Oil spikes to $120 on Iran news before settling near $106. Plus: another influencer shipment gets stolen, Wyoming can now pull your truck, 24 states sue over tariffs, and more.
The Supreme Court just heard arguments in the broker liability case weāve been tracking. Plus: oil shipping costs explode, trucking insurance is stuck in 1980, regulators brace for a carrier crackdown, and more.
It's Freight Gong Friday. On today's live show, we'll be interviewing Kevin Nolan, Founder of Nolan Transportation Group (NTG) and Sope Creek Capital. Don't miss itātune in at 8 AM CT on LinkedIn.
In our main feature today, we spotlight the 24 trucking companies honored with C.H. Robinson's Carrier of the Year Award.
š¤ Question of the Day: This former NFL star quarterback for the Carolina Panthers, famous for his MVP season and leading his team to the Super Bowl, has recently launched his own freight brokerage. Can you guess who it is? Read on to find out.
Today's Newsletter is Brought to You by Levity.ai.
TOP LANE MOVERS POWERED BY GREENSCREENS.AI
*Greenscreens.ai, forecasts real-time truckload buy prices that are suited to each freight brokerage's purchasing power using AI and machine learning. Its engine takes into account over 130 attributes and data points in each rate forecast.
š WHATāS COOKINā IN FREIGHT
Cam Newton, the former NFL star, now owns a freight brokerage called The Cardinal Way.
š Cam Newton's Freight Broker Ventures. Cam Newton, former NFL star quarterback (though never officially retired), takes his entrepreneurship to the freight brokerage industry. In a recent interview, he spoke about the logistics sector's potential, calling it ārecession-proofā and highlighting CH Robinson's $24.7 billion annual revenue in 2022. Newton appears to be associated with the asset-based freight brokerage The Cardinal Way, located in Atlanta. Social media reactions were mixed, with some skeptical but others impressed by his understanding of the sector.
š RXO, C.H. Robinson Hit by Debt Downgrade. RXO and C.H. Robinson bothfaced debt downgrades recently due to weak market conditions. RXOās rating dropped from BB+ to BB, with their financial health worsening significantly. C.H. Robinsonās rating was cut from BBB+ to BBB, with their ability to cover debt falling below safe levels. The companies join Forward Air, which experienced similar downgrades earlier.
šø Metallica's Sustainable Tour. Metallica's European tour is making headlines with eco-friendly Iveco trucks. Running on renewable natural gas and hydrogenated vegetable oil, these trucks are covering 7,200 miles across nine countries. Despite infrastructure challenges, Metallicaās efforts are a step towards greener logistics. Iveco CEO Gerrit Marx highlights these fuels as "more available and ready" than batteries and hydrogen.
TOGETHER WITH LEVITY
Levity helps fast-moving 3PLs and freight brokers to do more with less by automating the most time-consuming and repetitive email tasks.
Whether it's spot quoting, load building, or answering track-and-trace requests, Levity connects to your inbox, TMS and other tools like rating engines, extracting the right information no matter the language or format. It performs tasks on your behalf automatically in the background so you can save time and focus on building shipper relationships instead of data entry. Learn more on Levity.aitoday.
C.H. Robinson's 2024 Carrier of the Year Awards
C.H. Robinson just dropped its 2024 Carrier of the Year Awards, and itās a big deal. These awards spotlight the top-performing carriers who excel in operational performance and technology adoption. Out of 450,000 contract carriers in C.H. Robinson's network, here are the top 24.
A group photo of the winners at C.H. Robinson headquarters in Eden Prairie, MN. Source: C.H. Robinson
Why It Matters
If they do a great job servicing C.H. Robinson, the largest 3PL in our industry, then they'll probably do a great job for you. With increased competition, knowing whoās at the top can give you the edge.
It's interesting to note that this year, technology adoption is a key differentiator for standout carriers.
Use our referral code RA-FreightCaviar! to receive 3 months of AscendTMS Premium for free. It only takes 20 seconds to sign up and no credit card is required.
AscendTMS is the world's most popular & best-rated TMS.
Use our referral code RA-FreightCaviar! to receive 3 months of AscendTMS Premium for free.
It only takes 20 seconds to sign up and no credit card is required. Click here to learn more.
š AROUND THE FREIGHT WEB
š Reasons Truckers Take Money-Losing Loads. According to a survey by Overdrive, among truckers who took a money-losing load by choice, the majority did so to reposition in a better-demand area (29%) or to get home (27%).
š° Peterbiltās EV Order. Peterbilt secures a major order from Einride for 150 electric trucks, its largest one yet.
š Air Cargo Growth. In April 2024, North America's air cargo volume grew by 8.5%, a big improvement from March's 1.1%. Overall, global air cargo saw a year-over-year increase, with Asia/Pacific leading at 13.8%.
šØāāļø Towing Reform. Tennessee enacts a law to curb predatory towing practices, setting new standards and protections for truckers against overcharging and asset seizure.
š Amazonās Drone Expansion. Amazon's drone delivery program receives regulatory approval to operate beyond visual line of sight, expanding service range and access.
šļø Customs Crackdown. U.S. customs intensifies its scrutiny of Chinese e-commerce traffic, leading to a significant seizure and a 90-day suspension for Seko Logistics over compliance issues.
š£ FREIGHT CAVIAR CORNER
On today's live show, we'll be interviewing Kevin Nolan, Founder of Nolan Transportation Group (NTG) and Sope Creek Capital. Don't miss itātune in at 8 AM CT on LinkedIn.
š§ The FreightCaviar Podcast. Listen to this week's podcast on Spotify & Apple Podcasts.
Want to get your brand noticed by freight brokers? FreightCaviar can help. Work with us to get your services featured in our newsletter, podcast, and more. Plus, we write great articles about what you do. Get in touch with Paul at pbj@freightcaviar.com to learn more.
Iām Adriana, a writer and editor at FreightCaviar. Iāve covered everything from freight tech to industry lawsuits and market shifts, helping scale us to almost 14K subscribers. My goal: to make logistics stories digestible, clear, and fun to read.
Oil spikes to $120 on Iran news before settling near $106. Plus: another influencer shipment gets stolen, Wyoming can now pull your truck, 24 states sue over tariffs, and more.
The Supreme Court just heard arguments in the broker liability case weāve been tracking. Plus: oil shipping costs explode, trucking insurance is stuck in 1980, regulators brace for a carrier crackdown, and more.
Tucker Carlsonās 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.
Keep up with the freight broker world in 5 minutes.
Join over 14K+ subscribers to get the latest freight news and entertainment directly in your inbox for free. Subscribe & be sure to check your inbox to confirm (and your spam folder just in case).
