The domino effects are just starting to hit. Plus: FedEx dethroned UPS, Mexico truck production plunges, another $26M AI supply chain raise, and more.
Freight margins are razor-thin. The brokerages surviving it built nearshore teams that actually work.
Flatbed rejections hit a record 48.7%, broker numbers stop falling, and diesel jumps 30 cents overnight.
Good Friday morning. As Friday rolls in, we've got a story on the Top 10 flatbed carriers in the US. In other news, a shipper paid $2.3 million to skip the line for a direct passage through the Panama Canal. Meanwhile, Flexport's Co-CEO, Dave Clark, bids farewell after a short stint. Forward Air's shares plummeted following their merger announcement with Omni Logistics. Plus, Gatik has announced a partnership with Tyson to transport its products using its autonomous trucks.
In today's email:
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🐔 WHAT’S COOKIN’ IN FREIGHT
📉 Forward Air's Omni Acquisition Fallout. Forward Air's recent acquisition of Omni Logistics has sent shockwaves through the logistics industry. Despite favorable tonnage reports in August, the deal stirred controversy due to a potential conflict of interest; Omni was a significant Forward Air customer for years. This strategic choice, primarily financed with stock, caused Forward Air's shares to plummet over 40%, unsettling investors.
🛍️ Dave Clark's Swift Flexport Exit. Dave Clark, known for his extensive Amazon journey, had an unexpected brief tenure as Flexport's co-CEO. His departure comes as founder Ryan Petersen decides to refocus on the core freight business. While Clark contemplates a shift to politics with talks of a Texas Governor run, Flexport faces its own challenges. Brittain Ladd had earlier predicted Clark's move, hinting at Flexport's potential struggles ahead. Clark's ever-evolving career path continues to gain attention and fuel some interesting Amazon global takeover conspiracies.
🚢 The World's Most Expensive Traffic Jam. As the Panama Canal grapples with severe drought-induced congestion, shippers are resorting to costly measures. A recent auction saw a shipper splurging $2.4 million just to secure a slot for passage. Combined with the standard fees, a single canal transit is edging close to a whopping $3 million. Given that normal toll fees hover around $400,000, this surge signifies the mounting pressure to maintain global trade flow, especially with the holiday season on the horizon.
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Anderson Trucking Service (ATS) listed their top-rated flatbed trucking companies for 2023. Here is a look:
Top Flatbed Trucking Companies of 2023
The U.S. flatbed trucking industry in 2023 is dominated by a few key players. Some of the haulers leading the pack are Landstar System (a shocker), Daseke Inc., PS Logistics, and Bennett International Group. Their strengths lie in their wide service range, significant fleets, and industry expertise.
Bennett International Group specializes in oil and gas transport and offers comprehensive supply chain solutions. TMC Transportation, established in the 70s, is known for handling specialized loads efficiently.
Maverick USA offers both dry van and freight brokerage services. Mercer Transportation has an extensive fleet and provides flatbed, reefer, and dry van services.
Melton Truck Lines, operating since 1954, is recognized for its safety and innovative logistics solutions. Prime Inc. stands out with its advanced flatbed trailer technology, while System Transport has showcased its expertise in transporting specialized items like wind turbine assemblies.
Read the entire article Anderson Trucking Service put together, by clicking here.
Note: Fleet sizes are based on the latest available data.
Source: Anderson Trucking Service (ATS)
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AROUND THE FREIGHT WEB
🤖 Gatik's Robo-Trucks for Tyson. Gatik AI trucks autonomously transport Tyson Foods in Arkansas, with potential nationwide expansion on the horizon.
📊 GP Transco's OpenRoad TMS. GP Transco, a large Chicago-based carrier, released its in-house OpenRoad TMS for trucking companies.
🍺 Bill Gates Bets on Bud Light. Bill Gates' trust invested $95 million in Bud Light last quarter in spite of sales challenges and a controversial partnership.
🔥 Nikola's Burning Issue. A third Nikola truck fire in Arizona prompts safety concerns; company cites coolant leak and halts sales.
🚛 Project ICEBreaker: Tesla Semi Rival? Viritech and partners develop Project ICEBreaker: a hydrogen-powered truck countering electric semi tradeoffs, targeting 2024 tests.
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FREIGHT MEME OF THE DAY
The domino effects are just starting to hit. Plus: FedEx dethroned UPS, Mexico truck production plunges, another $26M AI supply chain raise, and more.
Flatbed rejections hit a record 48.7%, broker numbers stop falling, and diesel jumps 30 cents overnight.
Congress is moving to put driverless 80,000-lb trucks on public roads. Plus: 13,000 California CDLs get cancelled, diesel hits a 32-year record, Florida wants $50K to get your truck back, and more.
Ryan Schreiber breaks down everything about strategy, relationships, mindset, and AI in logistics.
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