Plus, FedEx and UPS harness AI in logistics, South America's trade scene challenges Panama Canal's constraints, and Estes navigates a disruptive cyberattack.
While trade activity escalates in South America, influenced by diversified sourcing strategies, the Panama Canal continues to face drought-induced challenges.
Estes grapples with a cyberattack. This comes just weeks after Yellow accepted Estes' $1.3B bid for its terminals.
Pam Transportation reports over 60% YoY drop in Q2 operating income despite increase in service, impacted by 18% decline in revenue per loaded mile.
Pam Transportation Services reported a 60% YoY decrease in operating income in Q2, even as average trucks in service, total loads, and loaded miles increased, due to an 18% decline in revenue per loaded mile. Despite a 9% increase in trucks in service and loads attributed to the acquisition of Metropolitan Trucking last June, the truckload segment saw a significant operating ratio increase, and the company's logistics unit reported a 9% YoY decline in revenue. Earnings per share for Q2 dropped 66 cents YoY, and shares of PTSI were down 2.3% on Thursday.
Source: FreightWaves
Todd Maiden
Key trends in freight and shipping market of June 2023, with insights into spot market, carrier capacity, LTL sector and cross-border shipping.
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Tornado damages Pfizer plant in North Carolina, affecting 50,000 pallets of medication and potentially impacting nationwide supply.
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