Oil spikes to $120 on Iran news before settling near $106. Plus: another influencer shipment gets stolen, Wyoming can now pull your truck, 24 states sue over tariffs, and more.
The Supreme Court just heard arguments in the broker liability case we’ve been tracking. Plus: oil shipping costs explode, trucking insurance is stuck in 1980, regulators brace for a carrier crackdown, and more.
Plus, electric trucks are costing more to operate than anticipated, Peloton claims Flexport cost them millions, and a truck driver passed out after police found cocaine in his cab.
Good Friday morning. If you thought your week was tough, spare a thought for the CEO of Forward Air, whose stock plummeted 23% following the release of its quarterly performance report this week. In today's main story, we analyze the winners & losers of the 2024 freight stock market.
🤔 Question of the Day: In the last 365 days, share prices of XPO have risen by ____%. Scroll to our main story to find out.
Today's Newsletter is Brought To You By Armstrong Transport Group.
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🐔 WHAT’S COOKIN’ IN FREIGHT
🔋 Electric Dreams Hit a Costly Roadblock. Despite their eco-friendly allure, electric trucks face a tough road ahead. According to Ryder's analysis, these battery-powered electric trucks cost three times more than their diesel counterparts and are twice as expensive to operate. This price tag is causing companies to hit the brakes on switching over. With operational costs reaching up to 67% in some states, shifting the industry towards sustainability is proving to be more of an uphill climb than expected. As technology advances, hopes remain that costs will eventually decrease, making battery-electric transport more of a viable option.
🚲 Peloton Says Flexport Cost Them Millions. Peloton takes on Flexport, claiming the freight forwarder's sluggish handling led to millions in undue detention and demurrage (D&D) fees from 2020 to 2023. The exercise equipment company alleges that Flexport failed to efficiently move and deliver containers in the U.S., prompting a legal complaint to the Federal Maritime Commission (FMC). Amidst ongoing legal and financial tallying, this case could steer significant changes in the freight industry, especially with recent shipping reforms potentially reshaping D&D charge practices. The outcome could mean a tighter rein on freight forwarders' operations and accountability.
🎢 Freight Market Rollercoaster. April's freight metrics took a wild ride, as reported by the Logistics Managers Index (LMI). Initially, transportation prices plummeted with a reading of 44.1, signaling contraction. However, a late-month surge pushed prices into growth territory at 54.8. Meanwhile, transportation capacity showed modest improvement, yet overall growth slowed, with the LMI marking a tepid 52.9. Despite early struggles, a late-month upswing has industry optimists hoping for a rebound. With eyes on a potential freight boom in the next year, the sector might just go from sluggish to supercharged.
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Freight Stock Winners & Losers of 2024
As we wrap up Q1 2024 earnings reports, transportation and logistics stock performance has been mixed. We're seeing varying levels of success among companies as they deal with post-pandemic recovery, fluctuating fuel costs, and differing consumer demand across regions.
We're taking a look at some of the key players across different segments. This data gives insights into how these companies have adapted and the confidence investors have in their strategies for the future.
LTL (Less-than-Truckload)
XPO Logistics has seen a 33% increase in share price since the beginning of the year and a 138.8% increase over the last 365 days.
OTR (Over-the-Road)
Intermodal
3PL/Freight Brokerage
Top Five Winners Over the Last Year
XPO Logistics, Inc.: +138.80%
Saia, Inc.: +44.50%
ArcBest Corporation: +32.61%
TFI International Inc.: +30.32%
Union Pacific Corporation: +23.89%
Top Five Losers Over the Last Year
Forward Air: -82.56%
C.H. Robinson Worldwide, Inc.: -19.27%
Werner Enterprises, Inc.: -17.65%
KnightSwift Transportation Holdings Inc: -14.25%
United Parcel Service (UPS): -13.70%
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AROUND THE FREIGHT WEB
😰 Nervous Driver Faints During Stop. A viral video shows a trucker going unconscious and collapsing as police officers stop him for a search. His fainting begins to make sense as they find boxes loaded with cocaine poorly hidden inside the cab of his truck.
📉 Persistent Losses at Uber Freight Despite Optimism. Uber Freight continues to report EBITDA losses despite optimistic forecasts and integration advancements with Transplace.
🚨 Dispatch Scam Alert. A dispatch service attempted to scam a prospect by demanding a $400 upfront fee for a load that did not exist, leaving the prospect confused and frustrated.
🚚 Daimler's Autonomous Truck Debut Set for 2027. Daimler Truck plans to launch its first autonomous electric Freightliner in 2027, integrating technologies from Torc and Waymo.
🚚 FedEx Adjustments. FedEx Freight is closing seven service centers across the U.S. this year, adapting to shifts in the less-than-truckload industry's demand and network needs.
🌪 Southern Storms. A series of severe storms has swept across the South, with over nine million people facing thunderstorm watches and potential tornado threats. This continues the pattern of major storms battering communities across the country.
🚨 Highway Hazard. A fuel tanker accident on Nashville Highway has caused a major spill, blocking traffic and prompting urgent cleanup efforts due to hazardous materials leakage.
FREIGHT MEME OF THE DAY
Also, check out:
🎧 The FreightCaviar Podcast. Listen to this week's podcast on Spotify & Apple Podcasts.
Want to get your brand noticed by freight brokers? FreightCaviar can help. Work with us to get your services featured in our newsletter, podcast, and more. Plus, we write great articles about what you do. Get in touch with Paul at pbj@freightcaviar.com to learn more.
I’m Adriana, a writer and editor at FreightCaviar. I’ve covered everything from freight tech to industry lawsuits and market shifts, helping scale us to almost 14K subscribers. My goal: to make logistics stories digestible, clear, and fun to read.
Oil spikes to $120 on Iran news before settling near $106. Plus: another influencer shipment gets stolen, Wyoming can now pull your truck, 24 states sue over tariffs, and more.
The Supreme Court just heard arguments in the broker liability case we’ve been tracking. Plus: oil shipping costs explode, trucking insurance is stuck in 1980, regulators brace for a carrier crackdown, and more.
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.
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