Freight pundits have spent plenty of time over the last few months wondering when conditions would improve. In the first quarter, despite that initial glimmer of hope in the beginning, capacity remained too high for demand. That pushed rates further downward and contributing to big-ticket acquisition and bankruptcy news within trucking. It did not help…
FreightWaves wrote at the beginning of April about continued severe weakness in U.S. box demand based on its survey of over 30 boxmakers, and the Q1 results from the third-largest North American containerboard producer, Packaging Corp. of America, confirmed as much. Packaging Corp.’s shipments were down nearly 13%, a decline as severe as during the…
Pam Transportation Services announced Monday after the market close that first-quarter earnings were roughly half the prior-year result. The Tontitown, Arkansas-based truckload carrier reported adjusted net income of $12.7 million, or 57 cents per share. That compared to one analyst’s estimate of 42 cents per share and $1.18 a year ago. The adjusted number excluded…
WASHINGTON — A House lawmaker wants to give federal maritime regulators more power to crack down on collusive shipping agreements among foreign ocean carriers. The Ocean Shipping Competition Enforcement Act, introduced on Monday by Rep. John Garamendi, D-Calif., would allow the Federal Maritime Commission to block any agreements among carriers and marine terminal operators found…
After a reversal of a string of declines last week, the benchmark Department of Energy/Energy Information Administration average weekly retail diesel price headed down again. The latest posting is $4.077 a gallon, down 3.9 cents a gallon. The price has now declined in 21 of the past 26 weeks and is down $1.264 per gallon…