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…
Tom Love died in his hometown of Oklahoma City on Tuesday at age 85. He was known for establishing with his wife Love’s Travel Stops & Country Stores, which grew to more than 600 travel plazas. He is survived by his wife of 62 years, four children, nine grandchildren and two great-grandchildren, with another two…
This week’s FreightWaves Supply Chain Pricing Power Index: 30 (Shippers) Last week’s FreightWaves Supply Chain Pricing Power Index: 30 (Shippers) Three-month FreightWaves Supply Chain Pricing Power Index Outlook: 35 (Shippers) The FreightWaves Supply Chain Pricing Power Index uses the analytics and data in FreightWaves SONAR to analyze the market and estimate the negotiating power for…
Daimler Truck completed a successful first year as a stand-alone company, increasing sales and profits, and plans to pay its first shareholder dividend. The Stuttgart, Germany-based truck, bus and van maker said it achieved its financial targets for 2022, its first year after splitting off as a separately listed company. It was lumped with Mercedes-Benz,…
Missouri-based trucking company Rapid Response has been sold to its employees under an employee stock ownership plan (ESOP). Investment banking firm ButcherJoseph & Co., which advised Rapid Response on the transaction, announced the closing Friday. The 40-year-old asset-based carrier specializes in full truckload and less-than-truckload transportation as well as home delivery of appliances and furniture….