A 70-year-old California-based less-than-truckload carrier ceased operations Thursday, leaving over 170 truck drivers, warehouse workers and office personnel without jobs, paychecks and paid time off (PTO). The formerly family-owned company, Tony’s Express, headquartered in Fontana, had 87 drivers and 42 power units at the time of its closure, according to the Federal Motor Carrier Safety…
The detailed finances of short-line rail operator Genesee & Wyoming (G&W) haven’t been available since it was bought by an infrastructure-focused investment firm in 2019. But G&W has publicly traded debt, and that means rating agencies issue reports on certain aspects of its finances. And last week, in a report that is almost two reports…
Managed transportation provider Sheer Logistics announced Tuesday it has acquired freight brokerage CargoBarn. The strategic move enhances Sheer Logistics’ brokerage services, diversifying the type of freight in its portfolio. The acquisition aims to strengthen the company’s ability to handle future cyclical market shifts. Terms of the acquisition were not disclosed. “We see this as a…
iAero Airways, the largest passenger charter and cargo carrier in the U.S., will cease operations on Saturday after an unsuccessful effort to restructure the company under bankruptcy protection, President Timothy Rainey informed employees. Headquartered in Greensboro, North Carolina, iAero operates several narrowbody cargo jets for DHL Express. Other customers include the National Hockey League and…
The benchmark diesel price used for most fuel surcharges moved below the $4-a-gallon mark this week, another sign that for all the developments that seem primed to send prices higher, “balance” appears to be the best word to describe the market for now. The Department of Energy/Energy Information Administration average retail diesel price fell 3.8…