Optimize freight broker operations by fixing payment workflows in Q1. Streamline carrier pay before capacity shifts compress your margins.
Tucker Carlson’s nicotine brand loses 378,000 tins in a cargo theft. Plus: produce rates reset, diesel climbs, and a bill that could pull hundreds of thousands of drivers off the road.
The Middle East crisis is already hitting carriers. Plus: Florida lost $3B in crops, flatbed rates posted a fifth straight weekly increase, a $5B brokerage was just acquired, and more.
Plus: Strait of Hormuz tensions, Senate pushes English tests for CDL drivers, Craig Fuller slams FourKites’ CEO, and more in today’s newsletter.
Happy Monday. Who’s Up, Who’s Out? The 2025 Top 100 Carrier rankings are here. Estes surges, profits shrink, and FedEx plans a major LTL spinoff. Here's the full breakdown in today’s feature.
Plus:
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🍳 WHAT’S COOKIN’ IN FREIGHT
🚨 Strait of Hormuz in Danger of Shutting Down Due to U.S./Israel–Iran Escalation. Global shipping and energy markets are on alert after Iran’s parliament approved a measure to close the Strait of Hormuz following U.S. strikes on Iranian nuclear sites. The strait, vital for nearly 20% of global oil and major freight traffic, remains open as of June 23, but risks are escalating. Diesel prices spiked 3.67%, and freight rates to the Middle East surged up to 154%. Shipping firms like Hapag-Lloyd and Maersk are adjusting operations, while Bimco warns of risks posed by missiles, drones, and sea mines. Marine insurance premiums have soared 60%. Jakob Larsen, Bimco’s Head of Security, advised shipowners, “Merchant ships in the area should consider reducing their exposure to threats from Iran…and maintain strong vigilance.”
🏛 Senate Bill Aims to Enforce English Tests for CDL Applicants. Senators Roger Marshall (R-KS), John Barrasso (R-WY), and Cindy Hyde-Smith (R-MS) introduced the Commercial Motor Vehicle English Proficiency Act on June 18, mandating English language tests for new CDL applicants. The bill requires drivers to demonstrate their ability to read English signs, interact with law enforcement, and give or receive directions. It would also ban non-English CDL exams. The proposal aligns with Trump’s April 2025 Executive Order reinstating English-based out-of-service rules, which take effect June 25. If passed, the law would go into effect two years after signing to allow state-level implementation. “Anyone driving on American roads, especially those operating large trucks and trailers, should be capable of understanding what the road signs say or how to communicate with police,” Senator Marshall stated.
🙅‍♂️ Craig Fuller Accuses FourKites CEO of Misrepresentation in Project44 Dispute. FreightWaves CEO Craig Fuller called out FourKites CEO Matt Elenjickal for distorting his commentary to attack rival Project44. Elenjickal cited Fuller’s statement about “eliminating the need for contracted logistics providers” as a Project44 stance, an interpretation Fuller says is misleading. “Those were my words alone,” Fuller clarified, praising Project44’s new platform for including brokers and carriers. Fuller also referenced a 2020 defamation case where FourKites was accused of anonymously spreading false claims about Project44, allegedly traced to Elenjickal. While that case settled, Fuller criticized the pattern of behavior, writing, “Twisting my words… to harm a competitor is unethical and undermines fair competition.”
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Despite a tough year for freight, the industry’s biggest players aren’t going anywhere. Transport Topics just dropped its 2025 Top 100 For-Hire Carriers rankings, revealing who stayed strong, who’s growing, and who’s quietly being reshuffled behind the scenes.
The top of the list? No surprises. But the deeper you scroll, the more you’ll find stories of revenue declines, acquisitions, spin-offs, and new names entering the elite tier.
UPS holds the crown again, while FedEx prepares to spin off its LTL unit into a standalone public company by 2026.
Meanwhile, Estes Express jumped three spots to crack the Top 10 after growing revenue to $5.8B. But Schneider and Old Dominion each dropped one place to #9 and #10, respectively.
While the Top 100 carriers list showcases nationwide trends, it also reveals who’s missing.
On LinkedIn, Greg Fulton, President of the Colorado Motor Carriers Association, pointed out a striking absence:
“At one time Colorado had several companies in the Top 100, but now have none... A big reason is a business climate in the state that is less than friendly for the logistics sector.”
He cited high taxes, excessive fees, and burdensome regulations as key reasons carriers are relocating to neighboring states like Texas or Utah, where they can service Colorado markets without being based there.
Seth Clevenger, Managing Editor at Transport Topics, provided his analysis for the data we're seeing in this year's rankings.
On the state of the freight market:
“This latest edition... illustrates how weak freight market conditions have continued to squeeze margins for transportation providers.”
On decision-making paralysis:
“Many [businesses] have paused major decisions while waiting for the dust to settle on international trade.”
With big carriers consolidating and shuffling their networks, capacity access and carrier relationships are more important than ever. And as large fleets lean into technology and diversification, smaller players may feel the squeeze or find new niches to grow in.
Trade uncertainty isn't going away anytime soon, but adaptability is proving to be the biggest asset in a market that just won’t stabilize.
You can explore the full Top 100 rankings and interactive map here.
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🌎 AROUND THE FREIGHT WEB
🔥 I-270 Tanker Crash. A tanker truck overturned on the off-ramp on I-270 in Columbus. Carrying 8,500 gallons of fuel, a pickup truck collided with the tanker's cab, causing the truck to overturn and resulting in an explosion. The truck driver is in stable condition.
💸 Idling Truck Bounty Hunter. A self-proclaimed “bounty hunter" named Streeter claims to earn six figures annually by reporting idling semi-trucks in New York City, taking advantage of the city’s anti-idling enforcement reward program.
⚖️ Bringing Awareness. A $5 million settlement was reached in a 2021 fatal crash involving a truck owned by the carrier employing Gursimran Singh. Attorneys hope the case raises awareness about driver fatigue and distraction in the trucking industry.
🌄 New CEO, New Deal. GXO Logistics has appointed Patrick Kelleher as CEO and secured regulatory clearance to acquire UK-based Wincanton. Brad Jacobs, chairman of GXO’s board of directors, believes Patrick will “lead GXO through its next phase of growth.”
đźš” Seven Indicted Theft Ring. Federal prosecutors indicted seven individuals in California for targeting trucks in a coordinated cargo theft ring. The group allegedly stole high-value goods from trailers across multiple states from early March 2022 to mid-July of the same year.
🎣 THE FREIGHT CAVIAR CORNER
FREIGHT HUMOR
Tucker Carlson’s nicotine brand loses 378,000 tins in a cargo theft. Plus: produce rates reset, diesel climbs, and a bill that could pull hundreds of thousands of drivers off the road.
The Middle East crisis is already hitting carriers. Plus: Florida lost $3B in crops, flatbed rates posted a fifth straight weekly increase, a $5B brokerage was just acquired, and more.
Plus: autonomous trucking just raised $113M, California is fighting to keep 20,000 drivers, Arrive's 2026 truckload freight forecast, and more.
Two bills just dropped in the Senate that could reshape trucking faster than anything since deregulation. Plus: Russian hackers targeted your load board, flatbed rejection rates just hit 40%, and a robot is taking the Houston-Dallas overnight run.
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