Women truckers photo collection heads to MATS, powered by Uber Freight

In partnership with Uber Freight, the photo collection Sisters of the Road by photographer Anne Marie Michel begins its U.S. tour on Friday outside San Francisco, honoring the women’s trucking community for Women’s History Month. 

Deb Desiderato photo from Sisters of the Road collection. (Photo: Anne Marie Michel)

Sisters of the Road dives into the lives of female truckers across the U.S., highlighting their struggles, industry improvements and the need for ongoing progress. Michel found...

https://www.freightwaves.com/news/women-truckers-photo-collection-heads-to-mats-powered-by-uber-freight

CBNC supply chain reporter, daughter pen book on family histories of slaves

A new book published in February and co-written by global supply chain reporter and author Lori Ann LaRocco and her daughter Abby Wallace traces the ancestry of four enslaved Black families and their stories and experiences.

“Embracing Your Past to Empower Your Future” was inspired by a trip the authors took to Mount Vernon, the home of George Washington; Monticello, the home of Thomas Jefferson; and Montpelier, the home of James Madison.

While at Monticello, the mother and daughter learned about...

https://www.freightwaves.com/news/cbnc-supply-chain-reporter-daughter-pen-book-on-family-histories-of-slaves

OpenTug raises $3.1M to grow marine operator network

Marine logistics software provider OpenTug announced Friday it has raised $3.1 million in a seed round led by Entrada Ventures with participation by SpringTime Ventures and Stout Street Capital to enhance its technology, expand its sales initiatives and grow its network of United States marine operators.

Since its founding in 2019, the company has raised $3.15 million, including an initial seed round led by SeaChange Fund in 2023. Its most recent round has valued the company at $10.1 million,...

https://www.freightwaves.com/news/opentug-raises-3-1m-to-grow-marine-operator-network

Is Wall Street warming back up to containership line Zim?

For nearly two years, capital markets have punished Zim, the Israeli containership line whose fleet is the 10th-largest on the ocean. Zim’s model, which involves operating a subscale, highly chartered fleet of smaller vessels almost wholly exposed to the spot market, took a beating when collapsing spot rates collided with its high COVID-era lease expenses. The stock peaked at $84.50 per share on March 18, 2022, and took a series of nosedives before finally bottoming at $6.59 on Nov. 28, 2023.

Bu...

https://www.freightwaves.com/news/is-wall-street-warming-back-up-to-containership-line-zim

Isometric Technologies honors 50 transportation providers with service awards

Performance intelligence platform Isometric Technologies (ISO) announced Tuesday the winners of its third annual service excellence awards, recognizing the top 50 carriers by retailer, mileage band and region.

The ISO Excellence in Service Awards recognize the top 50 carriers based on the ISO Score, a composite performance metric comprising tender acceptance, on-time pickup and on-time delivery. Criteria for winners include having done at least 500 shipments in 2023, hauling for at least one...

https://www.freightwaves.com/news/isometric-technologies-honors-50-transportation-providers-with-service-awards

BMO’s Q1 earnings show more credit deterioration in trucking industry

There are numerous ways of looking at the quarterly data from Canada’s BMO on the credit health of the trucking sector. None of them are positive.

Canada’s BMO is a major lender to the trucking industry in North America. In the bank’s first-quarter 2024 earnings released Tuesday, BMO’s gross impaired loans and acceptances, where BMO has identified a loan it believes it may be unlikely to recover, soared to CA$230 million ($170 million) up from CA$170 million a quarter earlier and CA$82 million...

https://www.freightwaves.com/news/bmos-q1-earnings-show-more-credit-deterioration-in-trucking-industry

Pilot’s drop in profits led to lower valuation in final Berkshire purchase

The final tranche of Pilot Travel Centers purchased by Berkshire Hathaway appears to have put the enterprise value of the travel center chain significantly lower than it was just a year earlier.

In the company’s 10-K report filed with the Securities and Exchange Commission over the weekend, Berkshire Hathaway revealed that it had paid $2.6 billion for the final 20% of Pilot it did not already own. That would give Pilot an enterprise value of $13 billion.

But in the first quarter of 2023,...

https://www.freightwaves.com/news/pilots-drop-in-profits-led-to-lower-valuation-in-final-berkshire-purchase

ODeX survey spots barriers to digital documentation adoption in global trade

The maritime industry is rapidly evolving due to technological advances and demand for efficient logistics, all crucial for global trade growth.

Recently, documentation and fintech platform ODeX conducted a survey to assess the maritime industry’s views on digital documentation in ocean freight shipping. The survey aimed to understand challenges and adoption rates in digital platforms, as well as leadership attitudes on the subject.

“I was shocked when I started looking into these problems,”...

https://www.freightwaves.com/news/odex-survey-spots-barriers-to-digital-documentation-adoption-in-global-trade

New report details challenges, opportunities in freight market

A new report from venture capital firm UP.Partners takes a look at the impact of the freight recession and new developments in the industry. 

The freight section of the recently released “Moving World Report 2024” from UP.Partners reviews the current depressed state of the freight market but first drives home the point that the cost trend has been in a downward direction for a long time.

In one of the first slides of the 143-page report, UP looks at the cost of moving freight via various modes...

https://www.freightwaves.com/news/new-report-details-challenges-opportunities-in-freight-market

Triumph factoring group’s new COO sits atop a business that has doubled

Kimberly Fisk has been in the factoring business long enough to remember when factoring was known as the F-word.

But the growth that Fisk, recently installed chief operating officer at Triumph Financial Services LLC, has seen in her more than 11 years at Triumph is enormous. Triumph now purchases about 600,000 invoices per month for factoring. Five or six years ago, she said, “It was about half of that, because we have grown much more in size in the last couple of years.”

FreightWaves...

https://www.freightwaves.com/news/triumph-factoring-groups-new-coo-sits-atop-a-business-that-has-doubled

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