Yellow appears to be halting pickups in some areas of the Northeast, as well as Ohio, California and Texas, according to account executives who spoke to FreightWaves anonymously and company communication shared with FreightWaves. Nationwide, Yellow said in a memo sent to employees and shared to FreightWaves on Tuesday it was “limiting” pickup operations in…
Israel-based ocean carrier Zim (NYSE: ZIM) is cutting its exposure to the freight market by offloading multiple leased vessels. News of its divestment strategy was first reported in late June and fresh details are now emerging. There have been reports this week of seven early charter terminations by Zim as well as two sublets. Two…
After experiencing record sales growth during the COVID-19 pandemic, digital freight brokerage Surge Transportation says it was forced to file for bankruptcy protection as it was unprepared for the abrupt decline in product demand and soaring shipping costs that rocked the transportation industry in April 2022. Surge Transportation, headquartered in Jacksonville, Florida, filed its bankruptcy…
PS Logistics subsidiary P&S Transportation announced Tuesday it has acquired Jacksonville, Florida-based asset-based trucking and brokerage Rinaudo Enterprises. Rinaudo has a fleet of 56 tractors and 75 trailers hauling oversize loads throughout the U.S. Southeast and Midwest for the construction, agriculture and forestry industries. Its asset-based operations are known as Ringo Specialized Hauling. Financial terms…
A new cargo airline based in the United Kingdom kicked off operations Monday with a single freighter and the prestige of being the only Boeing 747 operator in the country. A freight recession would seem to be an inopportune time to launch a single-aircraft airline, but the founders of One Air sound confident the venture…