Two companies providing expedited ground service between major airports are finding success in a new partnership aimed at garnering a big slice of a multibillion-dollar total addressable market. Midwest Express and Sterling Transportation inked an agreement earlier this month that provides each access to the other’s capacity and moves both closer to operating what will…
Its stock having declined nearly 91% since the end of July, Forward Air now has been hit with two more downgrades of its debt rating. Moody’s Ratings last week downgraded the ratings of ClueOpCo, a wholly owned subsidiary of Forward Air that was created following the so-far-disastrous acquisition of Omni Logistics last year. The Moody’s…
This year’s hurricane season is poised to be more active than normal, with up to 25 named storms predicted by experts. And, the Texas coast is forecasted to be seriously at risk. AccuWeather Lead Hurricane Forecaster Alex DaSilva told FreightWaves that the weather forecasting agency is predicting 20 to 25 named storms this hurricane season,…
Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Port of Eagle Pass, Texas, fastest-growing border crossing in the U.S.; Port of Brownsville snags Westa flour mill; Siete Leguas Automotive opens $54M factory in Durango, Mexico; and CBP intercepts $18M worth of meth in shipment…
A California company, which once contracted with FedEx Ground to deliver packages before filing suit against the global delivery giant (NYSE: FDX) in November over alleged illegal business practices, has filed for bankruptcy liquidation. PYNQ Logistics Services Inc., doing business as PLS Inc. of Pleasanton, California, filed its petition Wednesday in the U.S. Bankruptcy Court…