FREIGHT FORWARDERS

Radiant Logistics acquires California-based forwarder

Radiant Logistics announced Monday it has acquired ocean and air freight forwarder Transcon Shipping.

El Segundo, California-based Transcon Shipping specializes in full and less-than-container-load ocean shipments on the trans-Pacific trade lane with air and ground options out of major gateways like Los Angeles, New York and Chicago. Its international agent network primarily serves the furniture, recreational automotive and consumer end markets.

Terms of the transaction were not disclosed but...

https://www.freightwaves.com/news/radiant-logistics-acquires-california-based-forwarder

Broker financial rule deadlines delayed despite trucker opposition

WASHINGTON — The deadline for complying with major provisions of a rule aimed at protecting trucking companies against unpaid claims from brokers will be pushed back a year despite strong opposition from owner-operators.

In a notice posted Monday, the Federal Motor Carrier Safety Administration confirmed it will extend the deadlines for three provisions in its Broker and Freight Forwarder Financial Responsibility rule. It gave the public 26 days to respond to the planned extension, which it...

https://www.freightwaves.com/news/broker-financial-rule-deadlines-delayed-despite-trucker-opposition

Radiant Logistics acquires another operating partner

Radiant Logistics announced Wednesday it has acquired Focus Logistics, one of its strategic operating partners, for an undisclosed sum.

Michigan-based Focus is a domestic and international freight forwarder primarily serving customers in the marine, aerospace and trade show sectors. It was founded in 2003 by Terrie Evans and Cliff Kisielewski and began operating under Service By Air in 2006. (Radiant acquired Service By Air in June 2015.)

Focus will merge with an existing Radiant operation in...

https://www.freightwaves.com/news/radiant-logistics-acquires-another-operating-partner

Seko Logistics gets capital infusion

Global freight forwarder Seko Logistics said Thursday it has entered a recapitalization agreement with its financial partners to cure its balance sheet.

Financial terms of the transaction were not disclosed, but the deal is a “landmark transaction” that will stabilize the company and allow it to focus on its “long-term growth trajectory,” a news release said.

“The ongoing freight recession has impacted the entire market, and by proactively addressing our balance sheet, we will be at the forefront...

https://www.freightwaves.com/news/seko-logistics-gets-capital-infusion

Check Call: Q4 could get messy

The Future of Freight Festival in Chattanooga, Tennessee, is the event of the fall. Subscribers to Check Call have a special discount code for F3 registration. This is going to be one of the best deals on F3 tickets. Use the code CheckCallF324 or go to this link, and the discount will be applied. There is no better party than a Chattanooga party. This is not one to miss.

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Labor Day weekend has come and gone, taking with it the hope that it would be the event of the year to set the...

https://www.freightwaves.com/news/check-call-q4-could-get-messy

Forward Air books big loss in post-merger Q1; stock drops 30%

Shares of Forward Air plunged 30% in pre-market trading Thursday following a rough first-quarter report that was issued five hours after Wednesday’s market close.

Forward (NASDAQ: FWRD) reported a headline net loss of $88.8 million, or $2.35 per share. Excluding one-off costs from the acquisition and integration of Omni Logistics as well as severance expenses tied to changes in leadership, the company reported an adjusted net loss of 64 cents per share. That compared to consensus estimates...

https://www.freightwaves.com/news/forward-air-books-big-loss-in-post-merger-q1-stock-drops-30

It is time to maximize profitability with a more streamlined customer experience

Real-time shipping updates are one of the best ways that retailers can provide a transparent and high-quality customer experience. Today, it’s common for large online retailers to let customers track and manage their orders through a portal.

While freight forwarders and logistics service providers (LSPs) are in the business of providing a great customer experience, traditionally, their shipper customers haven’t received the same level of visibility as end consumers.

“There’s a really large...

https://www.freightwaves.com/news/it-is-time-to-maximize-profitability-with-a-more-streamlined-customer-experience

Forward Air may terminate Omni deal even as court steps aside

Forward Air said Thursday it may terminate its planned merger with Omni Logistics even though a Tennessee court cleared the path for the company to proceed with the deal.

Citing Omni’s failure to comply with certain obligations of the merger agreement and the likelihood closing conditions won’t be satisfied, Forward said it’s not obligated to carry through with the transaction. Forward’s statement said Omni has failed to comply with the “pre-closing access to information; confidentiality” and...

https://www.freightwaves.com/news/forward-air-may-terminate-omni-deal-even-as-court-steps-aside

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