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☆ Logistics companies scramble after bridge collapse closes Port of Baltimore until further notice
▼ + stars: | 2024-03-26 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed, Baltimore, Maryland, on March 26, 2024. At the time of the collision, the vessel had two pilots from the Port of Baltimore on board. The steel frame of the Francis Scott Key Bridge lies in the water after it collapsed in Baltimore, Maryland, on March 26, 2024. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. "The collapse of the Baltimore bridge primarily affects coal exports from CNX and CSX terminals," said Madeleine Overgaard, dry market data manager for the global trade data platform Kpler.

Persons: Francis Scott Key, Dali, Roberto Schmidt, Paul Brashier, Brashier, Goetz Alebrand, Wes Moore, Larry, Richard Meade, Meade, Kena Betancur, Andy Lipow, Lipow, Helen Delich Bentley, Judah Levine, Madeleine Overgaard, Levine, Tasos Katopodis Organizations: Afp, Getty Images Logistics, Port, Eastern Seaboard, ITS Logistics, Getty, Americas, DHL Global, Maryland Gov, Baltimore, AFP, Uber Freight, IKEA, Lipow Oil Associates, Maersk, Freightos, CSX, East, Francis Scott Key Bridge Locations: Baltimore , Maryland, Baltimore, New York, New Jersey, Norfolk, Port of Baltimore, Colombo, Sri Lanka, Port, American, Taicang Port, Suzhou, China's, Jiangsu, East Coast, Norfolk , Virginia, Maryland, Midwest, New England, Virginia, North East , Maryland, Gulf Coast, Philadelphia, Suez, CNX, Freightos, Asia, U.S

☆ A trucking and rail strategy that boomed during pandemic shocks is heating up again
▼ + stars: | 2024-03-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

The shift in the volume of freight being moved from the East Coast to the West Coast was first highlighted in February in the ITS Port Rail Ramp Freight Index. He said the disruptions from the Suez Canal and Panama Canal have contributed to an almost 20% increase into the West Coast ports. "For our ports, transloading containers is always going to happen and we have the capacity to do more." The West Coast container volume rebound will also have a ceiling. "We probably don't get to the historical 10-year levels of West Coast market share versus East Coast share," Chan said.

Persons: Michael Aldwell, Kuehne + Nagel, Chris Sikora, CH Robinson, Sikora, Tim Robertson, transloading, Paul Brashier, We're, Brashier, Bryan Kempisty, Matt Schrap, Bruce Chan, Chan, CH, Bascome Majors, J.B, Hunt, Schneider, JB Hunt, Jason Seidl, Knight, Swift, Seidl, Larry Organizations: Getty, U.S, Logistics, CNBC, Kuehne, Transportation Intelligence, . Logistics, DHL Global, ITS, Rail, ITS Logistics, Department of Transportation's, PortX Logistics, Harbor Trucking, J.B, Susquehanna International Group, Hub Group, Schneider, Union Pacific, Cowen Group, Universal Logistics Holdings, East, International Longshoremen's Association, Surface Transportation, Canadian Pacific, Kansas City Southern, Uber, Uber Technologies Locations: West Coast, East Coast, Panama, East, Red, Gulf, transload, transloading, West, Suez, Hunt, CH Robinson, Sea, Mexico, Kansas, Mobile , Alabama, Coatzacoalcos, Veracruz, Gulf of Mexico

☆ Cargo theft spiked over 57% in 2023 vs. 2022, new data shows
▼ + stars: | 2024-01-22 | by ( Andrea Miller | In Dreajmiller | ) www.cnbc.com time to read: +1 min

Cargo theft incidents were up more than 57% in 2023 compared with the year prior, according to CargoNet, a Verisk company. I haven't seen cargo theft at this level," Scott Cornell, the national practice transportation lead at Travelers, told CNBC. Nearly $130 million worth of goods was stolen in 2023, but since reporting cargo theft is not mandatory, the amount is likely higher than this, according to CargoNet. "Now, we're probably taking in about 220 plus a month of cargo theft events." Cargo theft refers to goods being stolen at any point in the transportation journey and incidents have reached unprecedented levels.

Persons: Scott Cornell, Keith Lewis, we're, Ron, they're, Barry Conlon Organizations: Travelers, CNBC, Cargo Locations: CargoNet, California , Texas, Florida, Louisville , Kentucky

☆ The global freight recession will continue in 2024: CNBC Supply Chain Survey
▼ + stars: | 2023-11-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

watch nowThe global shipping industry has been mired in a freight recession this year and the challenging economic conditions will continue into 2024, according to a new CNBC Supply Chain Survey. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. "Without more freight moving, 2024, and potentially 2025, will continue to see soft pricing as capacity outstrips demand," he said. Freight trucking will remain soft Trucking companies get paid per load, and low expectations for orders imply potentially lower revenue this holiday season. A slightly better second half 2024 outlook The survey shows expectations for a slight turnaround in freight volume in the second half of 2024.

Persons: Robinson, Kuehne, Nagel, Zhang Jingang, Alan Baer, Noah Hoffman, Jeff Bezos, Uber, Tim Robertson, Robertson, Brian Bourke Organizations: CNBC Supply Chain Survey, CNBC, Chain Survey, SEKO Logistics, DHL Global, USA, ITS Logistics, Getty, Logistics, C.H, Surface Transportation, Convoy, Tank Transport Locations: Qingdao, Shandong province, China

☆ The holiday spending outlook is sluggish across thousands of retailers: CNBC Supply Chain Survey
▼ + stars: | 2023-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

Photographer: Christopher Dilts/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesAs holiday shopping season begins, lack of big orders from retailers is the rule amid fears that consumer spending will be weak, according to a new CNBC Supply Chain Survey. At the CNBC Evolve Global Summit last Thursday, Target CEO Brian Cornell said the company is doubling down on its cautious outlook for the holiday season. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. Lunar New Year and order volumes The CNBC Supply Chain Survey underscores an overall climate of uncertainty that is defining the market right now. The freight trucking recession Trucking companies get paid per load, and the low expectations for orders imply potentially lower revenue this holiday season.

Persons: Christopher Dilts, Robinson, Noah Hoffman, Hoffman, Jeremy Barnum, Brian Cornell, Raj Subramaniam, restocking, Kuehne, Nagel, Paul Brashier, Tim Robertson, Robertson, Brian Bourke, Elmer Buchta, Jeff Bezos, Uber, Brashier, Berkshire Hathaway, Alan Baer Organizations: Bloomberg, Getty Images Bloomberg, Getty, CNBC Supply Chain Survey, North American Surface Transportation, CNBC, Global, FedEx, Chain Survey, SEKO Logistics, USA, ITS Logistics, Amazon, Maersk, Logistics, Convoy, Tank Transport, U.S ., Union Pacific, BNSF, Norfolk Southern, CSX Locations: Chicago , Illinois, C.H, U.S, China, United States, Montana, Indiana, Panama, West Coast, U.S . West Coast, Los Angeles, Berkshire, West, East Coast

☆ Venture Capital Cools on Supply-Chain Tech Startups
▼ + stars: | 2023-11-02 | by ( Liz Young | ) www.wsj.com time to read: 1 min

A truck with self-driving technology from Aurora Innovation hauls an Uber Freight trailer. Photo: AURORA/via REUTERSVenture-capital firms that once provided supply-chain technology startups with hefty backing at gaudy valuations have been tightening their pursestrings this year, pushing some of the businesses to slash costs, cut staff and look for other ways to survive in a weak freight market. Thinning investor support contributed to the collapse of digital freight startup Convoy, which ceased operations in October just 18 months after topping out at a $3.8 billion valuation.

Organizations: Aurora Innovation, REUTERS Venture, Convoy

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Aurora got self-driving trucks on the roadTrucking is an integral part of the economy, representing over 70% of freight moved in the U.S. Yet, it is dogged by driver shortages, safety issues and supply chain challenges. Pittsburgh-based Aurora is hoping to solve these problems and more by bringing self-driving technology to trucks. While other autonomous companies such as Starsky Robotics and TuSimple have folded or scaled back efforts in the U.S., it is now delivering loads for customers such as Uber Freight and FedEx in Texas.

Persons: Aurora Organizations: Pittsburgh, Starsky Robotics, Freight, FedEx Locations: U.S, Texas

☆ Inside Aurora’s autonomous trucking operation in Texas
▼ + stars: | 2023-08-06 | by ( Andrew Evers | ) www.cnbc.com time to read: +1 min

Trucking is an integral part of the economy, representing over 70 percent of freight moved in the U.S. Yet, it is dogged by driver shortages, safety issues and supply chain challenges. With the Aurora Driver, you'll be able to do that in about 24 hours," says Aurora co-founder and CEO Chris Urmson. The company is training its system with safety drivers on routes between Dallas and Houston, and Dallas and El Paso. CNBC got an exclusive behind-the-scenes look at its self-driving operation outside of Dallas.

Persons: you'll, Chris Urmson, Schneider, Werner Organizations: Pittsburgh, Innovation, Aurora, Starsky Robotics, Freight, FedEx, CNBC Locations: California, Dallas, U.S, Aurora, Texas, Houston, El Paso

The San Francisco-based company's shares rose about 4% in premarket trading, while rival Lyft's shares increased 2%, as Uber also reported a surprise second-quarter profit. However, Uber reported second-quarter revenue of $9.23 billion, missing analysts' estimates of $9.33 billion, according to Refinitiv IBES data, as a weak freight market pinches. Trips across Uber's markets during the quarter grew 22% to 2.3 billion, representing an average of 25 million trips per day. Uber reported a profit of 18 cents per share in the second quarter, while analysts were expecting a loss of 1 cent per share. The company's quarterly net profit of $394 million included a $386 million pre-tax benefit due to unrealized gains stemming from the revaluation of Uber's equity investments.

Persons: Uber, Dara Khosrowshahi, Nelson Chai, Lyft, Khosrowshahi, Gross, Akash Sriram, Peter Henderson, Shounak Organizations: Technologies, Reuters Graphics Reuters, Thomson Locations: San Francisco, United States, U.S, Canada, Bengaluru

☆ US trucking firm Yellow shuts ops, to file for bankruptcy, Teamsters say
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Cash-strapped U.S. trucking company Yellow Corp (YELL.O) has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Yellow, formerly called YRC Worldwide, did not respond to a Reuters request for comment. The company was the third-biggest U.S. trucker specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. The Wall Street Journal reported the closure of the trucking firm's operations citing notices sent to customers and employees. On Monday, another 128 union members at YRC Freight Canada, a unit of Yellow, were told not to report for work.

Persons: Sean M O'Brien, Donald Trump, Yana Gaur, Urvi, Bharat Govind Gautam, Chris Reese, Stephen Coates, Nivedita Organizations: Yellow Corp, Teamsters Union, YRC, Teamsters, Walmart, Uber, Street Journal, YRC Freight, Thomson Locations: Nashville , Tennessee, YRC Freight Canada, Bengaluru

☆ U.S. Trucking firm Yellow prepares for bankruptcy - WSJ
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - U.S. trucking firm Yellow (YELL.O) is preparing to file for bankruptcy, the Wall Street Journal reported on Wednesday, as customers abandon the company amid a cash crunch and union negotiations. The company could seek bankruptcy court protection as soon as this week, though no decision has been made, the report said, citing people familiar with the matter. On Sunday, the third-biggest U.S. trucking company averted a threatened strike by 22,000 Teamsters-represented workers after compensating more than $50 million it owed in worker benefits and pension accruals. In 2020, the Donald Trump led government rescued the company with a $700 million pandemic relief loan in exchange for a 30% stake. Reporting by Urvi Dugar and Mrinmay Dey in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump, Urvi Dugar, Mrinmay Dey, Arun Koyyur Organizations: Wall Street, Reuters, U.S, Teamsters, Walmart, Uber, Thomson Locations: U.S, Bengaluru

☆ Strike at trucking firm Yellow averted after deal
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

July 23 (Reuters) - U.S. trucking firm Yellow (YELL.O) averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals. Yellow is the third-biggest U.S. trucking company specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. Competitors, who are grappling with a sharp drop in freight volume, are expected to cherry-pick the company's customers, trucking experts and analysts said. It has successfully won such concessions in the past, but this time was rebuffed by new Teamsters General President Sean O'Brien. A federal judge in Kansas on Friday rejected Yellow's request to block the Teamsters from striking over the delinquent benefit payments.

Persons: Donald Trump, Sean O'Brien, O'Brien, O’Brien, Yellow's, Lisa Baertlein, Ananta Agarwal, Mrinmay Dey, Diane Craft, Chris Reese Organizations: Teamsters, Central, U.S, Walmart, Uber, Apollo Global Management, . Company, International Brotherhood of Teamsters, United Parcel Service, Thomson Locations: U.S, Central States, Nashville , Tennessee, Kansas, Los Angeles, Bengaluru

☆ Flexport Taps Uber Freight Executive to Build Truck Brokerage
▼ + stars: | 2023-05-18 | by ( Liz Young | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/flexport-taps-uber-freight-executive-to-build-truck-brokerage-8fd6f459

☆ Uber explores logistics unit sale, IPO - Bloomberg News
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Uber Technologies Inc (UBER.N) is exploring whether to spin off its Uber Freight logistics unit in a sale or as a separate publicly traded firm, Bloomberg News reported on Wednesday, citing people familiar with the matter. If the company lands on an IPO, it may not happen until next year and will depend on market conditions, the report added. Uber launched the freight division in 2017 and acquired logistics firm Transplace in 2021 for $2.25 billion. Uber Freight connects truckers with shippers, acting as a middle-man in the long-haul trucking business. In January, the division said it would lay off roughly 150 employees, or about 3% of its workforce.

☆ Uber Might Need to Stow Its Freight Train
▼ + stars: | 2023-03-07 | by ( Laura Forman | ) www.wsj.com time to read: 1 min

Dara Khosrowshahi, CEO of Uber, said freight needs to grow to appeal to investors. Uber Technologies has amassed a nearly $7 billion business in a different kind of transportation that investors never talk about but should at least be thinking about. Uber Freight functions much like Uber Rides or Uber Eats in digitally connecting available carriers with shipments. Carriers get upfront pricing, and shippers can track shipments from pickup to delivery.

☆ Weeks after mass layoffs, Flexport CEO Dave Clark says most of the company's work can be automated — it's just a 'question of time'
▼ + stars: | 2023-03-02 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +4 min

Dave Clark is now sole CEO at Flexport after previously sharing the job with founder Ryan Petersen. The Amazon veteran said an "overwhelming majority" of work at firms like Flexport can be automated. Striving for automation is common among tech-focused logistics companies, but few have delivered. The goal of automating most of the coordination — like sending emails — in the freight industry is common among venture-backed logistics technology companies. AAutomation-driven logistics technology is still receiving attention from investors despite overall trade volume and venture investment cooling.

☆ UPS's Coyote freight brokerage lays off workers as demand falls
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

LOS ANGELES, Feb 17 (Reuters) - Coyote Logistics, United Parcel Service's (UPS.N) nonunion freight brokerage subsidiary, on Friday said it was laying off workers as rising interest rates, inflation and a resumption of pre-pandemic consumer spending patterns weaken demand for trucking services. A Feb. 16 report from transportation news provider FreightWaves said 200 jobs would be eliminated. That demand slowed when restaurant dining reopened, travel resumed and global economies started flashing recession warnings, and now those same companies are slashing jobs. UPS is also cut union jobs in its mainstay delivery service. Affected unionized workers with seniority have the option of leaving the company or taking a different role, which could mean that employees with less seniority lose their positions.

☆ FedEx to cut senior jobs as part of larger staff reduction
▼ + stars: | 2023-02-01 | by ( Lisa Baertlein | ) www.reuters.com time to read: +3 min

FedEx did not say how many positions would be affected by the new layoffs. In mid-September, FedEx pulled its profit forecast and shares swooned more than 20% - the largest single-day drop in the company's 50-year history. But those numbers only tell part of the story because they exclude roughly FedEx 6,000 contractors and their workers, who handle most of the FedEx Ground's home delivery business. FedEx already has temporarily furloughed workers at its trucking division FedEx Freight as the pandemic-fueled e-commerce delivery bubble deflates and recession threatens, joining transportation-focused companies ranging from delivery upstart Amazon.com (AMZN.O) and trucking company C.H. Robinson Worldwide (CHRW.O) to freight broker Uber Freight and freight forwarding startup Flexport in announcing layoffs.

☆ Uber Freight laying off 150, about 3% of workforce
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Uber Freight said Tuesday it will lay off roughly 150 employees, or about 3% of its workforce, as economic uncertainty hammers demand for shipping services. The division of rideshare company Uber Technologies (UBER.N) said the layoffs will be limited to its digital brokerage operations that match shippers with truckers seeking to haul cargo. With the move, Uber Freight joins trucking firm C.H. Robinson Worldwide (CHRW.O), freight forwarding startup Flexport, and financial services and technology firms in shedding jobs this year. Reporting Nivedita Balu in Bengaluru and Lisa Baertlein in Los AngelesOur Standards: The Thomson Reuters Trust Principles.

Uber Freight has laid off 150 employees, or about 3% of the segment's total headcount. The layoffs impact the division's Digital Brokerage team, Uber Freight CEO Lior Ron said in a Monday message viewed by CNBC. Uber launched its freight unit in 2017 with a belief that trucking companies and laden goods could be matched using the same concept that underpinned the company's ride-hailing technology. Uber CEO Dara Khosrowshahi said last week at the World Economic Forum in Davos that he isn't planning companywide layoffs. In Nov. 2022, delivery service DoorDash laid off 1,250 workers, or 6% of its headcount, weeks after ride-sharing platform Lyft cut 13% of its headcount.

☆ Freight Broker C.H. Robinson Ousts CEO Bob Biesterfeld
▼ + stars: | 2023-01-03 | by ( Liz Young | ) www.wsj.com time to read: +6 min

Mr. Anderson, 56, stepped down as chair, a position he has held since 2020. Mr. Anderson doesn’t plan to be considered as a candidate for the permanent position, according to the securities filing. Robinson and this exceptional team,” Mr. Biesterfeld said in a statement released by the company. Robinson is by far the largest player in the U.S. freight brokerage market, one that matches freight shippers with available trucks. “We got ahead of ourselves in terms of head count,” Mr. Biesterfeld said on Nov. 2.

☆ Uber, Aurora to expand self-driving truck ops in Texas to meet holiday rush
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Uber Technologies Inc (UBER.N) and self-driving technology company Aurora Innovation Inc (AUR.O) will expand their driverless pilot program in Texas to meet increased delivery demand during the holidays. Uber Freight is a platform which connects shippers who need goods moved with available truck drivers. The companies launched their pilot program about a year ago to autonomously transport goods between Dallas and Houston. "We're crafting Aurora Horizon to help carriers of all sizes alleviate some of the supply-chain pressures that typically accompany (holiday season)," Aurora co-founder Sterling Anderson said. Aurora Innovation, which also counts FedEx Corp (FDX.N) and Toyota Motor Corp (7203.T) as partners, looks to launch the Aurora Driver self-driving platform at the end of 2024.

A once-bustling logistics mergers-and-acquisitions market is quieting down as slipping freight demand and higher borrowing costs dampen deal making in the sector. Company valuations are moderating in a softening freight market and rising borrowing costs are making deals tougher to complete. The market for freight and logistics companies surged during the pandemic as retailers sought to rush goods to consumers, fueling strong growth in shipping demand, higher freight rates and record profits for companies ranging from regional truck operators to international freight forwarders. Foreign-based ocean carriers and freight forwarders have also shown great interest in the U.S. logistics market as they seek to expand their end-to-end supply-chain services. But logistics companies looking to expand their reach and private-equity firms looking to expand existing logistics portfolios are still hunting deals.

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