Trailer leasing companies are wary of trusting their trailers to a freight broker who doesn’t have assets. Unlike asset-based motor carriers, freight brokers typically can’t get the needed insurance coverage to protect those trailers. “There is a strict auto liability and physical damage insurance requirement at many leasing companies, and insurance markets haven’t been willing…
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WASHINGTON — Concerns about fairness and fraud are part of a new report to Congress outlining regulators’ rationale for not making permanent a waiver providing flexibility on how truck drivers’ CDL knowledge tests are administered. Instead, the Federal Motor Carrier Safety Administration is moving ahead on plans for new testing oversight standards in an upcoming…
Morgan Stanley on Thursday lowered profit expectations for FedEx for the fiscal year fourth quarter that just ended, partially because of a double-digit decline in domestic flight activity, an indicator that the company moved significantly fewer parcels than previously assumed. The global financial services company also warned FedEx (NYSE: FDX) revenues could be more important…
The Pablo, a 26-year-old tanker engaged in the sanctioned “shadow” crude trades, exploded off the coast of Malaysia in early May, killing three crew. Older tankers that would normally be scrapped are now earning top dollar carrying crude and diesel for Russia. By some estimates, a tenth of the global tanker fleet is now involved…