Penske Logistics

TuSimple begins catch-up on financial filings

TuSimple filed the first of four late financial documents this week. It’s easy to see why the autonomous truck software developer gave up freight hauling. It cost more than twice as much as it was seeing in revenue. And the company has just 250 U.S. employees after two rounds of layoffs and a refocus on Asian markets.

While other startups ran afoul of Nasdaq listing rules because their share price fell below $1 for more than 30 consecutive trading days, TuSimple found another way to get put on...

https://www.freightwaves.com/news/tusimple-begins-catch-up-on-financial-filings

Borderlands: Mexico recorded 237 cargo thefts the first 2 months of 2023

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Borderlands is a weekly rundown of developments in the world of U.S.-Mexico cross-border trucking...

Borderlands: Production, exports of Mexican-made trucks soar in November

Borderlands is a weekly rundown of developments in the world of U.S.-Mexico cross-border trucking and trade. This week: Production, exports of Mexican-made trucks soar in November; Penske Logistics to open major facility in Houston; ShipMonk opens e-commerce fulfillment center in North Texas; and $100M worth of meth seized at border checkpoint.

Production, exports of Mexican-made heavy-duty trucks skyrocket in November

Mexican heavy-duty truck manufacturing and exports both climbed almost 50%...

No es una sorpresa: El informe revela que los costos logísticos se dispararon en 2021

container terminal

El 33º Informe Anual sobre el Estado de la Logística, el boletín de calificaciones interanual del sistema logístico de las empresas estadounidenses, confirmó empíricamente lo que todo el mundo ya sabía: 2021 era el nirvana o una pesadilla, dependiendo de lo que uno haga para ganarse la vida.   

Los costos totales de logística, que miden cuánto se gastó en transporte, bodegas y servicios auxiliares como los de apoyo y administrativos, se dispararon un 22,4% el año pasado, hasta casi 1,85 billones...

https://www.freightwaves.com/news/no-es-una-sorpresa-el-informe-revela-que-los-costos-logisticos-se-dispararon-en-2021

No surprise: Report finds logistics costs spiked in 2021

container terminal

The 33rd annual State of Logistics Report, the year-over-year report card of the U.S. business logistics system, confirmed empirically what everyone already knew: 2021 was nirvana or a nightmare depending on what one does for a living.

Total logistics costs, which measure how much was spent on transportation, warehousing and ancillary services such as support and administrative, soared 22.4% last year to nearly $1.85 trillion, according to the report. That was equal to 8% of the U.S. GDP, a...

https://www.freightwaves.com/news/no-surprise-report-finds-logistics-costs-spiked-in-2021

‘State of Logistics’ report casts more favorable light on logistics spending

For more than 30 years, the headline number from the Council of Supply Chain Management Professionals’ (CSCMP) “State of Logistics” report, the latest version of which was released Thursday, has been the ratio of business logistics costs to U.S. GDP. The lower the ratio, the more efficient the country’s logistics system because the cost of moving goods consumes a smaller slice of the total economic pie. Or so the argument has gone ever since the report’s inception.

The events of 2020, however,...

https://www.freightwaves.com/news/state-of-logistics-report-casts-more-favorable-light-on-logistics-spending

FreightWaves Haul of Fame: Epes Transport celebrates 90 years

Epes Transport was founded in 1931 in Blackstone, Virginia by Wilfred G. Epes as “The Transport Company.” By 1945, the company had established offices in Durham and Winston-Salem, North Carolina. It continued as a family company for 55 years before being purchased on August 19, 1987 by Epes Carriers, Inc., a holding company established by A.M. Bodford.

 Early the next year, the company headquarters was relocated to Greensboro, North Carolina. Then Epes Carriers acquired Thomas Transport...

https://www.freightwaves.com/news/freightwaves-haul-of-fame-epes-transport-celebrates-90-years

Peck named to head Epes Transport, Penske Logistics’ truck unit

Multinational third-party logistics provider Penske Logistics said Monday that Phil Peck has been named president of the company’s Epes Transport division, replacing Richard Kuehn, who has retired from the truckload and dedicated contract carrier.

Kuehn, who worked at Greensboro, North Carolina-based Epes for 23 years, will stay on as an advisor for an undetermined period to help with the leadership transition, Penske Logistics said.

Peck (pictured), who had been Epes’ COO since 2019, has been...

https://s29755.pcdn.co/news/peck-named-to-head-epes-transport-penske-logistics-truck-unit

The Daily Dash: Heartland kicks off earnings season; court sides with FMCSA over California

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, Heartland Express has kicked off the Q4 earnings season, posting an improvement in operating income. Plus, an appeals court said California can’t supersede FMCSA regulations on hours of service, and Daseke’s board chairman talks the future of the company.

Earnings season kicks off

The first truckload carrier to announce Q4 earnings reported a slight year-over-year decline in revenue but improvement...

https://www.freightwaves.com/news/the-daily-dash-heartland-kicks-off-earnings-season-court-sides-with-fmcsa-over-california

Midwest furniture retailer Loves goes Chapter 11, blames Penske Logistics

A startup Midwestern furniture retailer has filed for Chapter 11 bankruptcy protection less than a year after it began hiring management staff, and it is mostly blaming Penske Logistics for the company’s collapse.

While Pennsylvania-based Penske Logistics isn’t the largest creditor of the company — it’s fifth on the list of the largest 20 unsecured creditors — it is the company that Loves appears to fault for its collapse, though a reading of the bankruptcy petition reveals other issues the...

https://s29755.pcdn.co/news/midwest-furniture-retailer-loves-goes-chapter-11-blames-penske-logistics

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