FreightWaves

FreightWaves

Midwest Express, Sterling Building National Wholesale Linehaul Network
Two companies providing expedited ground service between major airports are finding success in a new partnership aimed at garnering a big slice of a multibillion-dollar total addressable market.
Moody's, Fitch Downgrade Forward Air Debt; Stock Decline Now Above 90%
Its stock having declined nearly 91% since the end of July, Forward Air now has been hit with two more downgrades of its debt rating. Moody's Ratings last week downgraded the ratings of ClueOpCo, a wholly owned subsidiary of Forward Air (NASDAQ: FWRD) that was created following the so-far-
Texas Ports Brace for Predicted Above-Average 2024 Hurricane Season
This year's hurricane season is poised to be more active than normal, with up to 25 named storms predicted by experts. And, the Texas coast is forecasted to be seriously at risk. AccuWeather Lead Hurricane Forecaster Alex DaSilva told FreightWaves that the weather forecasting agency is predicting 20 to 25 named storms this hurricane season, which begins June 1.
Postal Service Pushing Some Modernization Initiatives Back to 2025
The U.S. Postal Service will pause some initiatives of its modernization plan for the rest of the year, according to Postmaster General Louis DeJoy. In a letter Monday to Sen.
For the First time in Years, C.H. Robinson's Debt Rating is Downgraded by S&P Global
C.H.
Tesla to Trucking Industry: Step Up Your Electric Game
LAS VEGAS — The Advanced Clean Truck Expo is a come-all event. Until this year, Tesla has passed on attending. The ACT Expo has outgrown the art deco charm of Long Beach and the "Disney-fied" atmosphere of Anaheim, California. This year, it moved to convention mecca with exhibitors filling the North Hall of the sprawling Las Vegas Convention Center.
Extreme Hurricane Season Could Trigger 'Carrier Revenge'
For the past two years, shippers have had enormous leverage in the freight market, as excess capacity has kept rates under significant pressure.
Poor Trailer Space Utilization Continues in 2023
Study highlights nearly half of truckloads in 2023 moved partially empty (Source: Flock Freight)
Teamsters Voted in to Represent Drivers at Kroger Fulfillment Center, Say it's a First
The Teamsters are celebrating a victory at a Kroger fulfillment center in Michigan, which the union says is the first time it has successfully organized workers at such a Kroger facility.  In a prepared statement released earlier this week, the Teamsters said the drivers at the Kroger Romulus, Michigan, fulfillment center voted 3-1 to join Teamsters Local 337, which the union
3 Things I Learned at Uber Freight's Carrier Summit
ARLINGTON, Texas — Uber Freight (NYSE: UBER) covered a lot of ground at its recent annual Carrier Summit in Arlington, Texas, hosting its carrier network that moves the company's spot and dedicated freight. "Uber Freight's managed transportation business creates real
DHL Launches Virtual Cargo Airline for Supply Chain Customers in Brazil
The contract logistics arm of DHL Group (OTC: DHLGY) has partnered with a startup cargo airline in Brazil to launch a private air transport service as a more reliable alternative to commercial passenger airlines and trucking for domestic distribution of high-value goods in sectors such as automotive an
Borderlands Mexico: Widening Technology Gap a Threat to US-Mexico Trade, Experts Say
A technology gap between many carriers and supply chain providers working in U.S.-Mexico cross-border trade and logistics is widening, say officials with Nuevo Laredo, Mexico-based Panacea Strategy. Panacea, which also has offices in Laredo, Texas, and Mexico City, is a technology company focused on digital innovation and incubation for the logistics industry.
Truckload Carriers Hopeful but Not Calling Cycle Turn Yet
Following dismal first-quarter results, heads of two of the nation's largest truckload fleets provided constructive market commentary at a Wednesday investor conference.
Used Truck Prices Plunged from February to April, J.D. Power Finds
Prices for most vehicles in April at both the retail and auction level were down only slightly from March. But they were down far more from February. For example, midyear 2022 Class 8 tractors sold at an average retail price in April of $95,365, according to the report. That was 5.4% less than in March, a decline of $5,379. 
Illinois Trucking Companies File for Chapter 11 Bankruptcy Protection
Illinois-based Patriot Transport and its sister company, Expeditor Systems, recently filed for Chapter 11 bankruptcy protection.  Igor Terletsky is listed as president of both Patriot Transport Inc. of Carol Stream and Expeditor Systems of Burr Ridge in the Chapter 11 petitions filed separately in the U.S. District Court for the Northern District of Illinois.
EV Startup Harbinger Snags $400M in Commercial Vehicle Chassis Orders
Harbinger, a startup building medium-duty electric commercial vehicle chassis, announced Tuesday 4,000 vehicle pre-orders valued at more than $400 million.  Among companies ordering electric vehicle chassis from Harbinger is Bimbo Bakeries USA, the U.S.
Ports of Los Angeles, Long Beach Receive $112M for Maintenance, Repair
The ports of Los Angeles and Long Beach have been awarded a total of $112 million in federal money from the U.S. Army Corps of Engineers. Local and state leaders touted it as a milestone toward equitable funding. The money, which comes from the Harbor Maintenance Tax, will finance maintenance and repair projects at the ports.
GoodShip Raises $8M to Ramp Up Procurement Platform Features
Procurement platform GoodShip announced on Thursday that it has closed an $8 million Series A funding round. Bessemer Venture Partners led the round, with participation from existing investors Ironspring Ventures, Chicago Ventures, Fuse VC and Cercano Management. New investors include 53 Stations as well as angel investors Nichole Wischoff and Andrew Silver.
Maersk Airline Prepares to Deploy First 777 Freighters for Peak Season
Maersk continues to move ahead with plans to grow its air cargo business in 2024 even as many competitors pull back in the wake of a painful downturn, culminating with a milestone next quarter when Boeing expects to deliver the first two 777s for the airline operation.  The developments underscore the strategic shift in recent years of Danish shipping power A.P.
Forward Air Hires Former YRC Financial Architect Jamie Pierson as Interim CFO
Forward Air (NASDAQ: FWRD) announced Monday that it has hired Jamie Pierson as interim chief financial officer effective immediately. Pierson replaces Rebecca Garbrick, who will remain on board during the transition. Pierson has expertise in restructuring and strategic planning.