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After experiencing two years of record growth during the COVID-19 pandemic, Jacksonville, Florida-based Surge Transportation, a digital freight brokerage, sought to find a buyer and slashed its rates and workforce nearly a year before it filed for Chapter 11 bankruptcy protection on Monday. “In the first half of 2022, demand for excess motor carrier capacity…
Logistics warehouse operator Prologis slightly lowered its 2024 guidance on Wednesday as it expects leasing activity to “stay competitive” in some markets. It’s calling for occupancy and net operating income to step lower. Prologis (NYSE: PLD) reported core funds from operations (FFO) of $1.28 in the first quarter of 2024, which was in line with…
Universal Logistics Holdings’ first-quarter financial results show year-over-year decreases in its trucking, brokerage and intermodal segments. “Despite the significant headwinds we faced in our transactional transportation services, the transportation and logistics community saw a first quarter wrapped in inventory restocking, excess capacity and low demand for consumer goods,” Tim Phillips, Universal Logistics CEO, said during…
The shipping cycle is famously volatile. Just ask anyone involved in the container shipping business in 2020-2022. Time it right, buy exposure to the cycle at the bottom and sell at the top, and you’ll make a fortune. Multi-generational Greek shipping families have this down to a science. For everyday investors, it’s a challenge. Shipping…
A recent change in New Jersey law requires a significant increase in the amount of coverage a large commercial vehicle must carry, raising the requirement to $1.5 million. While some state legislators have been pursuing the change for several years, the final bill was approved last month and signed by New Jersey Gov. Phil Murphy….
For the 20th time in the last 22 weeks, the benchmark price of diesel used for most fuel surcharges has declined. The Department of Energy/Energy Information Administration price released Monday was down 3.4 cents per gallon to $3.767. It’s the lowest price since Jan. 17, 2022. Since this series of downward price moves began after…