News

DoorDash posts $263M loss, but stock jumps nearly 20%

Man hands over DoorDash bag to driver

DoorDash saw total orders rise and revenue increase, but the delivery company posted a larger-than-expected loss for the second quarter. DoorDash said it lost $263 million, or 72 cents per share, in Q2, compared with a loss of $102 million, or 30 cents per share, a year ago.

FactSet analysts had forecast a loss of $195 million, or 21 cents per share, on revenue of $1.52 billion. DoorDash posted revenue of $1.6 billion, up from $1.24 billion in Q2 2021.

DoorDash (NYSE: DASH) released earnings...

https://www.freightwaves.com/news/doordash-stock-spikes-following-q2-earnings

MGBW completes complex four-ferry overhaul project

MGBW removed superstructure from hull

Chula Vista Calif., headquartered Marine Group Boat Works (MGBW) recently completed a contract valued at more than $4.6 million for the Golden Gate Bridge, Highway and Transportation District. The work involved the service and repair of four San Francisco Bay area high speed, aluminum passenger ferries, the M/V Del Norte, M/V Mendocino, M/V Golden Gate and M/V Napa.

MGBW competed with an out-of-state yard to win the complex contract that required highly technical and unique experience and skills.

https://www.marinelog.com/passenger/ferries/mgbw-completes-complex-four-ferry-overhaul-project/

New speed rules proposed to prevent whale strikes; Will vessels comply?

A North Atlantic right whale mother and calf swim off the coast of Georgia.

North Atlantic right whales are “one of the world’s most endangered large whale species,” according to the National Oceanic and Atmospheric Administration (NOAA). To protect the approximately 350 remaining, NOAA Fisheries proposed amendments to the current vessel speed regulations on the East Coast of the U.S.

The largest threats to whales are collisions with ships, entanglements with ropes and nets, and climate change, according to NOAA.

In speed zones, vessels are required to lower their...

https://www.freightwaves.com/news/new-speed-rules-proposed-to-prevent-whale-strikes-will-vessels-comply

Hub Group sees better rail service, diversification as path forward

Double-stacked containers sit on a train that is passing through a grassy field.

Despite potential headwinds, investments in freight rail and improvements in rail service could boost transportation management provider Hub Group’s intermodal offering in the medium term, executives said during the company’s second-quarter 2022 earnings call.

Hub Group (NASDAQ: HUBG) could also benefit from smaller carriers exiting the market as well as higher fuel prices, which draw potential customers away from long-haul trucking and toward rail to take advantage of cost savings, said Phil...

https://www.freightwaves.com/news/hub-group-sees-better-rail-service-diversification-as-path-forward

Carnival Corporation to roll out Service Power Packages fleet wide

Aiming to further improve energy savings and reduce fuel consumption, Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK), the world’s largest cruise company, is to roll out comprehensive technology upgrades, called Service Power Packages. across its global fleet. The upgrades will see ongoing installations through 2023 on ships from the company’s nine cruise line brands.

Carnival Corporation says the upgrade program will delivers an average of 5-10% fuel savings per ship and is expected to...

https://www.marinelog.com/legal-safety/environment/carnival-corporation-to-roll-out-service-power-packages-fleet-wide/

Viewpoint: If the past 2 years have taught us anything, it’s planning for uncertainty

shoppers walk around a mall

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

I can’t imagine anyone would argue with me if I said the world looks pretty different today than it did three years ago. Globally, within that timeframe, we’ve had – among other events – a global pandemic, political instability, supply chain disruptions, rising inflation and war. In some instances, one (or more) of these led to the others, but in many cases, we...

https://www.freightwaves.com/news/retailers-need-to-prepare-supply-chains-for-uncertainty

A heavy vehicle use tax refresher as filing deadline approaches

Row of trucks lined up in a parking lot

For commercial motor vehicle owners in the U.S., it’s tax season. While much of America files annual taxes in April, CMV owners face an Aug. 31 deadline each year to file their heavy vehicle use tax (HVUT).

HVUT is a significant contributor to the Highway Trust Fund, adding $1.286 billion in revenue to the fund in 2019. The tax is not required on every vehicle. Consulting with experienced compliance specialists like J. J. Keller & Associates and their 2290online.com service can help alleviate...

https://www.freightwaves.com/news/a-heavy-vehicle-use-tax-refresher-as-filing-deadline-approaches

Alfa Laval adds bunker procurement optimization to StormGeo

Within a few months of its acquisition of weather intelligence specialist StormGeo, Alfa Laval has signed an agreement to acquire BunkerMetric, a Scandinavian software company that develops advanced decision support tools for the marine bunker segment. The company will be merged into StormGeo, enhancing its route advisory and voyage optimization services for the shipping industry.

Headquartered in Denmark, BunkerMetric helps ship operators and bunker procurement departments find the best bunker...

https://www.marinelog.com/technology/alfa-laval-adds-bunker-procurement-optimization-to-stormgeo/

FreightWaves Classics: Midwestern tour “sold” farmers on using trucks

An Atlas truck. (Photo: planetcarsz.com)

FreightWaves Classics is sponsored by Sutton Transport, an LTL leader in the Midwest for more than 40 years. Sutton Transport proudly services Illinois, Minnesota, Missouri and Wisconsin. Request a quote here.

Horse-drawn wagons remained in use well into the 1920s – particularly in smaller towns and rural areas. But the widescale use of horse-drawn wagons ultimately ended. Once roads were sufficiently improved, horse-drawn wagons simply could not compete with motorized trucks. While they might...

https://www.freightwaves.com/news/freightwaves-classics-midwestern-tour-sells-farmers-on-using-trucks

AkzoNobel: Reclamation of underwater hull cleaning waste is essential to sustainability

Underwater hull cleaning may be a necessary activity for many vessel owners, but it can result in substantial amounts of waste being produced. This is an obvious concern for companies anxious to enhance their ESG credibility.

Marine coatings manufacturer AkzoNobel says that recovering waste material or reclamation is vital for the sustainable future of the industry.

“Reclaiming the waste generated from underwater hull cleaning operations provides assurance to vessel operators that materials...

https://www.marinelog.com/legal-safety/environment/akzonobel-reclamation-of-underwater-hull-cleaning-waste-is-essential-to-sustainability/

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