FreightWaves

FreightWaves

Pam Sets Dutch Auction to Buy Back Shares; Battered Stock Price Soars
Pam Transportation (NASDAQ: PTSI), the auto industry-focused truckload carrier whose stock has been battered in the past year and beyond, is buying back some of its shares through a process known as a Dutch auction.  Companies buy back their stock frequently but generally do so in a lower
Really Cold Hydrogen Could Bring Driving Range Parity with Diesel
The time it takes to fuel a hydrogen-powered fuel cell truck is already on par with diesel. But there is still a yawning gap when it comes to comparable driving range.
Xeneta Finds Supply Chain Diversions Fuel Spike in Carbon Emissions
New data from Xeneta reveals an eye-popping increase in emissions as a result of the Red Sea diversion.  The Xeneta and Marine Benchmark Carbon Emissions Index (CEI) shows carbon emissions increased by 63% in Q1 2024 compared to Q4 2023 with regard to containers being shipped via ocean from the Far East to the Mediterranean.
New Department of Labor Rule Adds Overtime Pay for Some Salary Workers
The U.S. Department of Labor announced a final rule on Tuesday that will revise regulations issued under the Fair Labor Standards Act to ensure overtime pay for some salaried and highly compensated employees.
Crash Data Involving New Truck, Bus Drivers Getting Worse
WASHINGTON — Deaths resulting from large-truck crashes where newly licensed drivers are involved continues to rise, according to recent government data, but a proposed safety requirement that could help reduce those deaths will likely be delayed again. The percentage of fatal large truck and bus crashes involving new-entrant carriers has climbed from 4.6% to 7.4% from 2017 t
Hub Group Sees Q1 Revenue Fall 13% Year Over Year to $999M
Weak freight market conditions continue placing financial strains on transportation providers, said Phil Yeager, president and CEO of Hub Group Inc (NASDAQ: HUBG). "Market conditions have remained soft … largely due to excess truckload capacity that is yet to exit the industry"
Cargo Airline Amerijet Warns of Pilot Furloughs Amid Downsizing
Amerijet International plans to furlough a number of pilots in the near future to shore up cash flow after the loss of major contracts with the U.S. Postal Service and other accounts, according to internal company communications. The number of pilots to be suspended depends on how many pilots accept offers to work less.
How to Prepare for CVSA International Roadcheck 2024
The Commercial Vehicle Safety Alliance's (CVSA) International Roadcheck is coming up next month.
Old Dominion's Q1 Earnings Meet Estimate, but LTL Stocks Fall Anyway
Old Dominion Freight Line (NASDAQ: ODFL) said it is seeing promising signs around demand but that it isn't yet ready to call a cycle upturn.
Hawaiian Airlines Slowly Adds Freighters for Amazon Business
Hawaiian Airlines (NASDAQ: HA) has commenced operating a second Airbus A330-300 cargo jet for Amazon on a new route between New York's JFK airport and the retail behemoth's West Coast air logistics hub in San Bernardino, California, the company reported in quarterly earnings Tuesday. <
One Long Trip: XPO Driver Achieves 4M Accident-Free Miles
Four million miles.
Covenant's Operating Numbers Mostly Hold Up in Challenging First Quarter
In what has been a difficult quarter for trucking companies, both truckload and to a lesser degree LTL, Covenant Logistics reported first-quarter operating earnings that held up relatively well. Covenant's adjusted earnings per share on a non-GAAP basis came in at 84 cents per share, down from 93 cents per share a year ago.
Knight-Swift Cutting Costs, Focuses on Asset Utilization
Knight-Swift Transportation (NYSE: KNX) said it is focused on reducing costs throughout the organization. That includes culling trailer counts, as well as tractor counts in some areas, to improve asset utilization.
Philadelphia CDL School Owner Sentenced to Prison for Licensing Scheme
A former CDL school owner in Philadelphia was sentenced to nearly five years in prison for bribing a CDL exam administrator to pass students who didn't take the exam. Vladimir Tsymbalenko, 53, who owned Vlad's CDL School, was sentenced to four years and nine months in federal prison and three years of supervised release by U.S. District Court Judge Jeffrey L. Schmehl.
Election-Year Politics Cuts Into Small-Trucker Priorities
Legislation and regulation affecting trucking is downshifting as the election year moves into full swing, but the most prominent lobby representing truck owner-operators is keeping the pressure on lawmakers and the administration to do right by its members. "The unfortunate reality is that this particular Congress is totally engaged in election season, and rather than focusin
EXO Closes Chattanooga Office to Focus on Managed Transportation Tech
Open-deck transportation marketplace EXO Freight closed its Chattanooga, Tennessee, office Tuesday, laying off 19 employees, including a few from its spot brokerage team in Royal Oak, Michigan, who were mainly operations-focused, co-founder and CEO Kurtis Tryber told FreightWaves. Tryber said it was an intentional move by the company to pivot from covering unprofitable spot market
US Postal Service to Migrate Air Cargo to UPS During Summer
The U.S.
Borderlands Mexico: U.S. Agricultural Imports from Mexico at $8B in 2024
Mexico recorded $9.06 billion in agricultural exports during the first two months of the year, according to the country's Ministry of Agriculture and Rural Development (SADER) and the Bank of Mexico. The total represents a 9% year-over-year increase from the same period in 2023. The U.S.
Benchmark Diesel Price Below $4 Again As War-Led Rally Fizzles
The benchmark diesel price used for most fuel surcharges is back below $4 a gallon. A decline of 2.3 cents a gallon from the prior week's number put the Department of Energy/Energy Information Agency price at $3.992. It's only the second time in the past 11 weeks that the price has been below $4.
Prologis Reports In-Line Q1, Slightly Trims 2024 Outlook
Logistics warehouse operator Prologis slightly lowered its 2024 guidance on Wednesday as it expects leasing activity to "stay competitive" in some markets.