WASHINGTON — Legislation that could shut down a port’s container operations for an alleged security risk is misleading and misguided, according to the American Association of Port Authorities. The Port Crane Security and Inspection Act of 2023, introduced Wednesday by U.S. Reps. Carlos Gimenez, R-Fla., and John Garamendi, D-Calif., would require federal authorities to inspect…
Welcome to the WHAT THE TRUCK?!? Newsletter presented by Dunavant. In this issue, used truck prices and spot rates fall; Pete’s new truck; self-driving data hogs; and more. Used truck prices plummet along with market SONAR Down $55,000 — If you’ve been holding off on buying a truck due to the massive inflation in that…
Germany’s Hapag-Lloyd, the world’s fifth-largest shipping line, posted better-than-expected results for the first quarter of 2023, with freight rates averaging $3,998 per forty-foot equivalent unit, 85% above pre-COVID levels. “Volumes remained subdued as the inventory correction starting in the second half of last year continued, but the numbers started to look a little better toward…
Pitney Bowes CEO Marc Lautenbach continues in his job despite the election of four director candidates proposed by Hestia Capital Management to its board. Shareholders voted at the Pitney Bowes Inc. annual meeting Tuesday to approve four of the board candidates proposed by the investment firm. However, longtime IT executive Lance Rosenzweig, Hestia’s choice to…
U.S. Xpress, on the verge of being acquired by Knight-Swift, recently laid off about 150 employees as its earnings report filed with the Securities and Exchange Commission showed a significantly widened loss for the truckload carrier. “We did recently make the difficult decision to reduce roles in a few business areas in response to challenging…