business

Nikola CFO: Milton statements ‘could be inaccurate or exaggerated’

Nikola Corp. founder Trevor Milton linked his social media posts to the newly public electric truck maker’s rising stock price, CFO Kim Brady testified Friday, supporting the government’s fraud case against Milton.

Milton faces a maximum of 25 years in prison if convicted of the most serious of four federal fraud charges. The government claims Milton defrauded investors by lying about the company’s technology accomplishments and the promise of future products to inflate the stock price.

Brady join...

https://www.freightwaves.com/news/nikola-cfo-testifies-milton-statements-could-be-inaccurate-or-exaggerated

Convoy ‘creating a new class of visibility’

“Creating a new class of visibility requires surfacing actionable insights from a complex data set that changes by the minute,” according to Dorothy Li, chief technology officer at digital freight network Convoy.

Li said Convoy is creating that new class of visibility with its newly released solution, Hi-Fi Visibility.

“Not only do we collect more data than other freight providers, we go one step further by distilling that data into interactive dashboards that surface anomalies shippers can act...

https://www.freightwaves.com/news/convoy-creating-a-new-class-of-visibility

FreightWaves SONAR data revealed global recession months before FedEx’s earnings

A container ship stacked with containers

In a note last Friday, September 16, J.P. Morgan reminded us that back in June it warned about a concerning drop in container volume out of China, based on FreightWaves SONAR Container Atlas data. 

Part of the J.P. Morgan note.

The firm titled its June 3 report “Watching the China Freight Wave,” which covered the slowdown in container markets and forewarned about a slowing U.S. domestic freight market.  

Using the same data, on June 7, FreightWaves wrote an article titled “U.S. import demand is...

https://www.freightwaves.com/news/freightwaves-sonar-data-revealed-global-recession-months-before-fedexs-earnings

American Eagle logistics arm Quiet Platforms partners with FourKites

American Eagle quiet platforms logistics

American Eagle Outfitters (NYSE: AEO) continues to deliver on its mission to become a logistics powerhouse.

The retailer’s logistics arm, Quiet Platforms, which Chief Supply Chain Officer Shekar Natarajan has dubbed the “anti-Amazon,” on Thursday announced a partnership with supply chain visibility leader FourKites to help customers track the movement of inventory in real time.

Quiet last month officially launched its flagship Delivery Network, which pools the logistics assets of different...

https://www.freightwaves.com/news/american-eagle-logistics-arm-quiet-platforms-partners-with-fourkites

Arrive Logistics unveils technology platform

Arrive Logistics, a freight brokerage and multimodal third-party logistics provider based in Austin, Texas, has unveiled its proprietary transportation management system, ARRIVEnow. ARRIVEnow’s unified back end powers highly automated internal workflows on Arrive’s brokerage floor as well as serves up data to and transacts with carriers and shippers through their own dedicated web portals.

“ARRIVEnow is the culmination of our internal software development,” explained Michael Senftleber, Arrive’s...

https://www.freightwaves.com/news/arrive-logistics-unveils-technology-platform

Axle Payments rebrands as Denim, raises $126M in Series B

Logistics fintech platform Axle Payments announced Thursday it has rebranded as Denim after declaring the company has closed its $126 million Series B funding round to continue building out payment solutions across the supply chain.

The funding round — led by Pelion Venture Partners with participation from Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners and Refashioned Ventures — consists of $26 million in equity financing and $100 million in debt financing. Since...

https://www.freightwaves.com/news/axle-payments-rebrands-as-denim-raises-126m-in-series-b

Transflo continues management restructuring with new CFO

Supply chain digital ecosystem Transflo announced Wednesday it has added software-as-a-service veteran Cameron Eastman as CFO to help position the company for its next stage of product development.

In December, Transflo received a minority equity investment from Bregal Sagemount with aspirations to “accelerate [its] go-to-market engine” and “move forward with a more aggressive M&A [mergers and acquisitions] strategy,” according to Phil Yates, partner at the growth-focused equity firm.

Ever since,...

https://www.freightwaves.com/news/transflo-continues-management-restructuring-with-new-cfo

Spanish billionaire just bet big on US logistics

logistics industrial real estate

U.S. logistics just got its next big investor from abroad.

Spanish billionaire textile tycoon Amancio Ortega, the founder of clothing brands Inditex and Zara, revealed on Tuesday that his family investment company Pontegadea had purchased five logistics warehouses in the U.S. totaling about $722 million, Bloomberg reported. 

Spanish newspaper El Pais reported that the properties are strategically located in five states — Tennessee, South Carolina, Virginia, Pennsylvania and Texas — and rented...

https://www.freightwaves.com/news/spanish-billionaire-just-bet-big-on-us-logistics

Subseasonal trucking market still soft and loose

The U.S. truckload market is still soft, with accepted contract shipments running approximately 5.5% lower than the year-ago period, and loose, as only 5.5% of contract truckload tenders are being rejected by carriers.

When market conditions are favorable to carriers, they reject more contracted freight and deploy their assets in the spot market, striving to maximize yield or revenue per loaded mile. When market conditions are unfavorable, carriers tend to reject fewer shipments and take what...

https://www.freightwaves.com/news/subseasonal-trucking-market-still-soft-and-loose

FreightWaves and MerQube launch world’s first equity index to track supply chain innovation

(Photo.du.edu)

The MerQube FreightWaves Supply Chain Tech Index — the first index to track the performance of the supply chain and logistics industry — was launched Tuesday. Companies on the index have a minimum float market cap of $500 million and a minimum average daily value traded of $3 million.

The following sectors are considered for inclusion in the index: tech-enabled third-party logistics (3PL); logistics software; e-commerce logistics; alternative energy/autonomous technology; and asset-heavy...

https://www.freightwaves.com/news/merqube-freightwaves-supply-chain-tech-index-launches

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