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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.
The Middle East crisis is already hitting carriers. Plus: Florida lost $3B in crops, flatbed rates posted a fifth straight weekly increase, a $5B brokerage was just acquired, and more.
Plus: Uber Freight’s $9M hit in Del Monte’s bankruptcy, ATRI says trucking costs are up (again), July 4 cargo theft risks spike, and more.
Good Wednesday morning. Today's featured story unravels a coast-to-coast cargo theft ring. Four sus cabs, four sketchy MCs, 15+ vanished loads. See how GenLogs cracked the code and what red flags to watch.
Plus:
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🍳 WHAT’S COOKIN’ IN FREIGHT
💥 Del Monte’s $1B Bankruptcy; Uber Freight Owed $9M. Del Monte Foods has filed for Chapter 11 bankruptcy with over $1 billion in liabilities and more than 10,000 creditors. Uber Freight (via Transplace) is listed as the second-largest unsecured creditor, owed $9 million. Other logistics firms impacted include Saddle Creek Logistics ($1.3 million) and CHEP USA ($470K). Del Monte, which posted $1.7B in 2024 revenue, secured $912.5 million in DIP financing to maintain operations while pursuing asset sales. Freight providers may continue services, but unpaid pre-petition balances are at risk.
📊 ATRI Report: Non-Fuel Trucking Costs Hit Record Highs Despite Modest Relief in Fuel Prices. ATRI’s latest Operational Costs of Trucking report shows that non-fuel expenses reached an all-time high in 2024, even as total per-mile costs dipped slightly to $2.26. Core operating costs excluding fuel rose 3.6% to $1.78 per mile, driven by equipment payments (+8.3%) and driver benefits (+4.8%). Truckload margins turned negative at -2.3%, and capacity dropped 2.2%. While fuel and maintenance costs eased, carriers responded with asset reductions and staffing cuts amid continued financial strain.
🎆 Cargo Theft Risk Spikes Ahead of July 4, Verisk Warns. Verisk’s CargoNet is alerting freight operators to heightened cargo theft risk around the July 4 weekend, particularly on July 1 and 3. Analyzing 184 incidents over five years, the advisory highlights increased theft during extended closures. California, Texas, and Illinois remain hotspots, with targeted items including electronics, beverages, and auto parts. Notable holiday thefts include $700K in e-cigarettes and $540K in apparel. Verisk urges enhanced yard security, reduced trailer idle times, and improved tracking. “Extended closures create prime opportunities for thieves,” CargoNet stated. Traditional theft tactics, not just fraud, could dominate this holiday period.
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35 billion. That’s the estimated annual cost of cargo theft across the U.S. In this case, we’re looking at how one ring orchestrated 15 confirmed thefts, moving fast and covering coasts...and how GenLogs' platform helped expose the network.
It started on May 10 with a load of golf carts. A DAT post offered the load out of Perris, CA. A carrier named MTC Cargo Inc. picked it up, sending a white Volvo cab marked with the number “333.” The load vanished, and the broker was ghosted.
Soon after, the same cab appeared again; same MC, same truck, this time picking up batteries. Another load gone. No one had connected the dots.
Each theft featured nearly identical tactics:
The trucks had active documents on Highway, and the profiles appeared legitimate until they weren’t. After each theft, changes were made on the platform: new drivers, contact info, and safety documents uploaded.
In one instance, the driver who arrived claimed to be “Aman Pannu” and provided an Ohio driver's license. The name didn’t match previous records.
When one brokerage had a load stolen, their team dug deeper. They traced down a prior phone number listed for MTC Cargo, a number that had since been updated on Highway.
Someone named Sergiy answered.
Exhausted and confused, he explained he'd sold his MC number to a man named "Michael Rock" on March 1, 2025. Since then, he’d received a flurry of calls from brokers, all chasing missing freight. This brokerage was the 15th stolen load tied to the ring.
The switches gave the illusion of legitimacy while the operation scaled.
By June 17, the thefts had moved east. A load of cosmetics disappeared from New Jersey, booked by Adnan Express LLC. Surveillance showed both white “333” and red “2222” on site — the same trucks seen in California weeks earlier.
What made this ring so effective is what typically goes unchecked: the physical identity of trucks.
Platforms vet digital credentials, but these thieves rotated MC numbers while running the same trucks coast to coast.
That’s where GenLogs’ Truck Intelligence platform stepped in.
The system created a forensic visual footprint identifying fraud that would’ve otherwise gone unnoticed.
As of June 28, one of the trucks resurfaced (the red Freightliner "2222" hauling a Maersk trailer out of Dallas), now operating under Medspeed LLC. Same tactics. Same cabs. The ring is still active and likely targeting vulnerable freight over the July 4 holiday.
Editor’s Note: This feature is a condensed version of an original investigative post by Ryan Joyce, CEO at GenLogs. It has been edited for length and clarity with permission. Some names have been changed to protect identities.
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🌎 AROUND THE FREIGHT WEB
đź“Š Shipper Activity Slump. The latest Shipper Activity Index posted by Kevin Hill from CarrierSource shows declining engagement levels, suggesting reduced freight demand and slower transactional activity across key U.S. lanes.
📉 Container Rates Drop. Container shipping rates from Far East to U.S. West Coast fell 39% since June 1. This is tied to easing congestion, lower demand, and waning urgency from earlier frontloading tied to the tariff situation.
đź’µ Transport Q2 Stocks. Transportation stocks in Q2 2025 show mixed performance. According to analyst John Kingston some of the biggest winners were GXO and E2open. The biggest losers: Proficient Auto Logistics.
⏳ Trump Won’t Extend Pause. President Trump announced he will not extend the current tariff pause beyond July 9. Trump’s administration will notify countries that trade penalties will take effect unless deals are made before the July 9 deadline.
🤔 Will Trucking Recover? A report from Transportation and Logistics Advisors examines the structural and cyclical issues facing trucking, posing the question: What is Wrong with Trucking and When Will it Recover?
🎣 THE FREIGHT CAVIAR CORNER
FREIGHT HUMOR
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.
The Middle East crisis is already hitting carriers. Plus: Florida lost $3B in crops, flatbed rates posted a fifth straight weekly increase, a $5B brokerage was just acquired, and more.
Plus: autonomous trucking just raised $113M, California is fighting to keep 20,000 drivers, Arrive's 2026 truckload freight forecast, and more.
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.
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