A former high-profile contractor said FedEx Ground, the ground delivery unit of FedEx Corp., (NYSE: FDX) must address the expected widening wage and benefit disparity between UPS Inc. (NYSE: UPS) drivers and those in the unit’s network if contractors are expected to attract and retain qualified drivers. Spencer Patton, who had played a prominent role…
Cash-strapped electric bus and battery maker Proterra Inc. filed for Chapter 11 bankruptcy protection Monday. The company plans to keep running while sorting out its business units during reorganization. Proterra voluntarily filed its petition in the District of Delaware where it is incorporated. It hopes to strengthen its financial position through recapitalization or sale of…
Retail diesel prices as measured by the benchmark used for most fuel surcharges surged again this past week even as the futures price has taken a two-day breather. The Department of Energy/Energy Information Administration average weekly retail diesel price rose 11.2 cents a gallon, hitting $4.239 on Monday, the third consecutive week it has gone…
WASHINGTON — Federal officials are pushing the U.S. maritime industry to submit to the government information on incidents that had nearly resulted in vessel collisions as a way to improve safety. The Safe Maritime Transportation System (SafeMTS), a database that will store voluntary “near-miss” incidents, is being developed through an interagency agreement between the U.S….
Traditional shipowning families often don’t behave like retail stock traders focused on the next few quarters. Longtime shipowners focus on building multigenerational wealth across cycles — even if they run public companies whose shareholders covet near-term gains. If a particular shipping segment is weak and vessel prices fall, family shipowners may buy in, even if…