News
As oil tumbles, marine fuel gets cheaper — and so do tanker stocks
Russia — one of the world’s top energy providers — is mired in war. The OPEC cartel is cutting production. And yet, oil prices continue to tumble, weighed by global recession fears and concerns on Chinese demand.
For ocean shipping, this translates into cheaper marine fuel costs, a positive for operating margins, and much narrower fuel spreads, a negative for owners of vessels with exhaust gas scrubbers.
For listed tanker owners, the drop in oil prices is coinciding with faltering sentiment and...
https://www.freightwaves.com/news/as-oil-tumbles-marine-fuel-gets-cheaper-and-so-do-tanker-stocks
Freightliner eM2 completes Daimler Truck EV commercial vehicle lineup
ANAHEIM, Calif. — A year after starting regular production of its Class 8 Freightliner eCascadia battery-electric truck, Daimler Truck North America will build the eM2 medium-duty model this fall. It plans for utility bucket trucks and other vocational applications after starting with straight trucks.
The launch of the Class 6 eM2 was delayed by supply chain disruptions. But DTNA applied much of what it learned from the second-generation eCascadia daycab. That sometimes meant operating from 5...
Wall Street greets e2open’s tough forecast with a stock plunge
The stock price of supply chain software provider e2open plunged Tuesday as Wall Street reacted to an earnings report in which the financial numbers weren’t particularly negative but the outlook was.
By the close of trading, the stock of e2open had fallen $1.84 to $4.40, down just under 30% on the day. It touched an intraday low of $3.92. The 52-week high of $9.18 was recorded almost one year ago to the day, on May 4, 2022.
The issues facing the provider of its SaaS product for supply chains...
Truck makers take on EPA’s zero-emissions carbon rule
WASHINGTON — Truck manufacturers are pushing back hard against the Environmental Protection Agency’s proposal to drastically cut carbon emissions from heavy trucks beginning in model year 2028.
While fully electric, zero-emission trucks are already on the roads, original equipment manufacturers (OEMs) maintain that the biggest impediment to the EPA’s rule seeking aggressive adoption for the trucking industry is a lack of infrastructure to support it.
“We fully support that goal, demonstrated by...
https://www.freightwaves.com/news/truck-makers-take-on-epas-zero-emissions-carbon-rule
Cummins posts record Q1 revenue, raises full-year revenue outlook
Truck engine maker Cummins Inc. on Tuesday reported first-quarter revenue that topped analysts’ expectations, boosted by strong global demand for its products.
Revenue for the first quarter was $8.5 billion, a record 32% increase compared to the first quarter of 2022, the company said.
The company reported first-quarter net income of $790 million, or $5.55 per share, compared with $418 million, or $2.92 per share, during the same year-ago period.
Wall Street expectations for the quarter called for...
Forward Air dials down 2023 outlook but sees ‘real improvements’
Asset-light transportation provider Forward Air reeled in its 2023 full-year outlook Tuesday but said the rate at which volumes have been declining has slowed in the last couple of weeks.
Forward (NASDAQ: FWRD) reported first-quarter earnings per share of $1.37 Monday after the market closed, 7 cents better than Seeking Alpha’s consensus estimate but 20 cents lower year over year (y/y).
The result benefited by 24 cents due to the reversal of an incentive comp accrual as the freight market...
https://www.freightwaves.com/news/forward-air-dials-down-2023-outlook-but-sees-real-improvements
2nd-half freight rebound increasingly unlikely
Across the physical economy, executives and analysts are projecting that the second half of 2023 will bring a rebound. That includes containerized U.S. import volumes, which sees its peak season in late summer to autumn. Some believe U.S. import demand has hit the bottom.
However, further downside risks have emerged for the U.S. economy. It’s wrecking the odds of a second-half rebound in import volumes.
Last June, SONAR’s ocean container bookings data revealed that U.S. import demand for...
https://www.freightwaves.com/news/2nd-half-rebound-in-ocean-container-imports-increasingly-unlikely