LTL terminals

LTL carrier Averitt partners with Best Overnite Express for service in the West

Less-than-truckload carrier Averitt announced it has partnered with Best Overnite Express for service coverage in the West.

The addition of Irwindale, California-based Best Overnite to Averitt’s network of partner carriers is expected to improve service and transit times for customers shipping freight to and from the West Coast. 

Best Overnite provides direct coverage in Arizona, California, Nevada and Utah. It will now have access to Averitt’s robust South and Southeast network of 143 terminals.

A...

https://www.freightwaves.com/news/ltl-carrier-averitt-partners-with-best-overnite-for-service-in-the-west

Pitt Ohio opens maritime terminal in Norfolk, Virginia

Regional less-than-truckload carrier Pitt Ohio announced Tuesday it has opened a 37-door, cross-dock maritime terminal in Norfolk, Virginia.

The 15,000-square-foot facility sits 10 miles from the Port of Norfolk, providing transloading and consolidation services to Pitt Ohio’s customers. The site has hazmat certifications and can handle overweight containers as well as flatbed loads.

Pitt Ohio also operates as a nonvessel operating common carrier, handling all aspects of ocean shipping, customs...

https://www.freightwaves.com/news/pitt-ohio-opens-maritime-terminal-in-norfolk-virginia

Saia, others buying 10 Yellow Corp. terminals

Another block of defunct less-than-truckload carrier Yellow Corp.’s terminals are set to be sold, according to a filing with a federal bankruptcy court in Delaware. A Monday motion to the court asked for approval to sell 10 locations valued at $20.7 million.

Saia (NASDAQ: SAIA) is acquiring three leased properties for $6.5 million. The locations include a 72-door terminal in Orlando, Florida, a 54-door terminal in Deer Park, New York, and 21 doors in Calexico, California. Once the deal closes,...

https://www.freightwaves.com/news/saia-others-buying-10-yellow-corp-terminals

Saia’s shares sag 30% as tariffs tank demand, exacerbate growing pains

Tariffs and other market forces pulled the rug out from under Saia in the first quarter. 

The company’s rapid growth following Yellow Corp.’s 2023 collapse has been met by a customer base that is now spooked by the prospect of a protracted trade war. Incremental costs from carrying 25% to 30% excess capacity in anticipation of a market turn collided with subseasonal demand in March, producing results much worse than investors had feared.

Saia (NASDAQ: SAIA) reported first-quarter earnings per...

https://www.freightwaves.com/news/saias-shares-sag-30-as-tariffs-tank-demand-exacerbate-growing-pains

Yellow’s 325-door California terminal fetches $55M

In dribs and drabs, bankrupt Yellow Corp.’s handlers continue to liquidate assets. A Tuesday filing with the U.S. Bankruptcy Court in Delaware showed the estate will fetch $55 million for terminating a lease on a 325-door property in Bloomington, California.

The filing said the offer represents the “highest or otherwise best value for the Lease” after Yellow (OTC: YELLQ) marketed the property for 20 months through its broker CBRE and its bankruptcy adviser Ducera.

The landlord is listed as NATMI...

https://www.freightwaves.com/news/yellows-325-door-california-terminal-fetches-55m

Yellow creditors’ battle over $550M-plus carcass heats up

Yellow Corp. and some of its creditors remain at odds over a final bankruptcy plan for the liquidation and distribution of the estate’s remaining assets, which now include $550 million in cash. The bankrupt less-than-truckload carrier’s unsecured creditors told a federal bankruptcy court in Delaware on Monday that it would submit its own plan in the coming days.

Counsel for Yellow (OTC: YELLQ) said it didn’t have the votes to proceed on its previously proposed plan but that it was still hopeful...

https://www.freightwaves.com/news/yellow-creditors-battle-over-550m-plus-carcass-heats-up

Knight-Swift adds LTL veteran to board as it targets Northeast expansion

Knight-Swift Transportation announced Friday that Doug Col, former chief financial officer at less-than-truckload carrier Saia, joined its board of directors effective Thursday.

Col retired from Saia in May after 10 years of service. He joined in 2014 as vice president and treasurer and was tapped to be CFO in 2020.

Col joins Knight-Swift (NYSE: KNX) as it looks to add a major presence in the Northeast – the last significant hole in what will become a national LTL footprint.

He was with Saia (NASDA...

https://www.freightwaves.com/news/knight-swift-adds-ltl-veteran-to-board-as-it-targets-northeast-expansion

XPO sees improvement in February, tonnage still down y/y

At first blush, XPO’s February update showed volumes fell at the same pace as they did in January. However, the carrier was facing a more formidable comp in the recent month, suggesting the falloff was less severe.

The Greenwich, Connecticut-based LTL carrier announced Tuesday after the market closed that tonnage was down 8.1% year over year in February following an 8.5% decline in January. The February result was the combination of a 6.2% decline in shipments and a 2% decline in weight per...

https://www.freightwaves.com/news/xpo-sees-improvement-in-february-tonnage-still-down-y-y

ABF Freight latest LTL carrier to nab Yellow terminals

Less-than-truckload carrier ABF Freight and parent ArcBest Corp. have entered private purchase agreements to acquire two leased properties totaling $11.5 million from defunct Yellow Corp.’s estate, according to a Wednesday filing in a federal bankruptcy court in Delaware.

ArcBest (NASDAQ: ARCB) is acquiring a 108-door terminal on 32.5 acres near Denver for $7 million and a 60-door service center on 12.6 acres near Seattle for $4.5 million.

The company picked up four of Yellow’s terminals valued...

https://www.freightwaves.com/news/abf-freight-latest-ltl-carrier-to-nab-yellow-terminals

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