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Minus $7,400 a day? How can shipping rates fall below zero?

sub zero rates

In the movie “Spinal Tap,” guitarist Nigel Tufnel shows off an amp with a dial that goes from zero to 11. “It’s one louder,” he boasts. When asked why the amp strength for 10 is not simply increased, he replies, “These go to 11.”

In ocean shipping, the dial can swing in the opposite direction. Reported freight rates are sometimes below zero. Is this just a measurement mirage, à la Tufnel’s amp? Or do rates actually go negative, with shipowners effectively paying to move someone else’s cargo?

Negat...

https://s29755.pcdn.co/news/minus-7400-a-day-how-can-shipping-rates-fall-below-zero

Full steam ahead for Wall Street’s shipping stocks

After a decade of head fakes and disappointments, investors can be forgiven their skepticism toward shipping stocks. Add to that the pandemic unknowns. As Diamond S (NYSE: DSSI) CEO Craig Stevenson said on Friday’s analyst call, “The trouble is that you’re predicting something [the COVID recovery] that has not happened before. There is no history.”

And yet, there’s no denying the positive momentum for shipping stocks. Each sector continues to rise from a different liftoff point.

Container-shipping...

https://s29755.pcdn.co/news/full-steam-ahead-for-wall-streets-shipping-stocks

Biden administration kills Trump rule on independent contractor classification

In a move that had numerous precursors to its ultimate implementation, the Biden administration has formally withdrawn a Trump administration rule on the definition of independent contractors under the Fair Labor Standards Act.

The Wage and Hour Division of the Department of Labor announced Thursday it was withdrawing the rule that had been announced by the Trump administration’s WHD in its waning days. The WHD first announced in February it was considering delaying the rule that was to go into...

https://www.freightwaves.com/news/biden-administration-kills-trump-rule-on-independent-contractor-classification

Molson Coors says cyberattack hits shipments, brewery operations

A trailer for Molson Coors beer Leinenkugel. Illustrates the shipping disruptions from a cyberattack on Molson Coors.

Molson Coors (NYSE:TAP), one of the world’s largest beer makers, has warned that a cyberattack is impacting shipments in addition to brewery operations and production.

The Chicago-based global beverage company disclosed the attack in a Securities and Exchange Commission Filing on Thursday, saying it caused a systems outage. The Toronto Star, citing sources close to the company, reported that it was a ransomware attack. 

“Although the company is actively managing this cybersecurity incident, it...

https://s29755.pcdn.co/news/molson-coors-says-cyberattack-hits-shipments-brewery-operations

Lineage Logistics fattens coffers again with $1.9B funding round

Fresh funding will fuel portfolio expansion

The largest temperature-controlled logistics provider in the world, Lineage Logistics, announced Thursday it has raised $1.9 billion in equity from various investors. Lineage plans to use the capital to fund various new developments, facility expansions and tech initiatives. The company will also use the money to remain active acquiring smaller cold storage operators.

The latest funding round adds to the $1.6 billion equity raise the company completed in September, bringing the total to $4.3...

https://www.freightwaves.com/news/lineage-logistics-fattens-coffers-again-with-1-9b-funding-round

What freight carriers should know about Biden’s transportation review

An executive order issued by President Joe Biden has the potential to become one of the most important government documents in years directed at carriers and their customers working within the country’s transportation sector.

Key among the provisions of the “Executive Order on America’s Supply Chains,” issued Feb. 24 is a “sectoral supply chain assessment” of six industrial sectors, including transportation. It requires the secretary of transportation, consulting with the heads of the...

https://s29755.pcdn.co/news/what-carriers-should-know-about-bidens-transportation-review

Evolve keynote: ‘Controlling the narrative’ key to success in oil and gas

To wrap up a day of panel discussions and rapid-fire demos at Digital Wildcatters’ and FreightWaves’ virtual conference, Evolve: The Next Evolution of Oil & Gas, Allen Gilmer and Chuck Yates sat down with a bottle of cabernet to reminisce about lessons learned from the boom-bust cycles of the oil and gas industry — and offer advice for those getting into a business sector that could be on the verge of a new upswing.

“I think the biggest culprit in all of this were public investors measuring...

https://www.freightwaves.com/news/controlling-the-narrative-key-to-success-in-oil-and-gas-business

FedEx completes shift of former Postal Service business, rebrands service

FedEx Corp. (NYSE:FDX) said Wednesday that it has completed the integration of its last-mile delivery operations formerly handled by the U.S. Postal Service, and has rebranded the service to FedEx Ground Economy from FedEx SmartPost.

Memphis, Tennessee-based FedEx has said for several years that it planned to divert its postal business into its own network. Initially, the transition was to be completed by the end of 2020. However, the impact of the COVID-19 pandemic on parcel deliveries pushed...

https://www.freightwaves.com/news/fedex-completes-shift-of-former-postal-service-business-rebrands-service

$1,400 COVID relief checks to trigger surge in e-commerce shipments

A FedEx driver unloads a parcel van.

Federal stimulus checks of $1,400 could be landing in Americans’ bank accounts by next week. It won’t be long before some of those dollars are recycled into online orders and e-commerce fulfillment companies see a spurt in volume, logistics experts say.

The U.S. House of Representatives is expected Wednesday to pass the $1.9 trillion COVID-19 relief package and President Joe Biden says he will quickly sign it into law.

Individuals earning up to $75,000 and couples earning up to $150,000 are...

https://www.freightwaves.com/news/$1400-covid-relief-checks-to-trigger-surge-in-e-commerce-shipments

Are SPACs redirecting blank check love to self-driving truck startups?

As the special purpose acquisition companies’ (SPACs) love affair with electric vehicle startups cools, infatuation backed by blank check-writing investors may blossom for self-driving truck startups.

After several months of stock price run-ups in SPAC-sponsored electric vehicle and infrastructure companies, prices have fallen dramatically in recent weeks. In some cases, they are edging close to their original $10-per-share offering price.

One target in the shift from electrification appears to...

https://s29755.pcdn.co/news/are-spacs-redirecting-blank-check-love-to-self-driving-truck-startups?

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