☕️ The Best Shippers?

Good Friday Morning. New research from the Fed suggests 60% of inflation is due to supply chain disruptions - who would’ve thought shutting the economy down was a bad idea? Meanwhile, Freight Tech funding seems to have resurrected this week, India is posed to be the next global manufacturing powerhouse, and can you guess which shippers got the Shippers of Choice award this year?

In today's email:

• Three Freight Headlines: A Fed study attributed 60% of US inflation to supply chain disruptions, transportation management systems secure funding, and India is emerging as a manufacturing hub.
• 2023 Shipper of Choice Awards Winners by FreightWaves
• Around the Freight Web: Convoy Co-Founder steps down, an abandoned ice cream shipment in Cincinnati, plus more.

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🐔 WHAT’S COOKIN’ IN FREIGHT

📈 Fed Study: Supply Chain Disruptions Spurred 60% of US Inflation. A Federal Reserve Bank of San Francisco research paper revealed that approximately 60% of the US inflation surge since 2021 is due to the breakdown of global supply chains. These disruptions caused a jump in consumer demand and transport costs, leading to shortages of goods that contributed significantly to US inflation rates reaching a four-decade high by mid-2022.

🚛 Freight Tech Funding Update. TMS provider Rose Rocket has secured $38M in Series B funding to expand its services and invest in product development. Alvys, also a TMS, secured $6.3M in a seed round for product enhancement and team expansion. Finally, Y Combinator company Drivingforce has exited stealth mode, offering a platform that consolidates recruiting, compliance, asset management, and HR operations for trucking companies.

🇮🇳 India: The New Global Manufacturing Hub. PM Narendra Modi's US state visit seeks to bolster India's role as a manufacturing alternative to China. New deals, including Tesla's promised investment and approval for military engine production, underpin India's growing economic importance.

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2023 SHIPPER OF CHOICE AWARDS

FreightWaves announced the 2023 Shipper of Choice awards at its Future of Supply Chain conference. The awards, partnered with TriumphPay, recognize shippers that have exhibited exceptional collaboration, flexibility, and attention to their carrier partners. A mix of long-standing leaders and first-time awardees emerged this year, with two companies clinching their fifth consecutive wins and 15 new names appearing on the list. The nominations were analyzed using industry-specific data to choose 25 winners who provided exceptional service in terms of efficiency, operational effectiveness, and human decency, such as access to clean amenities for drivers.

Here are the winners of the 2023 Shipper of Choice awards:

• Agri-Mark
• BASF
• Bridgestone Americas
• Del Monte Foods
• Dow Chemical Co.
• Grain Millers Inc.
• HNI Corporation
• Ken’s Foods
• Kitchen Cabinet Distributors
• Lowe’s
• Molson Coors
• Owens Corning
• PepsiCo
• S&C Electric
• Schreiber Foods
• Shorr Packaging
• Southwire
• The Coca-Cola Co.
• The Home Depot
• The Kraft Heinz Co.
• TJ Maxx
• Tractor Supply Co.
• Tyson Foods
• Univar Solutions
• Walmart

What are your thoughts on this list? Share your thoughts by commenting.

Source: FreightWaves

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AROUND THE FREIGHT WEB

📉 Convoy Co-Founder Steps Down After $1B Investment & Zero Profit. Grant Goodale, co-founder of Convoy, is stepping down eight years after its founding, marking an era characterized by over $1B in investments, no profits, and five mass layoffs, underlining the critical importance of profitability in business.

🏭 3M Settles 'Forever Chemicals' Lawsuits for $10.3 Billion. Chemical giant, 3M has agreed to a $10.3 billion settlement for allegedly contaminating US water supplies with durable and hazardous 'forever chemicals', PFAS.

🚚 Kodiak, Loadsmith Launch Autonomous Freight Network. Kodiak Robotics and Loadsmith are launching an autonomous freight network, deploying 800 self-driving trucks by late 2025.

🍦Reefer With Ice Cream Abandoned in Cincinnati. Police found  $75,000 worth of ice cream melted in a truck, originally from Indianapolis and destined for Oklahoma, abandoned and melting behind Union Terminal.

💰 Record-High Truck Operating Costs in 2022. In 2022, truck operating costs jumped by a record 21.3% to $2.251 per mile, largely driven by rising fuel prices and driver wages, according to the ATRI report.

FREIGHT MEME OF THE DAY