Less than truckload

FedEx deactivates 17 more aircraft as cost controls pay off

FedEx has parked 17 more freighter aircraft since November and relinquished options to buy seven Boeing 767 cargo jets, part of a multiyear cost initiative that helped the parcel titan to better-than-expected operating profit in the third quarter despite lower revenue.

Besides being cautious with aircraft utilization and investments, the Express unit expects to increase savings and yields by turning a portion of the fleet into an extension of the company’s large U.S. and European...

https://www.freightwaves.com/news/fedex-deactivates-17-more-aircraft-as-cost-controls-pay-off

Transfix partners with Rocket Shipping for LTL offering

Digital freight marketplace Transfix announced Thursday that it has partnered with transportation provider Rocket Shipping to provide customers with a new less-than-truckload booking feature.

“Our partnership with Rocket Shipping leverages their deep expertise in LTL and final-mile services, integrating this knowledge directly into Transfix’s Shipper App and combining it with our decade of experience in full truckload,” Jonathan Salama, co-founder and CEO of Transfix, told FreightWaves. “This...

https://www.freightwaves.com/news/transfix-partners-with-rocket-shipping-for-ltl-offering

Beyond hub-and-spoke: Flock Freight’s overhaul of freight transportation

The transportation industry is plagued with waste. In fact, nearly half of the heavy-duty trucks on the road at any given time are carrying less than half the inventory they were designed to hold. This means that about 25% of available truck space is wasted on a day-to-day basis. 

This year has been financially precarious for the transportation industry, and these high percentages of wasted space contribute to ongoing economic headwinds for shippers and carriers alike. When a truck is running...

https://www.freightwaves.com/news/beyond-hub-and-spoke-flock-freights-overhaul-of-freight-transportation

Class 8 catch-up largely over as replacement iron drives orders

Pent-up demand for new Class 8 trucks in a slowing freight market has rebalanced equipment orders to replacement purchases.

This is not an altogether bad thing as manufacturers look to a slower quarter with more holidays.

“The Class 8 backlog should rise by around 3,400 units when full October data are released in mid-November,” Kenny Vieth, ACT Research president and senior analyst, said. “If those numbers hold, Class 8 backlogs will have ended October at around 165,000 units.”

That’s a healthy...

https://www.freightwaves.com/news/class-8-catch-up-largely-over-as-replacement-iron-drives-orders

uShip leader rose through ranks from unpaid intern to CEO

Heather Hoover-Salomon, CEO of uShip, said an internship she had growing up in her hometown of Pittsburg, Texas, helped introduce her to the global supply chain industry.

Austin, Texas-based uShip helps people and businesses haul items through use of its online marketplace that connects shippers with customer-reviewed carriers.

“How I got into supply chain logistics … was when I got a job at Pilgrim’s Pride, a multinational poultry business based in Pittsburg,” Hoover-Salomon told FreightWaves....

https://www.freightwaves.com/news/uship-leader-rose-through-ranks-from-unpaid-intern-to-ceo

Optym expands partnership with Estes Express for LTL optimization

Optimization solutions provider Optym has partnered with Estes Express Lines to provide the company with its full suite of products, aiming to generate “continuous improvement of both our systems and processes alike,” said Estes CIO Todd Florence in a release on Tuesday.

“Our solutions save over 10 million miles daily for our clients, creating efficiencies that lower transportation costs, minimize the risk of damage and claims, and improve sustainability, which benefits shippers, carriers, and...

https://www.freightwaves.com/news/optym-expands-partnership-with-estes-express-for-ltl-optimization

Stephens says Yellow is burning up to $10M a day

A Wednesday note to investors from Stephens, a financial services company, estimates that Yellow may soon breach a key requirement on its cash reserves. 

Based on a July 10 liquidity disclosure, Stephens estimated that Yellow was burning $4 million in cash each week in the second quarter of 2023. In that same filing, Yellow disclosed that it had roughly $100 million in cash as of the end of June. 

Jack Atkins and Grant Smith, respectively a research analyst and associate both at Stephens covering...

https://www.freightwaves.com/news/stephens-says-yellow-is-burning-up-to-10m-a-day

Yellow exec tells sales staff company will file bankruptcy Monday

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

Yellow’s senior vice president of sales informed her staff on Wednesday that their last day would be...

https://www.freightwaves.com/news/yellow-executive-tells-sales-employees-company-will-file-bankruptcy-on-july-31

The data to watch if Yellow shuts down

The fifth-largest trucking carrier in the country, Yellow (NYSE: YELL) is teetering on the edge of bankruptcy as a dispute between management and the International Brotherhood of Teamsters, the union representing the truck drivers, threatens to massively disrupt operations next week. 

There’s reason to believe that Yellow’s board’s decision not to make a $50 million payment into the Teamsters’ pension fund signals an intention to file for bankruptcy in the near future. And if Yellow doesn’t pay,...

https://www.freightwaves.com/news/the-data-to-watch-if-yellow-shuts-down

Yellow customers see danger and opportunity in Teamsters fracas

Yellow (NASDAQ: YELL) just narrowly avoided bankruptcy for the fifth time since 2009.

The potential for collapse is still looming, though. That’s scaring some customers off, according to three brokers and two industry experts interviewed by FreightWaves. Recent notes from investment banks like Bank of America and Stifel have also pointed to customers quietly diverting freight. 

However, some shippers — particularly smaller ones who are more conscious of their freight spend — are A-OK with Yellow....

https://www.freightwaves.com/news/yellow-customers-see-danger-and-opportunity-in-teamsters-fracas

+ More