U.S. Xpress sees current fundamentals lasting well into 2021

U.S. Xpress 2021 outlook calls for more of the same

U.S. Xpress’ (NYSE: USX) 2021 economic outlook, released Wednesday, sees many of the same fundamentals that were in place during the second half of 2020 sticking around through at least the third quarter.

“Freight markets (and the overall economy) have moved in a manner consistent with our expectations. Driver shortages, capacity crunches, and ample freight (driven by evolutions in buying habits) were the common themes of 2020. By and large, 2021 looks to offer more of the same.”

The Chattanooga,...

https://www.freightwaves.com/news/us-xpress-sees-current-fundamentals-lasting-well-into-2021

Marijuana, meth, e-cigarettes seized at Texas ports

More than $3.6 million in marijuana, methamphetamine and unauthorized e-cigarettes were seized from Texas ports during three recent incidents.

The first case occurred in late December when U.S. Customs and Border Protection (CBP) seized 42 separate e-cigarette shipments arriving from China destined for various Texas counties.

The shipments included 33,681 individual disposable flavored e-cigarette cartridges resembling name brand products “that did not meet the Federal Food, Drug, and Cosmetic...

https://www.freightwaves.com/news/marijuana-meth-e-cigarettes-seized-in-texas

Interest in LTL industry gains momentum

UBS' Wadewitz sees favorable outlook for LTL carriers

The less-than-truckload carriers got another bull in their camp on Tuesday when UBS (NYSE: UBS) freight transportation analyst Tom Wadewitz initiated coverage on the sector with a favorable outlook.

In a report to clients, Wadewitz launched coverage of Old Dominion Freight Line (NASDAQ: ODFL) and XPO Logistics (NYSE: XPO) with “buy” ratings and Saia (NASDAQ: SAIA) with a “neutral” rating. He pointed to rebounding industrial activity as supportive of his forecast for tonnage growth of 5% in 2021...

https://www.freightwaves.com/news/interest-in-ltl-industry-gains-momentum

FreightWaves Classics: Trucking companies’ names range from A to Z (Chapter 11)

A Brakebush Transportation tractor-trailer delivering poultry products. (Photo: Jim Allen/FreightWaves)

Deregulation of the U.S. trucking industry began in the late 1970s. Congress passed the Motor Carrier Act of 1980 and it was signed into law by President Carter on July 1, 1980. This ended 45 years of regulation by the federal Interstate Commerce Commission (ICC).

One of the most dramatic changes that occurred due to deregulation was the virtual explosion in the number of trucking firms. From 1980 to 1990, the number of licensed carriers doubled – from fewer than 20,000 to more than 40,000! 

Forty...

https://www.freightwaves.com/news/freightwaves-classics-trucking-companies-names-range-from-a-to-z-chapter-11

Turn questionable suspects into actual prospects

Freight brokers play an important role in the transportation ecosystem – bridging the gap between empty trucks and shippers with product to move. As integral as the job is, it can also be frustrating as they prospect using tools that have been largely the same for years. The tools force them to send hundreds of emails and make dozens of calls each day, usually to prospects who have little to no interest in what they are offering. Most of those reach-outs never lead anywhere, and the ones that...

https://www.freightwaves.com/news/turn-questionable-suspects-into-actual-prospects

Used truck prices find footing in 2020 amid pandemic

Used truck prices should continue improving in the first half of the year, building on a strong second half of 2020, according to J.D. Power Valuation Services.

“Confidence in the freight market going forward was the main reason truckers bought new and late-model used equipment beginning midyear,” said Chris Visser, Power’s senior analyst and commercial vehicles product manager. “The freight remained healthy due to the macro shift to work-from-home and all the upheaval that entailed. That’s the...

https://www.freightwaves.com/news/used-truck-prices-find-footing-in-2020-amid-pandemic

VectoIQ, U.S. Xpress leaders included on TuSimple executive advisory board

Self-driving truck company TuSimple announced Wednesday the establishment of a high-powered executive advisory board, releasing a list of names in regulatory and transportation circles that reads like signposts in a compressed history of autonomous and electric trucking.

On the board is Steve Girsky, the former vice chairman of  General Motors Co. (NYSE: GM) and managing partner of VectoIQ, an investment firm that has become synonymous in freight circles with the SPAC craze and led the reverse...

https://www.freightwaves.com/news/vectoiq-ux-xpress-leaders-included-in-tusimple-executive-advisory-board

Cardinal Logistics acquires final-mile provider NRX

Deal will nearly double Cardinal's annual final-mile deliveries

Transportation and logistics provider Cardinal Logistics announced Wednesday that it acquired last-mile delivery provider NRX Logistics.

The deal is expected to nearly double Cardinal’s annual final-mile deliveries to approximately 1.1 million. It also expands its high-touch delivery capabilities of heavy goods like furniture, appliances, bedding and exercise equipment.

Financial terms of the transaction were not disclosed. NRX generated $35 million in annual revenue prior to the announcement.

“Thi...

https://www.freightwaves.com/news/cardinal-logistics-acquires-final-mile-provider-nrx

Trucking company calls COVID outbreak investigation ‘old news’

Maine trucking company struggles with COVID outbreak

The owner of a Maine-based trucking company denies his firm is the subject of an ongoing investigation into a COVID-19 outbreak that has sickened more than 20 employees, calling it “old news.”

“It’s over and done with,” Bruce Sargent, owner of Falcon Transportation of Presque Isle, Maine, told FreightWaves. “There’s nothing to investigate. This is old news.”

However, the Maine Center for Disease Control and Prevention disputes Sargent’s claims, stating the agency “has an open outbreak...

https://www.freightwaves.com/news/trucking-company-calls-covid-outbreak-investigation-old-news

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

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