Truckload

Sequential uptick in August Cass data but comps to 2022 fall faster

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Shipment and freight spend data published by Cass Information Systems on Monday showed sequential...

https://www.freightwaves.com/news/sequential-uptick-in-august-cass-data-but-comps-to-2022-fall-faster

Averitt Express staying elastic amid LTL volume surge

It’s been three weeks since the closure of the nation’s third-largest less-than-truckload carrier, Yellow, and the impact is still being felt across the industry.

Kent Williams, executive vice president of sales and marketing at Averitt Express, a Tennessee-based transportation provider, estimates that Averitt alone has seen an additional 2,000 daily shipments since Yellow ceased operations.

When major carriers shutter, additional volume enters the market while capacity leaves it. For carriers...

https://www.freightwaves.com/news/averitt-express-staying-elastic-amid-ltl-volume-surge

C.H. Robinson lays off 300 employees

Broker C.H. Robinson Worldwide Inc. last week laid off about 300 people, equal to about 2% of its global workforce, as it continues to work to match reduced demand for its services with its supply of labor.

In a statement Tuesday, the company (NASDAQ: CHRW) said the cuts affected workers across the company. However, they fell primarily on the shared services and non-engineering technology areas, the company said.

According to a well-placed source, the company’s marketing disciplines were...

https://www.freightwaves.com/news/ch-robinson-lays-off-300-employees

C.H. Robinson going slow on a new CEO

A couple of weeks ago, it had become apparent by the many headlines that C.H. Robinson Worldwide Inc. (NASDAQ: CHRW) had zeroed in on Jim Barber, former chief operating officer of UPS Inc. (NYSE: UPS), to become its next CEO. 

As March draws to a close, either the board is being very deliberate, or it may be having second thoughts if Barber is who the nation’s largest freight broker needs at this time.

As of Wednesday, nothing had been announced. Barber hasn’t been ruled in or out. He is still...

https://www.freightwaves.com/news/ch-robinson-going-slow-on-a-new-ceo

Uber Freight expects ‘broad-based volume recession’ in 2023

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Last week, Uber Freight, the logistics service provider arm of Uber (NYSE: UBER), issued a bearish fi...

https://www.freightwaves.com/news/uber-freight-expects-broad-based-volume-recession-in-2023

Sources: Clarke would seriously consider C.H. Robinson CEO job

Andrew Clarke, the former CFO at brokerage giant C.H. Robinson Worldwide Inc., would seriously consider an offer from the board to return to the company as CEO following last week’s abrupt firing of president and CEO Bob Biesterfeld, according to sources familiar with the situation.

Clarke, who served as the Eden Prairie, Minnesota-based company’s CFO from 2015-19, would consider it a “fascinating opportunity” to assume the helm of the nation’s largest broker and $25 billion company, said one of...

https://www.freightwaves.com/news/sources-clarke-would-seriously-consider-ch-robinson-ceo-job

Last-mile delivery of big items a fertile field for 3PLs, report says

The last-mile delivery of big and bulky e-commerce items will be big business for 3PLs through 2025, following the trend of the past four years, according to a report published Thursday by 3PL research and consulting firm Armstrong & Associates Inc. and the National Home Delivery Association.

According to the report, the highly fragmented $9.3 billion market, which grew at an 18.2% compounded annual rate from 2017 to 2021, will experience 11.8% annual growth from 2022 through 2025. The segment...

https://www.freightwaves.com/news/last-mile-delivery-of-big-items-a-fertile-field-for-3pls-report-says

Transformational deals in trucking during 2022

Deal flow in the transportation and logistics space slowed notably in 2022 as the economy cooled. Investors have become more risk averse, minimizing exposure to companies with less-proven track records, as interest rates have soared and credit markets have tightened.

Through November, transaction values in the industry totaled $52 billion across 380 deals compared with 600 deals for $181 billion in total during 2021, according to a report from global investment bank Houlihan Lokey (NYSE: HLI).

Eve...

Extreme volatility requires rethink of cost-plus pricing model, Transfix executive says

The near-unprecedented volatility in truckload pricing over the past 30 months requires shippers, carriers and brokers to rethink how rates should be structured to properly balance price and service, the chief product officer of technology provider Transfix said Wednesday.

Speaking at FreightWaves’ Domestic Supply Chain Summit, Tony Tzeng said the legacy cost-plus carrier pricing model — which shippers said made them feel like they were writing a blank check to their providers — no longer works...

https://www.freightwaves.com/news/extreme-volatility-requires-rethink-of-cost-plus-pricing-model-transfix-executive-says

Rail strike could push truckload rates to ‘levels we’ve never seen before’

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A rail strike could benefit the trucking market in the short term because it could provide a...

https://www.freightwaves.com/news/rail-strike-could-push-truckload-rates-to-levels-weve-never-seen-before

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