Trucking

Volvo Group sets aside $423M to cover suspending business in Russia

Heavy-duty truck manufacturer AB Volvo is setting aside $423.2 million to cover losses from suspending its business in Russia because of the invasion of Ukraine.

Among major truck makers, the Sweden-based company had the greatest exposure to Russia, counting about 3% of its net sales there. The provision, mostly due to financial services, will impact Q1 operating income. Volvo reports earnings on April 22.

Russia’s six-week-long invasion of Ukraine has seen more than 4 million Ukrainians flee...

https://www.freightwaves.com/news/volvo-group-sets-aside-423m-to-cover-suspending-business-in-russia

3PLs close to getting key customs designation for cross-border trade

SAN DIEGO — A rare Senate and House bipartisan agreement on an issue — the C-TPAT Pilot Program Act of 2022 — is being celebrated by the Transportation Intermediates Association as a major victory for the brokerage sector.

In her state of the industry address here to kick off the group’s first in-person convention since 2019, TIA President Anne Reinke touted the progress of the legislation and placed it No. 1 on her list of the organization’s achievements.

C-TPAT, or Customs Trade Partnership...

https://www.freightwaves.com/news/3pls-close-to-getting-key-customs-designation-for-cross-border-trade

New Orleans staged truck accident scheme racks up 2 more guilty pleas

The guilty pleas continue to pile up in the Louisiana staged accident scheme, with two more reported by the U.S. attorney’s office in New Orleans on Thursday.

Both defendants pleaded guilty in connection with a staged accident on June 8, 2016. The collision took place in New Orleans.

Davienque Johnson, 28, and her mother, Lertrice Johnson, 45, both pleaded guilty to one count of violating federal mail fraud law. Every indictment and every guilty plea in the staged accident prosecution so far has...

https://www.freightwaves.com/news/new-orleans-staged-truck-accident-scheme-racks-up-2-more-guilty-pleas

FreightWaves Classics/Infrastructure: Observe National Work Zone Awareness Week (April 11-15)

A roadway work zone. (Photo: PennDOT)

“National Work Zone Awareness Week (NWZAW) is an annual spring campaign held at the start of construction season to encourage safe driving through highway work zones.” This year, NWZAW will be held next week – April 11-15 – and will be hosted by the Virginia Department of Transportation (VDOT). Although the Federal Highway Administration, American Traffic Safety Services Association (ATSSA), American Association of State Highway Transportation Officials (AASHTO) and each of the state...

https://www.freightwaves.com/news/freightwaves-classicsinfrastructure-observe-national-work-zone-awareness-week-april-11-15

Texas vehicle checkpoints slow trucks from Mexico

Commercial truck trade with Mexico has slowed after Texas Gov. Greg Abbott’s increased border security measures aimed at stopping large numbers of migrants crossing into the state illegally were implemented Wednesday, officials said.

Northbound commercial trucks arriving into the U.S. from Mexico have been slowed at two key Texas border crossings: the Pharr-Reynosa International Bridge and the Colombia-Solidarity Bridge in Laredo.

Both crossings have seen long lines for trucks because of...

https://www.freightwaves.com/news/texas-vehicle-checkpoints-slow-trucks-from-mexico

Utah trucking company shutters livestock division after 37 years

Utah-based trucking company, L.W. Miller Cos., is shuttering its livestock division.

Family-owned L.W. Miller Cos. of Logan, Utah, notified customers and drivers earlier this week that it will shut down its livestock hauling division on Monday. Its other four divisions will continue to operate.

According to a letter sent to customers and obtained by FreightWaves, Rex Miller, CEO of L.W. Miller Cos., called “the driver shortage, rising costs, extremely tight margins and freight rates” the perfect storm that forced the company to shutter one of the largest livestock hauling...

https://www.freightwaves.com/news/utah-trucking-company-shutters-livestock-division-after-37-years

Truck Tech: SPAC ‘stonks’ edition

Wanna buy SPAC-backed electrification and autonomous stocks? They are cheap, but have they hit bottom yet? A new Morning Consult poll shows autonomy has significant trust issues to overcome, and try as we might, we just can’t miss the bus when it comes to electrification.

Wanna buy my (SPAC) stonks?

It’s hard to find many stocks moving up against headwinds of rising inflation, war in Ukraine, and the coming and going — and coming again — of COVID variants.

But the beatdown of electric vehicle and...

https://www.freightwaves.com/news/truck-tech-spac-stonks-edition

Trucking is a commodity, service is not

Trucks on the road. (Photo: saferoads.org)

I have been around trucking for 42 years – literally my whole life. My grandfather and father began trucking companies. I began to learn about trucking when I was very young, because I grew up in a trucking family. Family dinners and vacations revolved around trucking. It would be unusual for my family to go through a single dinner without something about trucking coming up. 

I learned about economics from my father, but rather than talking about the broader economy, his lessons about the...

https://www.freightwaves.com/news/trucking-is-a-commodity-service-is-not

Transport stocks fall out of favor as trucking market loosens

Schneider sees two-step rating downgrade at BofA.

Citing “waning demand and price dives,” Bank of America downgraded multiple transportation stocks on Friday. The ratings changes come as recent data points and commentary show trucking fundamentals have loosened following a year-and-a-half run of high freight demand accompanied by a lack of supply.

Tender rejections, a proxy for truck capacity tightness, remained very high entering the year but began declining notably in March, bucking normal seasonal trends. High-single-digit price inflation...

https://www.freightwaves.com/news/transport-stocks-fall-out-of-favor-as-trucking-market-loosens

Drilling Deep: What tax returns said about trucker pay in ’21

Todd Amen is the president of ATBS. That gives him a ringside seat for how independent owner-operators in the trucking market are doing financially.

ATBS processes thousands of tax returns for owner-operators every year. It’s getting toward mid-April, when taxes need to be filed, and Amen joins Drilling Deep host John Kingston to discuss what he’s seen in this year’s tax returns coming off the strong freight market of 2021.

Also on the podcast, Kingston reviews the market for jet fuel, which has...

https://www.freightwaves.com/news/drilling-deep-what-tax-returns-said-about-trucker-pay-in-21

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