Plus, a Chicago-based freight broker boasts about making $215k in one day, Lineage Logistics hits it big with an $18 billion IPO, the latest on the Ocean's 11-style freight heist, and more.
We took the opportunity to ask our Instagram followers about their best days as freight brokers. Here are some of their responses...
Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Knight-Swift boosts assets with the $808m acquisition of U.S. Xpress, poised to reshape the logistics industry landscape and market dynamics.
The Knight-Swift's acquisition of U.S. Xpress has officially closed, marking the end of the latter's five-year stint as a publicly-traded company. The $808 million deal, which was effectively sealed as U.S. Xpress delisted its stock from the NYSE, is set to significantly boost Knight-Swift's assets, adding approximately $2.2 billion in revenue and around 7,200 tractors and 14,400 trailers. The truckload carrier Knight-Swift now anticipates an annual run rate close to $10 billion post-acquisition.
However, despite the strategic fit and expected bolstering of Knight-Swift's capacity and revenue, the market reaction has been subdued, with the company's stock price showing a marginal decline since the announcement of the deal. This consolidation could influence industry dynamics, potentially triggering similar mergers or acquisitions as competitors adjust to the new landscape.
Source: Freight Waves
Throughout my whole life, my father was involved in trucking, first working for his father and then bootstrapping his own trucking company to become one of the largest.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 3, 2023
Those days are officially over. It was a great run. https://t.co/aLGDWmbD60
A truck carrying flammable chemicals crashed and exploded on Route 3 in Clifton, NJ, killing the driver and forcing evacuations.
Q2 sees slower rate of trucking business exits, but market remains challenging. Here are the latest industry data and expert insights.
Driver wages remain the largest expense. Safety bonuses ($1,831 average) surpassed starting bonuses for the first time.
We are currently getting insider information from a freight broker who is dealing with this situation.
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