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The post Daily Infographic: Mexico starts 2023 as top US trade partner appeared first on FreightWaves.
The post Daily Infographic: Mexico starts 2023 as top US trade partner appeared first on FreightWaves.
Cargo revenue at leisure carrier Sun Country Airlines jumped 18% year over year in the second quarter to $25 million as aircraft flown for Amazon, its dedicated cargo customer, were fully available after experiencing downtime for maintenance in 2022. The airline’s overall health improved markedly during the three-month period, with revenues growing 19% to $261…
The International Brotherhood of Teamsters said late Sunday that it had been notified that less-than-truckload carrier Yellow Corp. has ceased operations and will file for bankruptcy. “Today’s news is unfortunate but not surprising,” stated Sean O’Brien, Teamsters general president. “Yellow has historically proven that it could not manage itself despite billions of dollars in worker…
Spot rates for very large crude carriers (VLCCs) — tankers that carry 2 million barrels of oil — just crossed the $100,000-per-day threshold. It could be a taste of things to come. Analysts and investors are increasingly confident that the tanker business is headed into a long, sustained upcycle. “VLCC rates have surged at the…
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…
Furniture retailer Ikea said an affiliate has acquired supply chain software provider Made4net. The deal is expected to improve the company’s end-to-end fulfillment network. The investment arm of Ingka Group, which is Ikea’s largest store owner and operator, made the acquisition on Wednesday. Based in Teaneck, New Jersey, Made4net is a cloud-based supply chain and…
Entering the third quarter of 2023, the freight market is at a crossroads, teetering between tumult and a potential step toward balance. The first half of the year, best characterized by a capacity glut that pushed truckload spot rates underwater, has shown signs of bottoming. Now, the turmoil at major carriers is beginning to make…