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FreightTech Friday: Gartner critiques real-time-visibility market players

Technology research and consulting firm Gartner recently released its Real Time Transportation Visibility Platform (RTTVP) report, highlighting the space’s top performers while suggesting areas for improvement.

The company describes RTTVPs as platforms engineered to offer real-time tracking and status updates on orders after they leave the warehouse, using integration with carrier systems or telematics for data gathering. The report assesses various levels of complexity in RTTVP implementation,...

https://www.freightwaves.com/news/freighttech-friday-gartner-critiques-real-time-visibility-market-players

Freight brokerages struggle through a long trough

The freight winter that sent Surge into bankruptcy and shut down Convoy isn’t over yet, even if the bottom is likely in. Tender rejection rates are hovering around 4%, indicating that capacity is still loose and that asset-based carriers aren’t in a position to reject contracted freight.

J.B. Hunt’s first-quarter results, reported Tuesday after markets closed, revealed the pain felt by the largest transportation providers and their brokerages. Integrated Capacity Solutions (ICS), Hunt’s...

https://www.freightwaves.com/news/freight-brokerages-struggle-through-a-long-trough

State of Freight: How long will trucking market trough linger?

With the equities market for trucking stocks reeling this week on the backs of two companies’ highly bearish disclosures, one question loomed large on the FreightWaves State of Freight webinar: Are we getting near the bottom?

Battered and bruised in #trucking this a.m. due to numbers from $JBHT and $KNX. At approximately 10:50, here were some of the % drops: $XPO, -4.6%; $WERN, -2.5%; $TFII, -7%; $SNDR, -4.3%; $SAIA, -3.4%; $ODFL, -5.5%; Hunt, -9.2%; Knight Swift, -4%; $FWRD, -9.08%; $ARCB,...

https://www.freightwaves.com/news/state-of-freight-how-long-will-trucking-market-trough-linger

5 auto haulers combining to create publicly traded trucking company

A Florida-based auto hauler, Proficient Auto Transport, is the lead company in the process of rolling up several other auto haulers with plans to take itself public in an initial public offering.

In a prospectus filed with the Securities and Exchange Commission and made public last week, Proficient Auto Logistics was introduced as the name of the company that will acquire five auto haulers at the time the IPO goes through: Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group,...

https://www.freightwaves.com/news/5-auto-haulers-combining-to-create-publicly-traded-trucking-company

The Great Freight Recession has now lasted longer than the COVID bull market

On March 31, 2022, FreightWaves declared that a freight recession was imminent. More than two years later, the freight market remains in one of its deepest and longest recessions in history.

Our original conclusion was derived from signals from FreightWaves SONAR. Its high-frequency datasets, which track freight supply and demand in real time, indicated an imminent collapse. When FreightWaves first published the article, many were not only skeptical of the conclusion, they derided FreightWaves...

https://www.freightwaves.com/news/the-great-freight-recession-has-now-lasted-longer-than-the-covid-bull-market

J.B. Hunt posts big Q1 earnings miss

J.B. Hunt Transport Services missed first-quarter expectations Tuesday, reporting earnings per share of $1.22 compared to the consensus estimate of $1.53. A higher tax rate was a 7-cent headwind in the quarter.

Intermodal revenue fell 9% year over year (y/y) as revenue per load was off by a similar amount (down 5% from the fourth quarter). Total loads were flat y/y but 9% lower than in the fourth quarter. A 92.7% operating ratio (operating expenses as a percentage of revenue) was 370 basis...

https://www.freightwaves.com/news/j-b-hunt-posts-q1-earnings-miss

Scopelitis seminar delves into lease purchase deals, M&A, ESG and more

INDIANAPOLIS — The Scopelitis Transportation Law Seminar is a three-day parade of speakers and panels discussing everything from what states’ license plates fleets should seek to slap on their trucks to the treatment of owner-operators whose trucks leave the road for maintenance. The gathering examines hundreds of legal situations fleets might face.

Here are five takeaways from the multitude of subjects the seminar covered.

The growing focus on lease purchase agreements

The ongoing task force...

https://www.freightwaves.com/news/scopelitis-seminar-delves-into-lease-purchase-deals-ma-esg-and-more

CTA, OOIDA to appeal court decision upholding AB5 in California trucking

The California Trucking Association and the Owner-Operator Independent Drivers Association will appeal last month’s decision that rejected their latest attempt to block imposition of California independent contractor law AB5 on the state’s trucking sector.

The decision to appeal the ruling to the 9th U.S. Circuit Court of Appeals, filed Friday with the U.S. District Court for the Southern District of California, came as something of a surprise given the consensus in the trucking legal community...

https://www.freightwaves.com/news/cta-ooida-to-appeal-court-decision-upholding-ab5-in-california-trucking

Estes to open at least 20 terminals this year

Less-than-truckload carrier Estes said Monday it will start opening terminals it has acquired from defunct Yellow Corp. as part of a “national expansion.”

The carrier acquired 24 service centers for $249 million at Yellow’s (OTC: YELLQ) first auction, which concluded in early December. It picked up five leased properties for $35 million at a second auction a couple of weeks later.

A more than $1.5 billion stalking horse bid from the company in September set the minimum valuation for Yellow’s real...

https://www.freightwaves.com/news/estes-to-open-at-least-20-terminals-this-year

High schools driving students to trucking with training classes

More students are getting behind the wheel of trucks as dozens of high schools across the U.S. offer classes to help them obtain their CDLs.

The driving force behind the trucking classes is the desire to expand career opportunities for high schoolers and bolster the professional driving field, teachers told FreightWaves. The American Trucking Associations reports that the industry will need to recruit 1.2 million drivers over the next decade to meet demand, though some in the industry dispute...

https://www.freightwaves.com/news/high-schools-driving-students-to-trucking-with-cdl-classes

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