Sean Duffy walked onto the MATS floor unannounced last week and told 14,000 truckers their spot rates are going up. Plus: Indiana's CDL deadline hit at midnight, freight bankruptcies keep mounting, Iran struck the U.S. aluminum supply chain, and more.
U.S. Xpress Founder, Max Fuller, breaks down trucking before deregulation, how tech changed the industry, and its future.
New intelligence platform gives freight brokers access to real capacity, real rates, and real-time market visibility through OTR’s continuously vetted carrier network.
Happy Hump Day. Well, unless you've just been robbed of $100M worth of jewelry at a truck stop. Yellow’s ($YELL) stock is absolutely just sending it to the moon, seemingly en route to Mars. Mexico has now overtaken China as the top exporter of goods to the US. Meanwhile, DAT has finally implemented 2-Factor Authentication. Lastly, did you know that the founder of FedEx saved the company by gambling their last $5,000 in Vegas?
In today's email:
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🐔 WHAT’S COOKIN’ IN FREIGHT
🇲🇽 Mexico Surpasses China as Top US Exporter. During the second quarter of the year, a notable shift in global supply chains occurred, with Mexico surpassing China to become the top exporter to the US. This change has been driven largely by a significant reduction in US imports from Asia, with ocean freight down by 27% and airfreight decreasing by 50%. This trend towards near-shoring puts extra pressure on infrastructure and labor resources.
👨💻 DAT Reacts To Fraud With Tougher Login Protocols. In light of escalating fraud, DAT has rolled out multi-factor authentication, a security-focused microsite, and enhanced their internal checks. With thousands of suspected fraudulent accounts blocked. Moreover, DAT now prohibits access from countries deemed to have an elevated risk of fraud.
🤝 Redwood Logistics Acquires Rockfarm Supply Chain Solutions. Chicago-based Redwood Logistics announced its strategic acquisition of Rockfarm Supply Chain Solutions, significantly expanding its customer base, geographical reach, and service offerings, notably in international freight forwarding, trade compliance, and customs brokerage. This move will increase Redwood's presence in the Upper Midwest and Northern Plains, regions where Rockfarm has a stronghold. Post-acquisition, Redwood's total freight under management across its 3PL and 4PL services is set to reach $5.5 billion.
TOGETHER WITH RAPIDO SOLUTIONS GROUP
Rapido Solutions Group is a top nearshore staffing company providing logistics and supply chain talent to companies in the United States. Based in Guadalajara, Mexico, Rapido offers a unique combination of cost savings and access to a skilled workforce, making it an attractive option for American logistics businesses.
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A year ago, an early morning call brought two LA County Sheriff's deputies to an unexpected crime scene: a multi-million dollar theft at a truck stop. The thieves had broken into the back of a semi-truck trailer parked at a Flying J in Lebeck and stolen valuable jewelry worth approximately two and a half million dollars. This truck, marked with Brinks, was intended to be a secure transport.
Jerry Kroll, representing 14 plaintiff jewelers who lost their valuable pieces in the theft, has since filed a lawsuit against Brinks, the transport company responsible that night. Arnold Duke, the organizer of the jewelry show from where the items were headed, has estimated the total loss to be around a hundred million dollars, potentially making it the largest jewelry heist in US history.
The heist occurred on July 11th, 2022, when one Brinks employee was asleep in the cab and another was getting food. They returned to find the back lock sawed off and 24 bags of jewelry missing. Despite being led to believe their goods were being transported in an armored vehicle, the trailer was revealed to be a regular big rig.
In response to the lawsuit, Brinks has argued that the jewelers had undervalued their goods, leading to the inappropriate transport method. The transport company stated that the total value of the missing items, based on the customers' provided information, is less than 10 million dollars. While some claims have been settled, others persist, with both sides accusing each other of misconduct. Meanwhile, the stolen jewelry remains missing as investigations continue.
Click here to watch the video from CBS News.
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AROUND THE FREIGHT WEB
📉 Transfix's Valuation Plummets. Transfix seeks $50M in fresh funding at a 60% lower valuation, as Chadd Olesen criticizes the company for acting like a marketplace but brokering loads themselves.
📈 Yellow Buys Some Time & Its Stock Goes To The Moon. Amid bankruptcy threats, Yellow negotiates leeway with lenders and sells a terminal as part of its reorganization efforts. Its stock price has gone up 43% in 5 days.
🌧️ Historic Flooding Devastates Vermont. A historic storm led to massive flooding in Vermont, resulting in significant damage and rescue operations.
🤝 Broker Appreciates Honest Dispatcher. An email from a dispatcher explaining the reason for falling off a load got some praise from freight brokers who appreciated his honesty.
🚚 Impending UPS Strike Threatens Supply Chain. A potential UPS strike could disrupt US deliveries and e-commerce, causing slow deliveries, supply chain issues, and increased shipping costs.
🎲 FedEx's High-Stakes Bet Pays Off. In 1973, FedEx founder Fred Smith turned $5,000 into $27,000 at a Vegas blackjack table, averting a financial crisis; today, FedEx out-earns Vegas strip casinos.
FREIGHT FEST IN HOUSTON, TEXAS
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FREIGHT MEME OF THE DAY
Sean Duffy walked onto the MATS floor unannounced last week and told 14,000 truckers their spot rates are going up. Plus: Indiana's CDL deadline hit at midnight, freight bankruptcies keep mounting, Iran struck the U.S. aluminum supply chain, and more.
U.S. Xpress Founder, Max Fuller, breaks down trucking before deregulation, how tech changed the industry, and its future.
What $200 oil means for freight. Plus: C.H. Robinson raised its rate forecast, states are writing their own CDL laws, a KitKat heist goes viral, and more.
March's freight market update. Plus: Elon's $25B chip factory in Texas, UNFI closing a Wisconsin DC, Chick-fil-A building its own supply chain, and more.
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