A high commission split means nothing without stability. Learn how credit exposure, factoring risk, and financial discipline impact freight agent income and why the right agency foundation matters most.
Rob Carpenter shares what the non-domiciled CDL ruling means for fleets, compliance, and rates.
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"The industry is dominated by the largest freight brokerages. Our estimates show the largest 150 freight brokerages account for 70% of the industry’s gross revenues."
Good morning. Transport Topics has released their annual report on the largest freight brokerage firms in 2024. There have been some noticeable changes since last year that we go over in today's read.
🤔 Question of the Day: In 2023, the top 20 brokerages accounted for roughly $69.7 billion. In 2024, the top 20 brokerages accounted for $__ billion. Find the answer in today's main story.
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🐔 WHAT’S COOKIN’ IN FREIGHT
🌬️ How a 260-Foot Wind Turbine Blade Gets Moved. A video posted to LinkedIn by Neil Cavill shows a giant wind turbine blade sneaking through a town at a crazy angle. Wondering how? It’s all thanks to the Blade Lifter System. This gadget tilts the blades up to 60 degrees and can turn a full 360 degrees, helping them fit through tight spots. Perfect for blades as long as 80 meters, it makes sure they can turn corners without a fuss. Plus, it’s better for our planet — fewer road changes mean less destruction, saved resources, and reduced pollution. Just in time for Earth Day, it’s a smart reminder of the neat ways we're keeping things green.
📉 J.B. Hunt's Rocky Q1 Numbers. J.B. Hunt's Q1 report reflects extended market challenges. They've posted earnings that fell short across the board: a 9% dip in revenue to $2.94 billion and earnings per share down at $1.22, missing estimates left and right. Their operating income also took a nosedive by 30%, and there was a 35% drop in diluted earnings per share. The company shared some bright spots: they've snagged Walmart's intermodal assets and sold around 690 new trucks. The dedicated segment shows a glimmer of resilience as well. Ahead lies more obstacles for Hunt, with cost pressures mounting and unmoving intermodal volumes.
🎙️ FreightCaviar On a Podcast Marathon. FreightCaviar has set up shop in Chicago, stacking up some awesome freight content for you. Here's a sneak peek at what's dropping soon: Andy Tomka, the VP of Product at MVMNT, talks all about his journey from Echo Global Logistics to TMS mastery. Ryan Schreiber of Metafora chats about swapping from law to logistics, helping found freight startups before switching to consulting. Will Jenkins of Journey dives into relationship-building in freight and talks about his new venture. These are just a few of the podcasts we'll be rolling out next month. Plus, we're filming even more today. Keep an eye on your newsfeeds.
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The freight brokerage arena's top contenders are in the spotlight with the release of the Transport Topics Top 100 Freight Brokerages list. The details reveal what a wild ride it's been.
Yet, amidst the skid, Schneider stands out, bucking the trend with revenue climbing from $1.64 billion to $2.2 billion, Andrew Silver points out.
There's a shake-up at the bottom of the leaderboard, with some familiar names slipping from the top 20. Redwood's taken a tumble from $1.2 billion down to $640 million. Convoy's hit the road, no longer on the list. And Trinity? They've dropped off but managed to keep the revenue dip less drastic than some.
The freight brokerage landscape is morphing, with Brush Pass Research noting a steep -15.1% revenue descent in 2023.
But revenues are still sitting 56% prettier than 2019, and the industry's got control of 300,000 truckloads a working day.
Margins matter, with an estimated true net sales figure of $20.24 billion.
Yet, as Tim Higham indicates, whispers from the TIA conference hint that the first half of 2024 could be even bumpier than the second half of 2023.
Another interesting perspective comes from looking at the Top 20 compared to the rest of the freight brokerage market. Kevin Hill of Brush Pass Research also points out:
"The industry is dominated by the largest freight brokerages. Our estimates show the largest 150 freight brokerages account for 70% of the industry’s gross revenues. The top 3.5% of the 27,450 freight brokerages with active authorities, account for 88% of gross revenues."
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AROUND THE FREIGHT WEB
👩 Man, I Love Freight(Moms). We're happy to hear that FreightCaviar has reached the email inboxes of TQL moms who are wondering just what their kids are up to on the job.
🔍 Carrier Vetting. Truckstop introduces new carrier vetting services, answering the growing industry call for more safeguards against fraud.
📈 Markets & Mayhem. US goods imports surge as inventories decrease. Good news as it means robust demand and a potential increase in freight needs across the country.
⚖️ Baltimore Lawsuit. The City of Baltimore sues a cargo ship's owner over the Key Bridge collapse, with the FBI investigating the circumstances and accountability.
📉March Freight Metrics. According to Cass data, March shipments fell 2.3% seasonally adjusted from February and are 3.6% lower than last year, with overall slight declines.
FREIGHT MEME OF THE DAY
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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.
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