Plus, the offshore dispatchers your safety score can't catch, why Hormuz stays closed even after the war ends, what Triumph Financial's invoice volumes say about where freight is headed, and more.
"I think some TMS's are failing because they don’t understand what brokers do every day."
Plus, USPS gives non-domiciled CDL carriers an 11-day deadline, the spot-to-contract spread starts squeezing 3PLs, Knight-Swift trims its Q1 guide but stays bullish, and more.
Plus, the offshore dispatchers your safety score can't catch, why Hormuz stays closed even after the war ends, what Triumph Financial's invoice volumes say about where freight is headed, and more.
Happy Hump Day. The Top 100 freight brokerage rankings just dropped, and the moves at the top tell you everything about who actually won the downturn.
Plus:
and more.
🔌 Your Eld Is Lying. Or Someone Made It. According to Craig Fuller and Matthew Leffler on FreightWaves, offshore dispatchers in Serbia, Ukraine, and Russia are remotely editing driver logs, pushing some truckers past 20-hour days. Their key point: because these dispatchers operate abroad, the FBI can't touch them when a crash happens. Fuller and Leffler also note the FMCSA still allows ELD manufacturers to self-certify their own devices, meaning there's no independent verification that the hardware can't be tampered with. Watch here.
💳 Freight Factoring Is Having A Good Quarter. Triumph Financial processed 1.68 million invoices in Q1, up 20.5% year-over-year, with 31 fewer employees than a year ago. Average invoice size rose 8.3% from Q4, driven partly by diesel surcharges feeding into every load. The Payments segment EBITDA margin jumped from under 6% a year ago to 34% this quarter. More invoices means more loads moving. It's a clean read on where the market actually is right now.
⚓ Hormuz Won't Reopen Overnight. Even if the Iran war ended tomorrow, expect months before shipping normalizes. Iran mined the strait, and a military source told FreightWaves it took the U.S. six months to clear mines after the Iraq war, with a map. Nobody has a map this time. Marine insurers are charging up to 5% of hull value per transit, up to 10x pre-war rates. The diesel pressure on domestic carriers isn't resolving on a news cycle; it's structural.
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Every year, Transport Topics drops its Top 100 Logistics Companies list, the definitive ranking of North America's largest 3PLs by gross revenue.
For today, we're focusing on the sub-list of top freight brokerages.
The numbers reflect 2025 performance. Here's what changed, who climbed, and who's gone.
Rounding out the Top 10:
"I think some TMS's are failing because they don’t understand what brokers do every day."
Plus, USPS gives non-domiciled CDL carriers an 11-day deadline, the spot-to-contract spread starts squeezing 3PLs, Knight-Swift trims its Q1 guide but stays bullish, and more.
Plus, Super Ego fires back at 60 Minutes, China tells Maersk and MSC to exit Panama ports, New York loses $73.5 million over non-domiciled CDLs — and more in today's newsletter.
Plus, diesel's rising price streak finally snaps, a 13-year shipper relationship ends in a $726K lawsuit, Congress takes a real swing at cargo theft, and more in today's newsletter.
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