A penny stock wiped $4.8B off C.H. Robinson's market cap yesterday. Plus: self-driving trucks are now running 1,000 miles nonstop, STG Logistics cleared a major bankruptcy hurdle, the FMCSA revoked nine ELDs, and more.
For a long time, secure parking lived in the “nice-to-have” bucket. That framing no longer works. In today’s environment, secure parking functions as a preventative security layer.
Here’s what’s trending across freight and logistics on X, LinkedIn, Reddit, and YouTube.
Happy National Cherry Pie Day. You might want to grab a cherry pie to read this one. Another day, another scam: a freight recruiter con artist takes off with $10K. Then, we have the latest freight rates from Asia to the US, legislative moves against self-driving trucks, and Walmart's financial wins. Plus, insights on February's spot market challenges and Maersk's Red Sea advisory.
🤔 Question of the Day: FreightWaves CEO Craig Fuller says February's performance in the trucking spot market is described as ______ by CEOs. Scroll to the Around the Freight Web section to find out.
In today's email:
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🐔 WHAT’S COOKIN’ IN FREIGHT
🚢 Asia to U.S. Rates Up Over 150%. After hitting sky-high levels amid the shipping crisis caused by the Red Sea attacks, freight rates from Asia to the US are finally cooling off, echoing Europe's earlier trend. East and West Coast rates have dipped slightly since early February, but the rates are still massively higher than in December 2023 (185.9% higher for the West Coast and 145.2% for the East Coast). With the TPM24 upcoming, the spotlight is on whether carriers can keep those rates steady. Plus, the growing gap between East and West Coast rates is giving shippers some serious food for thought on which coast to ship to.
🚛 Six States Talking Restrictions on Self-Driving Trucks. In the ring of autonomous trucking, California, Florida, and New York lead the charge with new bills aiming to keep humans in the driver's seat. California doubles down on requiring human operators for trucks weighing 10,001 and over, and Florida follows suit, insisting on a licensed human presence in the vehicle. New York pushes for human oversight to ensure safety and protect jobs. As this tech debate unfolds, click here for the full list and see which states are putting the brakes on driverless trucks.
📈 Walmart Impresses with Q4 Earnings, Acquires Vizio. In Walmart's latest financial report, the retail giant posted impressive results driven by price-conscious shoppers. Earnings showed a 4% rise in U.S. comparable sales and an earnings beat of $1.80 per share, sending shares to a record high. Plus, a strategic $2.3 billion acquisition of Vizio aims to supercharge the retailer's advertising game. With e-commerce sales breaking $100 billion for the first time, Walmart has a bullish sales forecast for the fiscal year.
TOGETHER WITH TURVO
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FreightCaviar recently received some intel on a freight recruiting scam artist. The information comes from a freight brokerage that was looking to grow its team by 50 broker agents by the end of 2023.
Enter "RTJ Logistics" and their recruiter, JoAnne Osborn, promising the moon–three new agents a month for a sum of $5,000 monthly.
The deal was sealed on July 28, 2023, with dreams of an expanding team. Osborn pledged full support—flyers, Zoom interviews, the works. Yet, come late September the dream team was nowhere to be seen. Despite an investment of $10,000, the results were a big zero – no agents onboarded.
The freight brokerage company's CEO explained that the profiles Osborn presented were not looking to be employed as agents and seemed confused by the outreach.
Then Osborn went ghost. Her stellar LinkedIn profile, which the CEO reviewed before sending her money, was deleted. Calls and texts were all met with silence.
After the freight brokerage sent a threat of legal action to JoAnne, they finally received a reply: Don't know who you are. My mom is in the hospital was in a car wreck and has breathing machine in coma by the doctor she's not ok.
As far as we can tell, "JoAnne Osborn" and "RTJ Logistics" were imagined names for this one-off scam, and the fraudster most likely has taken up a new identity and brand and is on to the next victim.
The CEO hopes to warn others against scam recruiting agencies such as Osborn. This story is a stark reminder of the importance of vetting partners thoroughly and keeping an eye out for red flags like amateurish agreements.
For many, it may have been able to quickly point out the signs of a scammer: the strange spacing, lack of letterhead, or generic domain names, but sometimes, an eagerness to scale can cause one to overlook those warnings.
The excitement of growth shouldn't cloud judgment– it can lead to chasing ghosts and financial loss.
ISO PRESENTS: TOP 50 CARRIERS FOR 2023
What's a good OTD%? Who are the best carriers into Walmart? How do my service levels stack up to competitors?
Join ISO live on February 27th for the answers as we present the Top 50 Carriers for 2023. Sign up here.
AROUND THE FREIGHT WEB
🚛 February Flub. FreightWaves CEO Craig Fuller says February's performance in the trucking spot market is described as abysmal by CEOs, leading to the final flush out of small carriers. Fuller adds that the market is rebounding, but it won't be a straight shot to the top.
⚓ Red Sea Diversion. Maersk warns of extended Red Sea vessel diversions through 2024 due to Houthi rebel attacks. This crisis may affect global trade routes, urging clients to anticipate longer transit times.
🚚 Ryder's Strategic Move. Ryder enhances its dedicated transportation services by acquiring Cardinal Logistics for $290 million, expanding its network and vehicle fleet and strengthening its market presence.
🌉 Congestion Pricing Concerns. New York's congestion pricing plan is expected to significantly increase shipping and freight costs, adversely affecting New Jersey's economy and commuters. Garden State officials are pushing back against the financial burden.
🛑 Identity Theft Alert. A new scam targeting carriers with newly issued MC numbers mimics the FMCSA login page. Check out prevention tips here.
🚗 High-Value Heist. An Arizona man, freshly released from prison, steals a truck hauling 10 Chevrolet C8 Corvettes valued at $1.25 million.
🎣 FREIGHT CAVIAR CORNER
How does a small-town freight brokerage build a five-star reputation? We took a trip to Olney, Illinois, to visit AM Transport and find out.
With 21 employees, AM Transport exudes a family feel, and that extends to their customers. Check out our video here.
Plus: What you need to know about Know Your Trucker (KYT).
FREIGHT MEME OF THE DAY
Also, check out:
A penny stock wiped $4.8B off C.H. Robinson's market cap yesterday. Plus: self-driving trucks are now running 1,000 miles nonstop, STG Logistics cleared a major bankruptcy hurdle, the FMCSA revoked nine ELDs, and more.
Here’s what’s trending across freight and logistics on X, LinkedIn, Reddit, and YouTube.
In just three years, we have moved from an industry that relied heavily on manual phone calls and emails to one where many of us use AI to some extent to support the above.
Plus, XPO and Hub Group Q4 2025 earnings, a trucking private-equity firm files bankruptcy, Mexico long-haul truckers win union rights, and more.
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