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FedEx Corp. said Wednesday it has launched a long-awaited strategy to integrate all of its operations, a move that signals the end of the operationally siloed business model that was the hallmark of FedEx’s first 50 years. The strategy, Network 2.0, will cost about $2 billion to implement over the next five years, company executives said ...Nov 17, 2023 · June 28: More than 60 small trucking companies are collectively owed millions of dollars after Transplus Freight System Inc. (Transplus), a Mississippi-based logistics firm, filed for bankruptcy liquidation in the U.S. Bankruptcy Court for the Northern District of Mississippi. FreightWaves’ Hawes reported the story. Freight factoring, also known as transportation factoring or trucking factoring, is a service option that can help trucking companies streamline their cash flow. One of the easiest ways to understand freight factoring is to understand the p...Dec 4, 2023 · On a day-to-day basis, friction is characterized by manual processes, inefficient workflows and high volumes of human effort. As supply chain leaders look to optimize operations and plan for the future in a down market, this friction stands in the way of transforming their supply chains from cost centers to revenue generators.

It is the second time this year that Flexport has laid off 20% of its workforce. The new cuts represent about 600 employees in a company with approximately 3,200 people. Petersen has characterized his return as CEO as one of righting a ship taking on red ink because of excess spending. He is focusing on driving growth in the core forwarding ...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' Amazon Air contract, Cummins' natural gas engines, intermodal's gains and losses, and more.

Jun 1, 2023 · As we see in the chart below, the floor that has been established so far in 2023 puts ocean container spot rates currently between $1,000 and $1,700 from China/East Asia to the U.S. West Coast and $2,000-$2,550 from China/East Asia to the U.S. East Coast, according to the Freightos Baltic Index. So, if volumes were to remain relatively flat for ...

Here 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 …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. 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.WebMany 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 30, 2023 · A bankruptcy filing could be announced Monday. (Photo: Jim Allen/FreightWaves) Less-than-truckload carrier Yellow Corp. ceased all operations at 12 p.m. Sunday, according to a notice on the gates at its terminals. Separate internal documents showed the procedures for closing the facilities as well as “talking points” to be used when ...

The hike in railways fares and freight rates has sparked outrage. Political parties (mainly the Congress, but also BJP allies such as the Shiv Sena) are citing it as an example of an anti-people measure. The Modi government would be well se...

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.

6 min. Following three attacks on vessels linked to Israel, a container ship operated by Israeli ocean carrier Zim has changed course and is taking the long way around Africa rather than transiting the Suez Canal and passing through the Bab el-Mandeb Strait off Yemen. Ship position data from MarineTraffic shows that the Zim Europe, en route ...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 …Aug 2, 2023 · 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 Rivera and other ... 5 min. Yellow Corp. expects to reduce the number of terminals in its network from 316 to 300 by year-end as the less-than-truckload carrier looks to further cut costs, company executives told analysts. Speaking after Yellow reported first quarter financial results Tuesday, chief operating officer Darrel Harris said the terminal reduction would ...4 min. Forward Air reported third-quarter adjusted earnings per share of 99 cents Monday after the market closed. The result was 12 cents light of consensus and 94 cents lower year over year (y/y). Forward ( NASDAQ: FWRD) pinned the miss on soft demand for its noncore intermodal and truckload brokerage services.

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 economic situation,” according to sources familiar with the layoffs.Web7 min. Maersk, the world’s second-largest ocean carrier, revealed Friday that it is “intensifying” job cuts in light of the “worsening market conditions” in ocean shipping. “Given the challenging times ahead, we accelerated several cost and cash containment measures,” said Vincent Clerc, CEO of A.P. Moller-Maersk (Copenhagen ...It is the second time this year that Flexport has laid off 20% of its workforce. The new cuts represent about 600 employees in a company with approximately 3,200 people. Petersen has characterized his return as CEO as one of righting a ship taking on red ink because of excess spending. He is focusing on driving growth in the core forwarding ...4 min. Flexport announced Wednesday that it has acquired Convoy’s technology stack. FreightWaves reported on Friday that the two freight startups were in talks for Flexport, a venture-funded freight forwarder, to acquire Convoy, a freight brokerage that shut down on Oct. 19. “Flexport’s strategy will be to offer a full range of trucking ...4 min. Forward Air reported third-quarter adjusted earnings per share of 99 cents Monday after the market closed. The result was 12 cents light of consensus and 94 cents lower year over year (y/y). Forward ( NASDAQ: FWRD) pinned the miss on soft demand for its noncore intermodal and truckload brokerage services.4 min. Amazon’s private airline that outsources cargo flying to third parties has ended its partnership with Silver Airways, a small regional carrier that operated five small ATR72-500 turboprop planes on small feeder routes, FreightWaves has confirmed. Silver Airways, a privately held regional airline based in Fort Lauderdale, Florida, that ...Dec 13, 2021 · Central Freight Lines is the largest trucking company to close since Celadon ceased operations in 2019. Waco, Texas-based Central Freight Lines has notified drivers, employees and customers that the less-than-truckload carrier plans to wind down operations on Monday after 96 years, the company’s president told FreightWaves on Saturday.

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.FreightWaves provides thought leadership and editorial content focused on the Global Supply Chain. At the core of each article or content piece is a focus on...

Nov 13, 2023 · According to the United Nations Conference on Trade and Development (UNCTAD), maritime shipping industry growth will likely slow or remain flat in 2023, driven by inflation and the ongoing war in Ukraine. For the overall 2023–2027 period, UNCTAD predicts growth at an annual average rate of 2.1%, slower than the previous 30-year average of 3.3%. Meadow Lark Agency and its affiliate, Meadow Lark Transport, filed for bankruptcy liquidation Monday, owing around 120 former employees almost $800,000 and nearly 1,300 trucking companies about $2.7 million. Read More ». Eric Kulisch Monday, November 6, 2023.As of 2014, Harbor Freight Tools does not offer franchises. The company owns all of its stores and operates a real estate department that assesses potential locations for future stores.If you are looking for affordable tools, then Harbor Freight Tools is a great place to start. With more than 900 stores across the United States, chances are there is one near you. In this beginner’s guide, we will walk you through some tip...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 ...Jun 22, 2023 · 6 min. FedEx plans to remove 29 aircraft from its fleet this year through permanent retirement and temporary storage, fulfilling its new program to eliminate permanent costs and make its logistics network more flexible as global trade slows. CEO Raj Subramaniam said on Tuesday’s earnings briefing that the Express unit will park 20 aircraft in ...

Combining data streams to combat illicit trade in container shipping. Officials from Nexxiot and Deloitte talk with FreightWaves in this Q&A about how combining data on container movements and a container’s financial streams can help ward off illicit trade. Read More ». Greg Miller Tuesday, October 17, 2023.

6 min. Not a single container ship waited offshore of the ports of Los Angeles or Long Beach on Nov. 22-23. It was the first time the queue had gone to zero since October 2020, in the early days of the COVID-era consumer boom. “The container-ship backup for the ports of Los Angeles and Long Beach has ended,” declared Kip Louttit, executive ...

Indiana-based Elmer Buchta Trucking and its entities recently filed for Chapter 11 bankruptcy. Photo: Jim Allen/FreightWaves. An 85-year-old Indiana-based trucking and logistics company and its affiliates recently filed for Chapter 11 bankruptcy protection less than nine months after it was acquired by private-equity firm Transport …WebJun 6, 2023 · The combination drove transportation prices to a level of 27.9, 8.9 points worse sequentially and the fastest rate of contraction ever recorded. The index’s pricing measure was more than 37 points worse y/y and 63 points lower than two years ago. Further, respondents reported weaker trends in the last two weeks of the month, returning a ... Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: The logistics boom drives an e-commerce firm’s relocation in Texas; MercuryGate acquires customs software provider International Trade Systems; New Mexico announces two logistics hubs in Santa Teresa; and a Texas city receives approval for a Foreign Trade Zone program.Trucking Regulation. Trucking regulations are determined by several government agencies in the United States. The Federal Motor Carrier Safety Administration (FMCSA) is the lead agency responsible for trucking laws, regulating and providing safety oversight of commercial motor vehicles (including over 500,000 commercial trucking companies.FreightWaves provides thought leadership and editorial content focused on the Global Supply Chain. At the core of each article or content piece is a focus on...Here 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 …The combination drove transportation prices to a level of 27.9, 8.9 points worse sequentially and the fastest rate of contraction ever recorded. The index’s pricing measure was more than 37 points worse y/y and 63 points lower than two years ago. Further, respondents reported weaker trends in the last two weeks of the month, returning a ...Jun 22, 2023 · 6 min. FedEx plans to remove 29 aircraft from its fleet this year through permanent retirement and temporary storage, fulfilling its new program to eliminate permanent costs and make its logistics network more flexible as global trade slows. CEO Raj Subramaniam said on Tuesday’s earnings briefing that the Express unit will park 20 aircraft in ... ArcBest’s ( NASDAQ: ARCB) shares jumped 16% on its third-quarter report . Yellow’s trailers parked along a fence at a shuttered Houston terminal. (Photo: Jim Allen/FreightWaves) The company’s asset-based segment, which includes LTL carrier ABF Freight, saw shipments decline 2.7% from the second quarter.

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 ...Nov 29, 2023 · This week in Borderlands: Eternity Group Mexico unveils a tool for shippers to monitor their carbon footprints; Finkargo closes a $20 million Series A funding round; cargo-partner launches a cross-border shipping solution; and SKU Distribution receives foreign trade zone status for its Arizona warehouse. Nov 24, 2023 · Jan. 23: Uber Freight, approximately 3% of workforce. FreightWaves’ John Kingston first reported on Jan. 23 that Uber Freight, the Chicago-based freight brokerage arm of ride-sharing giant Uber, would cut about 150 jobs from its digital brokerage division. That’s 3% of Uber Freight’s total workforce. Instagram:https://instagram. reginal banksinvest in sandbright health care reviewscharles schwab day trading Freight brokers handle a large amount of the truck transport business in the United States. A freight broker company provides a link between a shipper who has goods to transport and a carrier who has trucks to move those goods. The company ...Jun 1, 2023 · As we see in the chart below, the floor that has been established so far in 2023 puts ocean container spot rates currently between $1,000 and $1,700 from China/East Asia to the U.S. West Coast and $2,000-$2,550 from China/East Asia to the U.S. East Coast, according to the Freightos Baltic Index. So, if volumes were to remain relatively flat for ... ssga lg cap growthdental insurance plans in georgia Nov 5, 2023 · Pennsylvania 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 ... nike for china 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 …Required fields are marked. The Freightos Baltic Index (FBX) is the world’s leading—and most accurate—index of market rates for 40' containers.