Chart of the Week: Van Contract Initial reporting of average base rate per mile, National Truckload Index excluding estimated fuel costs above $1.20/gal – USA SONAR: VCRPM1.USA, NTIL12.USA Truckload dry van contract rates (VCRPM1) have flatlined over the past two months after dropping ~13% over the previous nine months. This is happening despite spot rates (NTIL12) still offering…
FedEx Corp., the nationwide parcel delivery giant, said it is eliminating jobs at a facility in Fort Worth, Texas, after losing a customer, according to a recent notice sent to state officials. The facility is located at 13550 Independence Parkway in Fort Worth, where FedEx employs 806 people, of which approximately 280 will be affected….
WASHINGTON — A federal watchdog has found that too many Mexican-based trucking companies moving long-haul freight into and out of the U.S. are receiving lax oversight from the Federal Motor Carrier Safety Administration. The finding, in a report released Friday by the U.S. Department of Transportation inspector general’s (IG) office, is based on FMCSA’s compliance…
“Over the past century, Henry Ford’s innovation — the automotive assembly line — has transformed virtually every manufacturing process. Now a new innovation is following a similar trajectory. Real-time visibility solutions, developed and battle-tested by the automotive leaders, are transforming every industry, from health care to retail to defense.” – Greg Nelson, FreightVerify When Greg…
Nikola Corp. added $107 million in unrestricted cash to its balance sheet from asset and stock sales in the second quarter. But its year-over-year loss grew as production of hydrogen-powered fuel cell trucks began. The electric truck and hydrogen distribution startup reported revenue of $15.36 million compared to $18.13 million in the year-ago quarter. The…