By a vote of 161-1, Teamsters local unions representing 340,000 full- and part-time workers at UPS Inc. (NYSE: UPS) voted Monday to endorse the tentative five-year agreement reached with the delivery giant on July 25 and recommend its passage by the full membership. Of the 176 local unions with UPS members, 14 affiliates failed to…
The benchmark diesel price used for most fuel surcharges rose by an amount seen only a few times in the history of the data series. A one-week jump of 22.2 cents a gallon has been surpassed several times in the history of the Department of Energy/Energy Information Administration average retail price. That was the increase…
Western Global Airlines has struck a deal with creditors for $77 million in financing that would allow it to keep operating while it restructures its debt in a potential bankruptcy, Bloomberg reported on Monday. Speculation about a potential Western Global bankruptcy has increased in recent months after Moody’s and Fitch withdrew credit ratings for the…
Canadian transport company TFI International (NYSE: TFII) on Monday reported revenue, including fuel surcharges, of $1.79 billion in the second quarter, down from $2.42 billion in the 2022 quarter as weaker volumes ate into its top line. Operating income was halved to $192.4 million from $391 million, while adjusted diluted earnings per share dropped to…
UPS Inc. (NYSE: UPS) lost about 5% of its domestic average daily volume, almost exclusively to rival FedEx Corp., (NYSE: FDX) due to shipper concerns over a possible strike by the Teamsters union, according to consultancy ShipMatrix Inc. ShipMatrix, which compiles extensive data on industry trends and issues, said about 1 million parcels were diverted…