Daily Infographic: January imports grew at fastest pace in 7 years
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Analysis: Expeditors blames pandemic volatility for results but needs to tackle bloat
On Monday, Seattle-based freight forwarder Expeditors International (NYSE: EXPD) released another lackluster quarterly earnings report, this time for the fourth quarter of 2023. Compared to Q4 2022, top-line revenue was down 34%, to $2.3 billion, operating income was down 40%, to $199 million, and net earnings were slashed by 28% to $159 million. Similar large…
CloudTrucks launches new offerings, acquires Shipwell’s brokerage
Trucking technology provider CloudTrucks recently acquired the brokerage arm of SaaS provider Shipwell to give its driver network more consistent loads and revenue streams. “We have been obsessing over what truck drivers need in the market,” CloudTrucks CEO and co-founder Tobenna Arodiogbu told FreightWaves. “As things started to turn in the market, I think there…
After big gain last week, key diesel benchmark price holds steady
After two weeks of trading in the futures market during which the price of ultra low sulfur diesel shot higher before sliding back down, the benchmark retail diesel price did much the same, coming in unchanged this week. The Department of Energy/Energy Information Administration average weekly retail diesel price effective Monday was $4.109 a gallon,…
FMCSA issues warning after chemical tank ‘rockets’ hundreds of feet
WASHINGTON — Federal regulators “strongly recommend” that owners of certain types of hazardous chemical tanks conduct voluntary tests due to the potential for catastrophic failure based on new test results. According to an advisory issued jointly by the Federal Motor Carrier Safety Administration and the Pipeline and Hazardous Materials Safety Administration, concern over the stability…