business

Cambridge Capital makes majority investment in Everest Transportation Services’ growth strategy

Everest Transportation Services has all the main ingredients for producing a disruptive freight brokerage. 

In 2015, founders Jake Elperin, Lev Krasnopolskiy and Philip Weber pulled on their combined decades of experience from Echo Global Logistics, Optimal Freight and Custom Companies to bootstrap a brokerage that leveraged technology so its human capital could focus on providing a 24/7, high-touch customer experience.

Originally focused on the chemical industry, the team quickly found itself...

https://www.freightwaves.com/news/cambridge-capital-makes-majority-investment-in-everest-transportation-services-growth-strategy

TRADE X acquires automotive export specialist Techlantic

A truck transporting cars to viewed from the front right to illustrate an article about an acquisition by the company Trade X.

Automotive trade platform TRADE X has acquired Techlantic, a Canadian company specializing in vehicle exports.

Ontario-based TRADE X announced the acquisition on Tuesday. The company did not disclose the price. 

The deal will enhance and grow TRADE X’s existing capabilities, including logistics and financing. Techlantic did $105 million in sales in 2020 and has been consistently profitable, according to Trade X.

“TRADE X will expand Techlantic’s capital resources and global reach,” said Luciano...

https://www.freightwaves.com/news/trade-x-acquires-automotive-export-specialist-techlantic

FreightWaves Classics/Pioneers: August Fruehauf and his trailers changed trucking (Part 1)

The first Fruehauf "semi-trailer" was created in 1914 for a Detroit lumber merchant. (Photo: singingwheels.com)

Many people will call an 18-wheeler a “truck.” But it is actually a tractor-trailer, made up of the tractor (the power source) and a trailer of one kind or another.

The three most common types of trailers are dry vans, refrigerated trailers (reefers) and flatbeds. There are hundreds of thousands (perhaps millions) of trailers on roads and highways across the United States each and every day.

Trucks on the road. (Photo: saferoads.org)Tractor-trailers on the road. (Photo: saferoads.org)

But how were trailers first developed, and by whom?

Ea...

https://www.freightwaves.com/news/freightwaves-classicspioneers-august-fruehauf-and-his-trailers-changed-trucking-part-1

Fractory raises $9M for metal manufacturing marketplace, US expansion

U.S. manufacturing has found itself in a position similar to that of many other industries: facing exponential demand since its pandemic shutdown lows, elevated shipping costs to deliver on that demand and a struggle to fill the 2.4 million positions required to meet industry demand by 2028.

Founded in 2019, Manchester, U.K.-based Fractory has created an online metal fabrication marketplace to digitize the manufacturing process. This helps manufacturers improve their procurement process and open...

https://www.freightwaves.com/news/fractory-raises-9m-for-metal-manufacturing-marketplace-us-expansion

Claims of ransomware attacks on factoring firm eCapital shrouded in mystery

An illustration of four skeleton figures in front of computers representing hackers for an article about a ransomware attack

Two ransomware gangs have separately claimed they attacked and stole data from freight factoring provider eCapital, raising the question of whether the firm got hacked twice.

The answer isn’t so clear. 

An eCapital spokesperson initially said the company had “recently sustained a sophisticated cybersecurity incident” after FreightWaves inquired about an attack announced by the Lorenz group on the dark web in late July. 

“Due to our pre-existing security measures, we were equipped with sufficient...

https://www.freightwaves.com/news/claims-of-ransomware-attacks-on-factoring-firm-ecapital-shrouded-in-mystery

FreightVana comes out of stealth mode

Knight-Swift veterans focusing on transparency, technology and trust.

In June, about a dozen transportation veterans’ LinkedIn profiles suddenly lit up with a new company name — FreightVana — but details about the outfit and its objectives were hard to come by. But now FreightVana’s founding team, which includes co-CEOs Shannon Breen and John Gamero as well as Chief Technology Officer Don Everhart (all from Knight-Swift), is ready to talk.

FreightVana executives pointed to what they said was a...

https://www.freightwaves.com/news/freightvana-comes-out-of-stealth-mode

Supply chain technology – necessary, and a good career option

container terminal

Do you want to help companies adapt to climate change? Go into supply chain technology.

Supply chains work best when they have predictability. One of the biggest risks caused by climate change is how unpredictable everything becomes. Sourcing, infrastructure and transportation will all require more agility and redundancy in the future.

Supply chain technology firms are building solutions to help companies adapt to the black swan events that seem to be occurring more often. For students looking...

https://www.freightwaves.com/news/supply-chain-technology-necessary-and-a-hot-career-option

FreightWaves Classics: Key bridge links Michigan and Ontario

The Sault Ste. Marie International Bridge. (Photo: International Bridge Authority)

The International Bridge at Sault Ste. Marie is the only way for vehicles to cross between the Canadian province of Ontario and the state of Michigan within 300 miles. The International Bridge connects the United States and Canada, as well as connecting the two cities on either end of the bridge – Sault Ste. Marie, Ontario with Sault Ste. Marie, Michigan. (Sault Ste. Marie is pronounced Soo-Saint-Mah-Ree.) A regional railroad that formerly served the area was known as the Soo Line.

The International Bridge at night. (Photo: Michigan Department of Transportation)The...

https://www.freightwaves.com/news/freightwaves-classics-key-bridge-links-michigan-and-ontario

YouCruit raises $11.5M for driver hiring app Lanefinder

In recent months, trucking companies have focused on securing drivers as truckload demand continues to soar, driving rates to all-time levels. Without drivers to fill their trucks, carriers continue to find themselves leaving business on the table.

Conversely, with companies offering them progressive incentive packages and regulations hindering their work-life balance, drivers find themselves looking for the best opportunities available. 

Related article: Driver employment market may be improving...

https://www.freightwaves.com/news/youcruit-raises-11-5m-for-driver-hiring-app-lanefinder

FreightWaves Classics: Maine Turnpike carries traffic in the Pine Tree State

A rendering of a Maine Turnpike toll plaza. (Image: MTA)

Maine is the northeasternmost U.S. state. And while it looks huge on maps, it is the 12th-smallest by area. It also ranks 41st in population and is the 13th-least densely populated of the 50 U.S. states. In fact, its population density is 41.3 people per square mile, which makes it the least densely populated state east of the Mississippi River. As of the 2010 census, Maine was also the most rural state, with only 38.7% of its population living within urban areas.

Map of Maine.(Map: visitmaine.net)

However...

https://www.freightwaves.com/news/freightwaves-classics-maine-turnpike-carries-traffic-in-the-pine-tree-state

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