.WebPennsylvania brokerage lays off nearly 65 employees, sources say. 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 ...

The Teamsters and UPS Inc. came to terms on all noneconomic issues during national contract negotiations on Tuesday, the union said. “We have reached tentative agreement on well over 40 noneconomic issues that affect all our members at UPS, and we did it as a team. The Teamsters haven’t sacrificed a single concession in these negotiations ...Craig Fuller is CEO and Founder of FreightWaves, the only freight-focused organization that delivers a complete and comprehensive view of the freight and logistics market. FreightWaves’ news, content, market data, insights, analytics, innovative engagement and risk management tools are unprecedented and unmatched in the industry.

Oct 18, 2023 · Although the market was filled with rumors of bankruptcy at Convoy Wednesday morning — not surprising when all loads are summarily canceled — there has been no bankruptcy filing by Convoy, according to a check of public records by FreightWaves. In April 2022, Convoy was valued at $3.8 billion after an investment of $260 million in a Series ... Intentional growth strategies. XPO is continuing to expand its physical footprint to meet customer demand. The company has added more than 500 net new doors to its service centers nationwide since the end of 2021, with the intention of adding a total of 900 net new doors by early 2024. Additionally, it has added 2,000 new tractors and 8,000 …Photo: Jim Allen/FreightWaves. An Illinois-based trucking company has filed for Chapter 11 bankruptcy protection, citing a jury award of $10 million in December after a 2019 fatal truck crash involving one of …WebHere are some of the small trucking companies that went bankrupt this year: Freon Logistics, 10 drivers. Navarro Trucking Group, 15 drivers. JCB Trucking Enterprises, 16 drivers. McClellan Trucking and Duran Transfer, 21 drivers. Elite Transportation, 25 drivers. Rooney Trucking, 37 drivers.Aug 30, 2023 · Trucking companies have different operating costs, but none of them can survive long on low rates. Throughout this year, truckload spot rates have hovered between $1.50 and as high as $2.10 a mile. Meanwhile, the average breakeven cost per mile for truckload ranges from $1.56 to $1.90 per mile, according to a recent J.P. Morgan study. The naming ceremony of the 24,188-TEU OOCL Spain was held at China’s NACKS shipyard on Feb. 16. (Photo: OOCL) FreightWaves. ‘Colossal’ tidal wave of new container ships about to strike. 8 min. Here it comes. An unprecedented flood of new container ships is about to enter service. The pace of deliveries will pick up in earnest …Web9 min. Less-than-truckload carrier Yellow Corp. announced Tuesday that it has filed a $137 million breach of contract lawsuit against the International Brotherhood of Teamsters for blocking proposed changes to modernize how the carrier operates. Yellow ( NASDAQ: YELL) said the union doesn’t have the authority to stop a proposed change of ...Sep 3, 2023 · The chart is measuring the market in weeks; green is expansion, red is contraction. As capacity continues to correct, the freight rate cycle will begin to move at a faster pace (perhaps later this year; more likely late in the first quarter of 2024). Rates will move higher. Generally speaking, this helps carriers and is detrimental to shippers. California is next, adopting ELD use for drivers at the turn of the year. The California Highway Patrol has issued a final rule requiring ELD use by intrastate drivers on and after Jan. 1, 2024. The rule requires the use of devices that meet the requirements in Part 395, Subpart B of the Federal Motor Carrier Safety Regulations (FMCSRs) by ...7 min. In 2022, U.S. business logistics costs, or what is spent to keep the nation’s logistics network humming, grew by an astounding 19.6% to a record $2.3 trillion, representing 9.1% of national gross domestic product, according to the 34th annual State of Logistics Report. On a percentage basis, financial cost of inventory led the way with ...

Investors are still awaiting news of Yellow's fate. (Photo: Jim Allen/FreightWaves) A class-action suit filed Tuesday against Yellow Corp. said the company failed to provide a required 60 days’ layoff notice to its 30,000 employees. The complaint was filed on behalf of California dockworker and union steward Armando …Web

UP ( NYSE: UNP) expects to open in the first quarter of 2024 a new international intermodal terminal in Phoenix, which the railway says will provide a rail option for those seeking a connection between the ports in the Los Angeles Basin and the U.S. Southwest. Although the terminal, which will be owned and operated by UP, will be …

Orange-themed trucking giant Yellow is on the brink of bankruptcy just a few years after taking a $700 million government bailout. Yellow Corp. trailers are pictured at a YRC Freight facility ...Chart: ( SONAR: NTIL.USA ). The National Truckload Index (linehaul only – NTIL) is based on an average of booked spot dry van loads from 250,000 lanes. The NTIL is a seven-day moving average of linehaul spot rates excluding fuel. Spot rates are still 15% lower year over year. Bruffett is seeing capacity exit as well.The smooth debut of Hawaiian Airlines’ first freighter aircraft this month and the cash it, and sister aircraft, will generate from Amazon is a shot in the arm for an airline with losses that widened to $48.7 million in the third quarter from $9.3 million a year ago. Hawaiian Airlines (NASDAQ: HA) began flying the Airbus A330-300 converted ...May 11, 2023 · Truckload carrier’s operating loss deepened in Q1 to nearly $30M. John Kingston. · Thursday, May 11, 2023. U.S. Xpress has laid off about 125 workers. (Photo: Jim Allen/FreightWaves) Listen to this article. 6 min. U.S. Xpress, on the verge of being acquired by Knight-Swift, recently laid off about 150 employees as its earnings report filed ... The worst trucking market prior to the current one was in 2019, the “Trucking Bloodbath.”. At one point, FreightWaves reported on 10 trucking bankruptcies in a single week. New England Motor Freight’s (NEMF’s) bankruptcy opened the year (3,000 employees) and Celadon’s shuttering (5,500 employees) ended it. There were hundreds in between.3.5M Unique Visitors Per Month 258K+ Social Followers 14 AWARDS FOR EXCELLENCE IN B2B JOURNALISM 2020 FINALIST, BEST WHITE PAPER INSIGHTS FROM …In the joint prepared news release announcing the deal, the companies said U.S. Xpress will add about $2.2 billion in total revenue to Knight-Swift, with about $1.8 billion of that being in truckload. It will also add 7,200 tractors and 14,400 trailers to Knight-Swift. ... Posting loses in an freight rich environment points toward poor management of fleet …3 min. Teamsters at less-than-truckload carrier Yellow Corp. will not be on strike Monday as previously planned. Central States Funds agreed Sunday to extend health care benefits for employees at YRC Freight and Holland. Yellow ( NASDAQ: YELL) now has 30 days to pay $50 million to catch up on its benefits payments.

As part of the waiver agreement, the lenders will require Yellow (NASDAQ: YELL) to provide its lenders with regular reports on the state of its finances. Beginning Wednesday, Yellow will be required to provide the lenders with a weekly “liquidity report.”. In that report will be the total amount of liquidity at Yellow, including ...Trucking companies rejected unusually high amounts of freight in 2021. Around 27% of all contract freight was getting rejected last spring. Even in late December 2021 and early January 2022, the rejection rate was more than 20%. The spike in spot rates meant more capacity on the small trucker side.Stay up to date on the latest news from FreightWaves, your award-winning source for transportation news. Read stories about XPO's earnings, Hawaiian Airlines' …FreightWaves News 4+ Read, Watch and Listen FreightWaves, Inc. Designed for iPad 4.1 • 11 Ratings Free Screenshots iPad iPhone FreightWaves enables companies involved in …Instagram:https://instagram. affordable dental insurance washington statecheap stock optionsquick trading demo accountcalifornia banks with free checking Chattanooga, Tennessee—the heart of Freight Alley and home to FreightWaves—will come alive once again with the largest festival in freight November 7-9, 2023. The second annual F3: Future of Freight Festival will converge in the Scenic City at the Chattanooga Convention Center, bringing together experts, entrepreneurs, industry leaders ... new plane boeingjeff davis dollar tree TOP THREE TRENDS WORTH NOTING FOR Q1 2023. 1. Spot Market Rates. While we did see spot market rates increase slightly over the holiday season, we are now seeing normalization in Q1 against the high rates of last year, with spot rates continuing to decrease, and riding under contract rates. Tender rejections remain historically low, …Web handyman class Sep 5, 2023 · 5 min. The seemingly perpetual marketwide truck driver shortage is not real, nor is it marketwide. While specific fleets can and do have driver shortages — i.e., unseated trucks — the trucking market quickly corrects. There also are periods of capacity shortages, but those get addressed very quickly by the market. The chart is measuring the market in weeks; green is expansion, red is contraction. As capacity continues to correct, the freight rate cycle will begin to move at a faster pace (perhaps later this year; more likely late in the first quarter of 2024). Rates will move higher. Generally speaking, this helps carriers and is detrimental to shippers.