business

LA zoning proposal could reduce supply of trailer parking

Trailer parking near the ports of Los Angeles and Port of Long Beach is notoriously constrained and it is likely to get worse. Hoping to gain customers who struggle with this issue, some real estate developers are taking a new approach. 

Finding adequate facilities to park trucks and store shipping containers is difficult throughout the United States, but the Greater Los Angeles area poses an even greater challenge for the logistics sector.

The port complexes areclosed in with boundaries on all...

https://www.freightwaves.com/news/la-zoning-proposal-could-reduce-supply-of-trailer-parking

Proxy adviser on Norfolk Southern: Overhaul board but keep CEO Shaw

Norfolk Southern’s management has taken a second hit this week from an independent proxy advisory firm as the Class 1 railroad fends off activist investor Ancora Holdings, but the latest report, while mostly critical of NS, recommends that CEO Alan Shaw keep his job.

Whereas proxy adviser Glass Lewis recommended that shareholders not vote in favor of Shaw to remain as a Norfolk Southern (NYSE: NSC) director — in essence, a vote to oust him because the CEO would be expected to also serve as...

https://www.freightwaves.com/news/proxy-adviser-on-norfolk-southern-overhaul-board-but-keep-ceo-shaw

DHL Supply Chain announces new CEO for North America

DHL Group announced a key leadership transition in DHL Supply Chain North America on Tuesday, naming Patrick Kelleher North America CEO effective July 1. 

Current CEO Scott Sureddin’s retirement will take effect Dec. 31 after 20 years at DHL Supply Chain.A press release from the company states that Sureddin has been instrumental in the growth of DHL Supply Chain North America, headquartered in Westerville, Ohio.

“Our North America business has achieved incredible growth thanks to the commitment...

https://www.freightwaves.com/news/dhl-supply-chain-announces-new-ceo-for-north-america

Over the past decade, C.H. Robinson lost its moat to innovation and competition

C.H. Robinson (Nasdaq: CHRW), the largest trucking freight brokerage, is in a challenging spot that isn’t strictly due to the Great Freight Recession. Its stock is trading near the lows of the COVID lockdown (closing price on April 26 was $70.22; the COVID low was $63.91), with investors asking tough questions about the company’s long-term prospects. 

For three and a half decades, C.H. Robinson’s position was uncontested. It was in an enviable position — it had information and access to fleets...

https://www.freightwaves.com/news/over-the-past-decade-c-h-robinson-lost-its-moat-to-innovation-and-competition

Activists looking to oust Norfolk Southern management get key support

With the proxy battle at Norfolk Southern headed to a climax next week at the annual meeting of shareholders, management and the board of directors have taken a major hit to their survival efforts following the recommendation of Glass Lewis to back the proxy battle undertaken by Ancora Holdings.

Glass Lewis is an independent proxy advisory firm that makes recommendations to institutional shareholders about how to vote in proxy battles. News reports about the firm inevitably use the word...

https://www.freightwaves.com/news/activists-looking-to-oust-norfolk-southern-management-get-key-support

TFI’s US LTL operations need heavier shipments, CEO says of Q1 results

Some key statistics at the U.S. LTL operations of TFI International remain a cause for concern at the Canada-based trucking conglomerate, and CEO Alain Bedard did not hold back discussing those issues on the company’s first-quarter earnings call.

The core of the U.S. LTL activities at TFI (NYSE: TFII) is known as TForce, and its roots are in the TFI acquisition of UPS’ LTL operations, UPS Freight, in 2021.

LTL discussions often turn to revenue per hundredweight, or yield, in analyzing how a...

https://www.freightwaves.com/news/tfis-us-ltl-operations-need-heavier-shipments-ceo-says-of-q1-results

FreightTech Friday: Wabash sees success with trailers-as-a-service

Recently, FreightWaves spoke with Wabash Director of Strategic Programs Glen Stewart about the company’s trailers-as-a-service (TaaS) offering, designed to help increase asset uptime. 

According to the company, it has secured a near 100% recovery rate for its customers’ damaged trailers in 2024. “If damaged, trailers are fixed immediately, or a loaner can be provided,” a Wabash representative told FreightWaves.

Related:Wabash’s new trailers-as-a-service platform to support FreightVana’s...

https://www.freightwaves.com/news/freighttech-friday-wabash-sees-success-with-trailers-as-a-service

Pam sets Dutch auction to buy back shares; battered stock price soars

Pam Transportation, 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-key manner, entering the market as an occasional or frequent buyer operating through the normal processes of the equity markets. Companies often declare their intention to buy back stock over a certain period, but the...

https://www.freightwaves.com/news/pam-sets-dutch-auction-to-buy-back-shares-battered-stock-price-soars

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. Critics say the rule could prove a significant burden for brokers operating small businesses.

Starting July 1, 2024, salaried employees making less than $844 per week – equivalent to $43,888 per year – will become eligible for overtime. On Jan. 1, 2025, the threshold to receive overtime pay...

https://www.freightwaves.com/news/new-department-of-labor-rule-adds-overtime-pay-for-some-salary-workers

Why LTL shippers need additional insurance coverage

Claims are a common source of frustration for most regular less-than-truckload shippers. Due to LTL carrier limitations and exclusions, shippers with damaged cargo often recover from $5 per pound down to as little as 10 cents per pound and are left without any viable avenue to recoup their losses.  

The nature of LTL makes preventing cargo damage difficult. Shipments are touched and transferred between trailers via forklift often, creating the potential for mishaps at every turn. 

“[Shippers]...

https://www.freightwaves.com/news/why-ltl-shippers-need-additional-insurance-coverage

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