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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
UPS pilots pledge solidarity with Teamsters, promising to halt flights if a strike occurs. The move puts UPS's labor costs and customer relationships at risk.
The Independent Pilots Association (IPA), representing UPS pilots, has announced they will not cross picket lines if the Teamsters union members strike once the current contract expires on August 1. A strike by 340,000 Teamsters workers could effectively shut down UPS Airlines operations as few personnel would be available to load and unload aircraft or process packages. Despite the possibility of UPS employing a skeleton crew to maintain international and overnight flights, industry analysts predict substantial losses if a strike occurs, with a notable impact on customers and the company's future operations.
Source: FreightWaves
I think the chances of an agreement between UPS and the Teamsters is far more likely than one between Yellow and the Teamsters.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 19, 2023
The Teamsters need UPS as much as UPS needs the Teamsters. Unfortunately, it looks like the Teamsters have already written Yellow off.
Air cargo spot rates experienced a significant drop in June, causing unease among airlines and forwarders.
Global air cargo demand remains weak, barring southern China's strong e-commerce volumes. Rates see region-specific shifts amidst rising operational costs.
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