Western price caps on Russian exports coincide with steep discounts on Russian crude and diesel — but not because of the caps themselves. There are fewer buyers of Russia’s exports, with the EU, U.S., U.K. and Australia banning cargos altogether and others pulling back in fear of future sanctions. The lower the competition, the lower…
The nation’s largest truckload carrier, Knight-Swift Transportation, missed first-quarter expectations and significantly reeled in its 2023 earnings outlook. Full-year earnings per share are now forecast in a range of $3.35 to $3.55, 16% lower than the guidance provided just a quarter ago (calculated at the midpoint). The new guide sits 40 cents below the consensus…
Union Pacific sees numerous macroeconomic headwinds in 2023. A recession is not among them, officials said during the railroad’s first-quarter 2023 earnings call. “We do not have planned in [our guidance] a recession. A recession would be a problem for us,” UP President and CEO Lance Fritz said during the Thursday call. If the industrial…
FreightWaves CEO and founder Craig Fuller described the rest-of-the-year outlook for the freight environment as “uncertain” during Thursday’s “State of Freight” webinar for April. “I have heard a lot of arguments about folks that are bullish about the state of freight,” Fuller said. “I have yet to find a piece of data that actually suggests…
DHL Express said Thursday it has ordered nine used Boeing 777 passenger jets that will be converted to dedicated cargo jets by startup engineering firm Mammoth Freighters, becoming the first major integrator that has stepped up to an aftermarket 777. The large freighters will replace older Boeing 747 freighters in the DHL fleet. The first…