freight brokerage

Schneider will be Jeff Silver’s first Mastery Logistics Systems customer

A power-only carrier pulls a Schneider trailer.

Mastery Logistics Systems came out of stealth mode with a major customer announcement and outlined its long-term plans.

After trading ended on July 7, Schneider (NYSE: SNDR) announced a strategic investment in Mastery Logistics Systems to further the companies’ collaboration. Schneider, the Green Bay-based carrier, recorded revenues of about $5 billion in 2019: About half of the business is truckload, while the rest is split between intermodal and logistics.

Mastery was launched in 2019 by Jeff...

https://s29755.pcdn.co/news/schneider-will-be-jeff-silvers-first-mastery-logistics-systems-customer

Uber Freight seeking investors

Parked Uber Freight rig

Uber Technologies (NYSE: UBER) is reported to be in talks to take on additional investors in its digital brokerage unit, Uber Freight. Bloomberg published an article attributed to “people with knowledge of the matter” who said the San Francisco-based company is seeking to raise $500 million in incremental funding.

The report said this would place the unit’s valuation around $4 billion. Assuming an annual run rate of the nearly $200 million in revenue the division generated in the first quarter,...

https://s29755.pcdn.co/news/uber-freight-seeking-investors

Mark-It Express Logistics makes second acquisition this year

Mark-It Express Logistics

Growing intermodal and freight broker Mark-It Express Logistics has made its second acquisition this year, expanding its fleet to approximately 200 vehicles in the Chicagoland area.

Mark-It has acquired Maywood, Illinois-based Sava Transportation. Terms were not disclosed. Republic Partners, LLC and Horwood Marcus & Berk Chartered advised Mark-It on the deal.

“[This] acquisition allows us to offer more flexible and robust solutions to our customers. It also brings us continued diversification of...

https://www.freightwaves.com/news/mark-it-express-logistics-makes-second-acquisition-this-year

TW Metals deal highlights GlobalTranz’s managed transportation capabilities

Last week, GlobalTranz, the Phoenix-based, technology-enabled 3PL, announced that it had added TW Metals as an important new customer of its Managed Transportation Solutions division. GlobalTranz reported $1.5 billion in gross revenue in 2019 and has been a prolific acquirer of both logistics and technology companies, completing 11 deals in the past few years.

TW Metals is a specialty metals distributor serving clients like aircraft original equipment manufacturers (OEMs), high-end motorsports,...

https://s29755.pcdn.co/news/tw-metals-deal-highlights-globaltranzs-managed-transportation-capabilities

Former employees accuse BlueGrace Logistics of racism and leadership failures

Former BlueGrace Logistics employees are sharing stories on social media and with the press alleging that BlueGrace management fostered a hostile work environment that tolerated racism and intimidated employees who spoke out about it. BlueGrace Logistics is a Tampa, Florida-based freight brokerage concentrated on less-than-truckload freight. It reported gross revenues of $368 million in 2019.

Nicole Scroggins, the woman who brought the allegations to light, said she wants BlueGrace to be held...

https://s29755.pcdn.co/news/former-employees-accuse-bluegrace-logistics-of-racism-and-leadership-failures

Trucking Markets: the bid-ask spread widens

The transportation industry is bifurcated by opposing views of spot rates’ direction during the second half of 2020. Shippers have started asking carriers for longer contract periods, looking to lock in very low rates. They’re putting pressure on carriers by tendering spot loads at prices well below agreed-upon contract rates. In turn, tender rejections crept up to 5% during the month of May, but have now stalled.

On the other hand, carriers by and large expect a ‘rate parade’ in the fall,...

https://www.freightwaves.com/news/trucking-markets-the-bid-ask-spread-widens

Reefer markets: enjoying a positive setup

Outbound refrigerated freight from California is surging, driving up rates and tender rejections. Reefer capacity tightened in the middle of the country, too, but loosened slightly in Florida.

In our discussion of spot rates below, brokers told us that in some important lanes, spot rates are actually higher year-over-year. We believe that sets up refrigerated transportation providers for a good year, despite the overcapacity plaguing dry van markets and overall dismal macroeconomic conditions.

But...

https://www.freightwaves.com/news/reefer-markets-enjoying-a-positive-setup

Uber Freight head: API requests for market pricing up 150% during pandemic (with video)

Bill Driegert believes that the coronavirus pandemic is accelerating an irreversible digitization of the transportation and logistics industry, and that shipper behavior, technology adoption and network design will enter a “new normal” after the crisis.

Tuesday afternoon, Driegert, Uber Freight’s co-founder and head of operations, appeared on FreightWavesTV during a wide-ranging coronavirus update for the transportation and logistics industry.

“It’s a once-in-a-lifetime event that has been...

https://www.freightwaves.com/news/uber-freight-head-api-requests-for-market-pricing-up-150-during-pandemic-with-video

Uber ‘re-evaluating’ non-core units like freight, WSJ reports

Uber Technologies  (NYSE: UBER) has laid off 3,000 more employees and closed 45 more offices, the Wall Street Journal reports, just after a first round of layoffs that totaled more than 3,700 employees.

CEO Dara Khosrowshahi wrote in an email to employees that Uber was “making really, really hard choices right now,” including re-evaluating non-core cashburning businesses like Uber Freight and autonomous driving. Khosrowshahi said that Uber was looking at “strategic alternatives” for its staffing...

https://s29755.pcdn.co/news/uber-re-evaluating-non-core-units-like-freight,-wsj-reports

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