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.
This week: The Dalilah Law, a trucking bankruptcy that wiped out thousands overnight, a FreightGuard civil war on Reddit, and the payroll data that's predicting Q4 capacity.
Indiana pulled the trigger on carriers employing illegal CDL holders. Plus: tariff ruling could flood LA with imports, DC finally moves on double brokers, spot rates are outrunning contract, and more.
Plus, UPS prepares for softer holiday season, truck driver arrested in Tennessee for slashing another truck driver's neck, and more.
Good Morning & Happy Friday. It’s a slower news day, but here’s what’s happening: PepsiCo expands its electric fleet with Einride, and UPS braces for a shorter holiday peak. Plus, mega carriers report mixed Q3 earnings and more.
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🐔 WHAT’S COOKIN’ IN FREIGHT
🚛 PepsiCo & Einride Electrify Memphis Routes. PepsiCo and Einride have launched a digital electric truck fleet in Memphis to reduce Scope 3 emissions on Frito-Lay’s distribution routes. With five electric trucks covering 200,000 miles annually, this partnership aims to save 143 metric tons of CO2 emissions each year. A 700 kW charging station at Armstrong Transportation supports the effort, advancing PepsiCo’s decarbonization strategy.
🚚 ATA’s Truck Tonnage Index Sees Dip. September saw a 2.1% decline in the ATA For-Hire Truck Tonnage Index, which measures the total weight of freight moved by trucking companies, reflecting a potential “return to pre-COVID norms.” This drop reverses the gains from July and August, signaling slower demand in the contract freight segment. Meanwhile, the Cass Freight Index reported a 5.2% year-over-year drop in shipments, aligning with private fleet trends.
📦 UPS Prepares for Softer Holiday Volume. Major UPS shippers are reducing holiday volume forecasts due to a shortened peak season, which may drive shoppers toward in-store purchases rather than home delivery. Although UPS expects a strong season overall, the tight 17-day window between Black Friday and Christmas Eve has led consumers to worry about timely deliveries, boosting in-store shopping projections. The company aims to balance the slower demand with higher surcharges and a new contract with the US Postal Service. Despite competitive pricing pressures, UPS anticipates improved Q4 results driven by adjusted strategies and robust peak season revenue.
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We had some key trucking companies drop Q3 2024 earnings reports over the last two days.
Here's a look at how they're performing.
Knight-Swift’s revenue dipped 7.1% YoY, pressured by lower truckload rates, but its LTL segment grew 16.7%, showing potential in diversified lanes.
Old Dominion kept market share steady despite a flat Q3, reflecting a slowing economy.
Ryder’s revenue grew, but profits fell, shaped by more contracts and weaker rental and sales.
Covenant believes the freight recession may be bottoming out, posting flat revenue and a slight decrease in net income.
Universal saw a mixed Q3, with net income up 14.7% but revenue down, including a 25.4% brokerage drop after closing its company-managed operations.
“We continue to navigate a deeply depressed freight environment, and we also made the difficult but necessary decision to close our company-managed brokerage operation." CEO Tim Phillips, Universal Logistics Holdings
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🌎 AROUND THE FREIGHT WEB
😂 Funny Freight Terms. Besides being called 'boss' by an Eastern European dispatcher, what other freight terms do brokers find funny? Check out the comments in this Reddit thread.
⚓ Port Strike Looms Over Automation Talks. U.S. port unions and industry leaders are negotiating over automation and wage increases, with a potential January strike looming if no agreement is reached.
🌉 DCLI to Pay $100M. DCLI’s owners have agreed to pay the US government more than a $100 million in relations to Francis Scott Key Bridge collapse, though it excludes reconstruction costs.
🚨 Truck Driver Arrrested. Paul Stokes was arrested in Tennessee for battery and other charges after allegedly slashing another truck driver's neck following an argument and missing a delivery in Wisconsin.
🚩 Fatal Long Break. Travis Merrill fatally shot his coworker, Tamhara Collazo, reportedly due to frustrations over her “unauthorized long breaks” and a perceived lack of interest in him.
🎣 THE FREIGHT CAVIAR CORNER
FREIGHT MEME OF THE DAY
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.
This week: The Dalilah Law, a trucking bankruptcy that wiped out thousands overnight, a FreightGuard civil war on Reddit, and the payroll data that's predicting Q4 capacity.
Indiana pulled the trigger on carriers employing illegal CDL holders. Plus: tariff ruling could flood LA with imports, DC finally moves on double brokers, spot rates are outrunning contract, and more.
The Supreme Court ruled Trump's tariffs illegal. Plus: an Illinois official took $300K and handed out illegal CDLs, cartel violence may affect your Mexico freight, 550 CDL schools just got shut down, and more.
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