Workhorse Group reported a larger loss in the first quarter and is short on cash. But it made progress toward ramping up Class 4 electric stepvans and chassis cabs. The Cincinnati-based company is slowly emerging from an extensive and expensive overhaul led by CEO Rick Dauch. Since he joined the company in August 2021, he…
The double-digit declines keep piling up for container shipping. The Port of Long Beach said Friday that April imports fell 22% from the year before. Taiwanese carriers Evergreen and Yang Ming reported that first-quarter profits sank 95% and 94% year-on-year (y/y), respectively. South Korean ocean carrier HMM said Monday that its first-quarter net income declined…
On today’s episode of WHAT THE TRUCK?!? Dooner is talking to Reliance Partners’ Thom Albrecht about what the banking crisis means for your freight. Do four financial failures make for a crisis? We’ll answer how it is impacting fleet and consumer spending and what’s trending in banking and the freight recession. It’s reefer madness when…
“It’s the worst freight market since the Great Financial Crisis.” This statement is commonly heard on our channel checks among carrier and broker executives and often repeated on social media. Now we have some evidence to support it. The National Truckload Index (NTI), available on SONAR, which measures the average national truckload spot rate, is…
St. Louis-based autonomous rail car developer Intramotev has received a $200,000 grant to deploy three self-propelled rail cars at a mining site in the Upper Peninsula of Michigan. Intramotev expects to deploy its TugVolt rail cars in late 2023. The company has been testing its battery-electric rail car prototype at its St. Louis headquarters. “We…