Freight margins are razor-thin. The brokerages surviving it built nearshore teams that actually work.
Flatbed rejections hit a record 48.7%, broker numbers stop falling, and diesel jumps 30 cents overnight.
Congress is moving to put driverless 80,000-lb trucks on public roads. Plus: 13,000 California CDLs get cancelled, diesel hits a 32-year record, Florida wants $50K to get your truck back, and more.
Good Monday Morning. A $364K load has been stolen, a UPS strike is about to set a record, and I-95 is expected to open again in as little as 2 weeks. Also - the US has entered a “manufacturing supercycle”, Rahmel Wattley shares his successful YouTube journey, and diesel prices are rising.
In today's email:
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🐔 WHAT’S COOKIN’ IN FREIGHT
🤨 Driver Abandons $364K Load Overnight: Incident Under Investigation. A freight guard report reveals an unusual incident where a driver, transporting $364,000 in U.S. currency from Pennsylvania to Massachusetts, abandoned his trailer overnight to spend time at home with his girlfriend. Upon his return, he found the trailer missing. Both local law enforcement and the F.B.I. are currently investigating the incident. In response, the reported company acknowledges the incident and states that they are actively addressing the situation, emphasizing that the driver had been in regular communication with the dispatcher throughout.
🚚 Potential UPS Strike Looms Amid Contract Negotiation. The Teamsters Union, representing 340,000 UPS workers, has authorized a potential nationwide strike beginning August 1, if a contract deal isn't reached by the end of July. This move could result in the largest work stoppage in the US for decades, impacting the transportation of goods and commodities nationwide. Issues under negotiation include higher pay, more full-time positions, and improved working conditions. The strike threat arises amidst the growing significance of delivery infrastructure in the US economy, with 6% of the country’s GDP passing through UPS each year.
🚧 Governor Promises I-95 Reopening in 2 Weeks After Crash. Pennsylvania Governor has made an optimistic announcement that Interstate 95 (I-95) in northeast Philadelphia, which recently suffered a section collapse due to a fiery tanker truck crash, is set to reopen within two weeks. This news brings a breath of relief to the trucking industry, as original estimates suggested the repairs might take months, disrupting commercial and other traffic significantly. This reopening timeframe, if accurate, would notably outperform the 43-day reconstruction of a fire-damaged overpass in Georgia in 2017.
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US INVESTMENT SURGE FUELS MANUFACTURING SUPERCYCLE
The US heavy industry is currently undergoing a 'manufacturing supercycle' due to a significant uptick in investment, following a decade of underinvestment. This surge, backed by President Biden's Inflation Reduction Act, Bipartisan Infrastructure Law, and CHIPS and Science Act, is funneling considerable funds into large-scale megaprojects like batteries, solar cells, and semiconductors.
Foreign direct investment seems to largely be driving this supercycle, according to Joseph Quinlan, head of CIO Market Strategy at Merrill and Bank of America Private Bank. As of April, spending on manufacturing construction is at a $189 billion annual rate, triple the average rate of the 2010s. This trend contributes to the strength of the U.S. economy, even amid fears of a recession.
The industrial boom is predicted to significantly reshape the US economic landscape throughout the 2020s, contributing to job creation and increased demand for capital, despite recession fears.
Craig Fuller commented on this development on Twitter, stating, "Bullish on America - this will take a few years before it has a big impact on freight flows, but it is bullish for trucking and rail, bearish for ocean container shipping."
AROUND THE FREIGHT WEB
😂 Scamming The Scammer Part Two. A scammer named Daniel inadvertently finds himself on the other end of a load booking scam.
🎙️Truck N Hustle's YouTube Success. In this week's FreightCaviar Podcast episode, Rahmel Wattley, the founder of Truck N Hustle, discussed his journey in logistics and shared insights about building a YouTube channel with 140K subscribers and organizing the successful industry conference, Freight Fest.
💰 LTL Carrier Revenues. An informative video showcasing the changing revenues throughout the last few years of the largest LTL carriers in the nation.
⛽️ Diesel Prices See Uptick. Diesel prices on the CME commodity exchange experienced a significant increase after three weeks of stagnancy, reaching its highest value since April 10 at $2.6805/g.
🔋 Toyota's EV Breakthrough. Toyota claims to have achieved a technological breakthrough in solid-state batteries that could allow EVs to have a range of 932 miles and be charged in less than 10 minutes by 2027.
🔮 Revamping Retail Forecasting. Retailers are leveraging advanced technology and data analytics to enhance supply chain forecasting and effectively respond to changing consumer behaviors.
FREIGHT MEME OF THE DAY
Flatbed rejections hit a record 48.7%, broker numbers stop falling, and diesel jumps 30 cents overnight.
Congress is moving to put driverless 80,000-lb trucks on public roads. Plus: 13,000 California CDLs get cancelled, diesel hits a 32-year record, Florida wants $50K to get your truck back, and more.
Ryan Schreiber breaks down everything about strategy, relationships, mindset, and AI in logistics.
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.
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