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.
Which logistics conferences will you be attending this year, and which one is your favorite?
Good Monday morning. Today's newsletter takes a look at the key logistics conferences in 2024 and asks which you are looking forward to the most. Other stories look at how the beer industry sidesteps disruption, Coyote Logistics workforce reduction, and the trade challenges facing US ports.
🤔 Question of the Day: Which logistics conferences will you be attending this year, and which one is your favorite? Click here to vote.
In today's email:
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🐔 WHAT’S COOKIN’ IN FREIGHT
🍻 Beer Industry Defies Supply Chain Crisis. Amid global supply chain disruptions, AB InBev, the world's largest brewer, remains unaffected due to its localized sourcing and production strategy. The company, which owns brands such as Budweiser, Beck’s, and Stella Artois, benefits from its approach of using local ingredients and community-focused production. This method has insulated the beer industry from the current challenges in international supply routes, particularly those impacted by the recent tensions in the Red Sea region near the Suez Canal. AB InBev's model presents a contrast to the broader impact on various industries struggling with supply chain disruptions.
🐺 Coyote Logistics Reduces Workforce. Chicago-based Coyote Logistics, part of UPS Inc., has confirmed significant job cuts in its sales and operations departments. The layoffs, part of the company's ongoing restructuring efforts, follow a series of reductions throughout 2023. These changes include voluntary separations among senior managers and directors. Coyote Logistics aims to realign its workforce with evolving business needs, offering severance and support to those affected. This move comes as the industry sees similar trends, highlighted by Uber Freight's recent announcement of cutting up to 50 jobs.
🌊 US Ports Steer Through Complex Trade Environment. US ports are navigating tumultuous trade waters, with the West Coast bracing for an import surge driven by diversified supply chains and infrastructure readiness. However, the ports confront drayage concerns with reduced trucking capacities and the transition to electric. Meanwhile, the East Coast contends with disruptions from Red Sea tensions, causing higher shipping rates and complex supply dynamics.
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The freight and logistics industry in 2024 is buzzing with a variety of conferences, each offering unique opportunities for professionals. From strategic discussions at the BGSA and TIA Capital Ideas Conference to innovative showcases at FreightWaves F3 and the Broker Carrier Summit, there's something for every sector interest. Large-scale events like the NRF Conference and MODEX offer a wide range of topics, while TPM and the Gartner Supply Chain Symposium delve into specific industry aspects.
For those interested in cutting-edge technology and marketing, the Future of Supply Chain and TMSA Elevate are must-attends. CSCMP Edge and Home Delivery World USA provide comprehensive insights into supply chain management and home delivery. With such a diverse array of conferences, 2024 is poised to be an exciting year for learning, networking, and growth in the freight and logistics industry.
Which of these events are you most looking forward to?
Nate Shutes, Host of The Bootstrapper's Guide to Logistics, ran a survey asking Founders and Executives what their favorite logistics conferences were and which ones they are attending this year. Complete the survey for yourself and keep an eye on your inbox for a reveal of the top conferences.
TOGETHER WITH RAPIDO
Rapido is a top nearshore staffing company providing logistics and supply chain talent to companies in the United States. Based in Guadalajara, Mexico, Rapido offers a unique combination of cost savings and access to a skilled workforce, making it an attractive option for American logistics businesses.
See what makes nearshoring to Mexico an attractive option for scaling a logistics company and how partnering with Rapido Solutions Group simplifies the whole process.
AROUND THE FREIGHT WEB
🥶 Brace for the Freeze. A massive cold front brings well-below-normal temperatures across the Midwest and Plains, extending its icy grip into Monday.
🚀 Catapult Test. The US Navy tested its jet catapult system by launching trucks off the USS Gerald Ford aircraft carrier, a sight to behold.
🌟 Texas Economy Thrives. Texas leads the US in population and GDP growth, with job growth surging in manufacturing and healthcare, despite real estate market slowdowns.
📦 Warehouse Space Grows. The U.S. sees a surge in warehouse vacancy rates to 5.2%, the highest since 2020, reflecting changes in e-commerce and storage space demand.
🚚 TuSimple Trucks Auction. Following its US market exit, TuSimple auctions off ten of its autonomous big rigs, along with R&D equipment and office supplies.
⚓ Suez Canal Impact: The U.S. trucking industry faces downstream effects from Suez Canal attacks, with cargo delays potentially reducing full truckload opportunities.
📉 Class 8 Sales Dip. Despite a yearly increase in Class 8 truck sales, December marks the fifth consecutive month of declining sales.
FREIGHT CONFERENCES WE'RE ATTENDING
Manifest Vegas, February 5 - 7, 2024, is the world's largest global supply chain & logistics tech event, bringing together Fortune 500 global supply chain executives, logistics service providers, cutting-edge startups, venture investors, and technology leaders. Join 4,500+ supply chain innovators to foster new strategies and relationships. Receive $200 off your ticket with our exclusive link.
FREIGHT MEME OF THE DAY
Also, check out:
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UPS maintains ambitious 2026 targets, but investors remain skeptical as it misses its Q2 expectations, sending the stock tumbling 13%.
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