New Jersey hikes truck insurance minimum to $1.5M, higher than most states

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A recent change in New Jersey law requires a significant increase in the amount of coverage a large commercial vehicle must carry, raising the requirement to $1.5 million.  While some state legislators have been pursuing the change for several years, the final bill was approved last month and signed by New Jersey Gov. Phil Murphy….

Hub Group sees Q4 revenue fall 23% year-over-year to $985M

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Difficult market conditions led by shippers with high inventory levels, along with excess market capacity, created declining revenue in Hub Group’s fourth-quarter intermodal and logistics segments. “This led to challenging fundamentals in our more transactional service lines,” President and CEO Phil Yeager said during an earnings call with analysts after the market closed Thursday. “We…

Penske Logistics slashes over 200 truck drivers, warehouse jobs

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A major logistics company filed paperwork this week stating that it plans to cut more than 200 truck driver and warehouse jobs at its facilities in Washington and Oregon by March 31. Penske Logistics, headquartered in Reading, Pennsylvania, filed Worker Adjustment and Retraining Notification Act (WARN) notices in Washington and Oregon Tuesday, according to Alen…