Month: April 2020

Universal Logistics’ profits plunge nearly 30% as COVID-19 hits truckload

A tractor-trailer of Universal Logistics Holdings

Universal Logistics Holdings (NASDAQ:ULH) reported on Thursday that its profits fell by almost 30% during the first quarter as COVID-19-related slowdowns in manufacturing and retail hit its truckload and dedicated operations. 

Universal Logistics had a net income of $12.2 million, or 45 cents per share, on $382.2 million in revenues during the quarter. Net income came in 29.4% lower than a year earlier, while revenues increased by 1.2%.

CEO Tim Phillips characterized the results as “pretty solid”...

https://www.freightwaves.com/news/universal-logistics-profits-plunge-nearly-30-as-covid-19-hits-truckload

TIA’s Voltmann, in video, defends brokers against anger over rates

In an extraordinary video, the head of the largest brokers trade association defended his industry from the online and on-the-highway criticisms from carriers facing increasingly weak freight rates.

Bob Voltmann, president and CEO of the Transportation Intermediaries Association (TIA), took to YouTube with a roughly three-and-a-half-minute video in which he ripped views of the market that “some snake oil salesman would have you believe.”

“There’s a lot being said about truck rates and brokers...

https://www.freightwaves.com/news/tias-voltmann-in-video-defends-brokers-against-anger-over-rates

Major truck suppliers bank on electrification in COVID-19 triage

Dana Meritor illustration

Two major trucking suppliers reported lower sales for the first three months of the year as expected Thursday, but even facing a business slowdown of uncertain length, they continue to spend on electrification programs that could eventually transform the industry.

Meritor Inc. (NYSE: MTOR) and Dana Inc. (NYSE: DAN) suggested battery-electric efforts for major customers are untouchable as they navigate the COVID-19 pandemic that has shuttered their facilities and left them scrambling to conserve...

https://www.freightwaves.com/news/major-truck-suppliers-bank-on-electrification-in-covid-19-triage

Cargo ship intercepted, seized with all crew, 400 kg of cocaine found

THRONE

General cargo ship THRONE was intercepted and stormed by Trinidad and Tobago Coast Guard and Special Forces team early in the morning Apr 28 in the Caribbean NW of northern Trinidad, understood in international waters, according to Trinidad and Tobago Guardian news report. Some 400 kilos of cocaine were found hidden in special made crypt in fuel tank, sealed in watertight packages. Understood all 10 or more crew were arrested and interrogated, the ship was taken to Chaguaramas, northwest...

https://www.fleetmon.com/maritime-news/2020/29533/cargo-ship-intercepted-seized-all-crew-400-kg-coca/

Navy carrier Theodore Roosevelt to return to sea

Hundreds of sailors began the transition from quarantine and isolation to the aircraft carrier USS Theodore Rooseveltyesterday, as the ship prepares to return to sea after a bow-to-stern deep cleaning process.

More than 4,000 sailors who tested negative for the coronavirus have been in quarantine in hotels off base, the Navy said. It will take several days to move all of these sailors back onboard.

After the ship’s arrival to Guam on March 27, approximately 700 sailors remained on board to...

https://www.workboat.com/news/government/navy-carrier-theodore-roosevelt-to-return-to-sea/

Senate panel seeks change in funding for locks and dams

A key Senate committee that oversees the waterways has agreed to make a significant change in the Inland Waterways Trust Fund (IWTF) that would free up more money to modernize aging lock and dam infrastructure.

In the first move of the legislative process to produce a new Water Resources Development Act (WRDA) this year, the Senate Environment and Public Works Committee released a draft of the bill on April 21.

As part of that proposal, senators agreed to a cost-share adjustment for inland...

https://www.workboat.com/news/coastal-inland-waterways/senate-panel-seeks-change-in-program-that-funds-inland-waterways-improvements/

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