Weather woes spell Q1 trouble — Midday Market Update

MMU 11/24

The big story has been weather this week, and Michael Vincent and Kevin Hill learn about the lingering impacts of back-to-back winter storms on this episode of Midday Market Update. 

With the weather taking out major freight markets across the South, Werner Enterprises Vice Chairman Derek Leathers said his company will see a 3- to 4-cent hit to first-quarter earnings thanks to multiple winter storms. FreightWaves’ Todd Maiden reports Leathers believes trucking has major structural issues to...

https://www.freightwaves.com/news/weather-woes-spell-q1-trouble-midday-market-update

Wild weather grips most of the country — Midday Market Update

MMU 11/24

The Southern Plains are preparing for a second wave of winter weather as millions of people from Missouri to Southern Texas are experiencing rolling blackouts from the first storm. Interstates have been closed due to freezing rain and inches of snow while Texas struggles to keep up with electricity demand during its coldest snap in decades. 

A second winter storm is forecast to roll through the same region in the next two days, dropping more snow and ice and keeping temperatures dangerously low,...

https://www.freightwaves.com/news/wild-weather-grips-most-of-the-country-midday-market-update

Uber Freight poised for success — Midday Market Update

MMU 11/24

Uber Freight posted year-over-year revenue growth of a whopping 43%, citing its Freight Enterprise offering as a key reason for improved performance. CFO Nelson Chan said Uber Freight’s user base expanded by 45% quarterly, a big jump that sparks discussion between Kevin Hill and Michael Vincent in this episode of the Midday Market Update.  

The latest COVID-19 relief measure may help protect multiemployer pension funds in danger of failing; the House Ways and Means Committee is championing a...

https://www.freightwaves.com/news/uber-freight-poised-for-success-midday-market-update

From earnings to exports — Midday Market Update

MMU 11/24

Are grain markets seeing a squeeze?

Andrew Cox reports the differences being revealed between air cargo and airline passenger business recovery. Cox says cargo saw less of an impact from the pandemic so the recovery has been sharper than for passenger flights. 

Echo Global Logistics has reported great growth in earnings, showing increases in volume, total revenue and truckload revenue. 

LTL provider Old Dominion also posted great fourth-quarter earnings, posting a 76.3% operating ratio in Q4 and...

https://www.freightwaves.com/news/from-earnings-to-exports-midday-market-update

Problems continue at US ports — Midday Market Update

MMU 11/24

How high rates are affecting congestion

January is over and Lunar New Year is just around the corner, but the ocean market has still shown no signs of cooling off. Port congestion is rampant, with 40 container ships at anchor in California’s San Pedro Bay on Monday, and this congestion is keeping spot rates “stratospheric,” says FreightWaves’ Andrew Cox during the Midday Market Update. 

High rates mean U.S. importers will need to negotiate annual contracts during this spot rate boom, a boom that...

https://www.freightwaves.com/news/problems-continue-at-us-ports-midday-market-update

Is the market becoming more stable? — Midday Market Update

MMU 11/24

How contract and spot rates are competing for dominance

Headlines

UPS announced Monday it was waving the white flag on its LTL division, selling UPS Freight to TFI International for $800 million. The deal reached unanimous approval from both company’s boards and will close sometime in the second quarter of 2021. 

A roller-coaster year came to a close on a high note for Georgia ports and the Georgia Ports Authority has increased its movement of twenty-foot equivalent units by 1.8% from 2019 to...

https://www.freightwaves.com/news/is-the-market-becoming-more-stable-midday-market-update

Congestion on the high seas — Midday Market Update

MMU 11/24

What maritime markets look like right now

Ocean freight stays hot but will it be impacted by Chinese New Year?

Headlines

The Port of Los Angeles is willing to pay terminals for turning trucks quickly in order to get freight moved through the market. Currently imports far outweigh exports in the Port of LA and Micheal Vincent says this imbalance is a major efficiency killer for port operations. 

U.S. Xpress has released its 2021 economic outlook and the company is forecasting fundamentals from 2020...

https://www.freightwaves.com/news/congestion-on-the-high-seas-midday-market-update

Imports and infrastructure are top priority — Midday Market Update

MMU 11/24

Over halfway through January, retail sales and imports continue to grow

Headlines

FreightWaves’ Greg Miller reports on the exorbitant growth in import activity as container spot rates remain high and freight volumes are expected to stay elevated in the coming months. 

Infrastructure is high on the priority list for the incoming administration, and President-elect Joe Biden plans to roll out his Build Back Better recovery plan during the first joint session of Congress. This plan may directly...

https://www.freightwaves.com/news/imports-and-infrastructure-are-top-priority-midday-market-update

Sales still booming to start January — Midday Market Update

MMU 11/24

Trailer and retail sales remain strong in the new year

Headlines

Preliminary net trailer orders for December broke 40,000 for the fourth consecutive month, which is 155% higher year-over-year. Most orders were for dry van and refrigerated trailers, but flatbed trailers also saw a rebound — a good indicator for the manufacturing industry. 

West Coast ports are still seeing huge backlogs of container ships with the Port of LA and the Port of Long Beach having no usable anchorages. Labor shortages at...

https://www.freightwaves.com/news/sales-still-booming-to-start-january-midday-market-update

Which fleets to flock to in 2021 — Midday Market Update

MMU 11/24

20 carriers listed as best fleets of 2021

Headlines

TCA and Carriers Edge released their list of best fleets to drive for in 2021, with four companies new to the list and 16 returning carriers. 

The overall winners will be announced at TCA’s annual convention in Las Vegas, but the newcomers are Chief Carriers, Erb Transport, Jetco Delivery and Wilson Logistics. Notable returns include five-time awardee Garner Trucking. Grand Island Express has made the list for 10 consecutive years. 

Class 8 truck...

https://www.freightwaves.com/news/which-fleets-to-flock-to-in-2021-midday-market-update

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