Latest news with #ToddMaiden
Yahoo
a day ago
- Business
- Yahoo
Yellow Corp. to sell 4 terminals for $6.8M
In a motion before a federal bankruptcy court in Delaware, defunct less-than-truckload carrier Yellow Corp.'s estate is seeking to sell four terminals valued at $6.8 million. The owned properties include a 68-door terminal in Knoxville, Tennessee, valued at $2.6 million, a 46-door facility in Southington, Connecticut ($2.8 million), a 31-door terminal near Baton Rouge, Louisiana ($1.2 million), and a 12-door location in Tupelo, Mississippi ($285,000). The named buyers include construction and building services companies as well as a wholesale fuel and lubricant distributor. It appears no LTL carrier was active in the latest asset sales. As the liquidation process draws to a close, fewer carriers have been involved. The last sale motion to the court included some transportation and logistics companies, including Saia (NASDAQ: SAIA), but also other non-LTL entities. A separate filing with the court on Friday showed that Yellow is rejecting unexpired leases on four terminals with a total of 328 doors. Yellow's estate has unloaded more than 200 terminals valued at roughly $2.4 billion since the liquidation began at the end of 2023. More FreightWaves articles by Todd Maiden: Proxy adviser backs activist's move to reshape Forward Air board J.B. Hunt expands premium intermodal offering to shippers in Mexico ArcBest taps CH Robinson veteran to fix asset-light business The post Yellow Corp. to sell 4 terminals for $6.8M appeared first on FreightWaves.
Yahoo
26-05-2025
- Business
- Yahoo
RXO Q2 2025 truckload market forecast: Inflation continues but at slower pace
RXO recently released its Q2 Truckload Market Forecast, which found that despite economic turmoil, the U.S. truckload space remained relatively calm according to shippers' KPIs. RXO's Curve forecast reported a 9.1% year-over-year increase in spot rates, a slight drop from the 11.6% growth in Q4 2024. Notably, contract rates grew for the first time since late 2022. FreightWaves' Todd Maiden writes, 'A trend – largely in place since 2023 – of soft freight demand, reductions in carrier capacity and stable rates continued in the first quarter.' 'We're as close to equilibrium, in terms of carrier supply and shipper demand, as we've been in over two years,' the update said. 'Relatively speaking, the capacity situation is much more fragile than at this time last year. With a continued difficult landscape for carriers, and (in many cases) decreasing 2025 contract rates setting in, it could set the stage for volatility later in 2025.' Shippers enjoyed a favorable environment in Q1 with high tender acceptance rates and accessible capacity, despite carriers' grappling with higher costs. According to Corey Klujsza, vice president of pricing and procurement at RXO, the market remained stable throughout the quarter, in line with seasonal expectations. An important Q1 development was the year-over-year growth in contract rates, marking a 1.4% rise from Q1 2024. Typically lagging behind spot rates, these contract rates have finally been lifted out of deflation. RXO analysts argue that the recent drop in inflation does not herald the market's peak. Historical patterns show temporary deviations in market cycles, and typical seasonal trends usually lead to rate retreats post-holidays. Additionally, with operating costs 34% higher than in 2014, significant rate drops remain unlikely. Macroeconomic factors also played a role, with U.S. GDP contracting for the first time since Q1 2022, coupled with trade policy-induced volatility. Import volumes spiked 14.5% in Q1, as shippers preempted new tariffs, but they have begun to decline in Q2. Looking ahead, Q2 is expected to bring typical seasonal volatility due to produce season and Memorial Day influences. However, significant rate increases remain unlikely without sustained higher demand. Supply constraints, particularly from carrier attrition, could cause future inflation. The U.S. Senate voted on Thursday to repeal a waiver granted to California by the Biden administration that required a large part of the trucking industry to achieve zero-carbon emissions by 2035. FreightWaves' John Gallagher writes: 'The nullifications of California's Advanced Clean Truck (ACT) and Low NOx Omnibus rules, accomplished through two Congressional Review Act resolutions, have already been adopted by the House of Representatives. They head to the White House where they are expected to be signed by President Donald Trump.' For the American Trucking Associations, it was a big win. The ATA had argued in a letter to Congress in April that if the California ACT regulation were allowed to move forward, 'Beginning with the 2024 model year, the Advanced Clean Trucks (ACT) regulation mandates that manufacturers progressively increase zero emission vehicle (ZEV) sales, aiming for 55% of Class 2b-3 vehicle sales, 75% of Class 4-8 vehicle sales, and 40% of Class 7-8 tractor sales to be ZEVs by the 2035 model year.' In a rare moment of agreement, the Owner-Operator Independent Drivers Association lauded the move, saying, 'For OOIDA members, vehicle reliability and affordability are critical. It's no wonder small-business truckers have left the state in droves to find better opportunities elsewhere.' This comes as some states are opting for a low-CARB diet, according to a recent article from Fleet Owner. Several states that originally voted to adopt California's Advanced Clean Trucks EV sales mandate are now rolling back or pushing out the enforcement dates. CARB is the environmental regulator California Air Resources Board. Fleet Owner reports Maryland, Massachusetts, Vermont and Oregon pushed back their compliance timelines for ACT by a year or more. For model year 2025, New Jersey, New York and Washington are on track while Colorado, New Mexico and Rhode Island begin enforcement for model year 2027. The post RXO Q2 2025 truckload market forecast: Inflation continues but at slower pace appeared first on FreightWaves.
Yahoo
21-05-2025
- Business
- Yahoo
LTL carrier Averitt partners with Best Overnite Express for service in the West
Less-than-truckload carrier Averitt announced it has partnered with Best Overnite Express for service coverage in the West. The addition of Irwindale, California-based Best Overnite to Averitt's network of partner carriers is expected to improve service and transit times for customers shipping freight to and from the West Coast. Best Overnite provides direct coverage in Arizona, California, Nevada and Utah. It will now have access to Averitt's robust South and Southeast network of 143 terminals. Averitt said the partnership reflects its 'longstanding approach to delivering consistent, high-quality service through a network of carefully vetted carrier partners.' Averitt is consistently listed as a top-five LTL carrier in Mastio & Co.'s annual value and loyalty survey. 'The addition of Best Overnite Express further strengthens this network, enhancing Averitt's ability to provide seamless LTL solutions across the country while maintaining the service standards customers expect,' a Wednesday news release said. Cookeville, Tennessee-based Averitt provides a full suite of freight transportation (including truckload, dedicated, and distribution and fulfillment) and supply chain management services. The company operates a fleet of roughly 5,000 tractors and 15,000 trailers. 'This partnership is a win for customers on both sides of the country,' said Kent Williams, Averitt executive vice president of sales and marketing, in a news release. 'Best Overnite's local expertise and commitment to reliable service align well with our values, and we're excited to offer a stronger, more seamless shipping experience coast to coast.' More FreightWaves articles by Todd Maiden: Activist investor pushes Forward Air to execute 'value-maximizing sale' FedEx taps leaders from within for LTL spinoff, to Wall Street's dismay April sees mixed freight trends on path to recovery The post LTL carrier Averitt partners with Best Overnite Express for service in the West appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Pitt Ohio opens maritime terminal in Norfolk, Virginia
Regional less-than-truckload carrier Pitt Ohio announced Tuesday it has opened a 37-door, cross-dock maritime terminal in Norfolk, Virginia. The 15,000-square-foot facility sits 10 miles from the Port of Norfolk, providing transloading and consolidation services to Pitt Ohio's customers. The site has hazmat certifications and can handle overweight containers as well as flatbed loads. Pitt Ohio also operates as a nonvessel operating common carrier, handling all aspects of ocean shipping, customs and inland transportation. The location will be served by Pitt Ohio's privately owned chassis fleet. '[The terminal's] strategic location, near the Port of Norfolk and our Richmond LTL terminal, offers an unparalleled advantage by facilitating seamless integration between maritime, inland transport, and warehousing,' said Chuck Hammel, IV, Pitt Ohio vice president of supply chain, in a news release. 'This synergy significantly reduces transit times and enhances overall supply chain efficiency, yielding substantial cost savings for our customers annually.' Pittsburgh-based Pitt Ohio has more than 3,400 employees and generated over $940 million in revenue last year. In addition to LTL, it offers a suite of supply chain, warehousing and logistics services as well as ground and truckload transportation. The company announced in January the addition of an express lane to six border-crossing points in Texas. More FreightWaves articles by Todd Maiden: FedEx taps leaders from within for LTL spinoff, to Wall Street's dismay April sees mixed freight trends on path to recovery Pamt Corp. CEO resigns for family reasons amid mounting losses The post Pitt Ohio opens maritime terminal in Norfolk, Virginia appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Radiant Logistics beats expectations to start year
Radiant Logistics posted better-than-expected results for the first quarter of the year but noted a recent slowing in international trade volumes will likely weigh on results in the second. The Renton, Washington-based 3PL reported adjusted earnings per share of 14 cents for its fiscal third quarter ended March 31, 10 cents higher than the consensus estimate and 6 cents higher year over year. Consolidated revenue increased 16% y/y to $214 million. Revenue net of purchased transportation expenses increased 10% y/y to $58 million. Management from Radiant (NYSE: RLGT) said even with the U.S. and China agreeing to step down tariffs while trade talks continue, its fiscal fourth quarter ending June 30 will likely be soft. It said roughly 25% to 30% of the recent quarter's gross margin would have been impacted by previously announced tariffs. However, it doesn't believe the slowdown means that shipments will be lost. 'With that said, we also expect that any near-term slowdown will likely result in a corresponding bullwhip effect, with a surge in global trade as these tariff disputes are brought to rest and are encouraged by the de-escalation of U.S – China trade tensions that occurred over the weekend,' said CEO Bohn Crain in a Monday news release. Adjusted earnings before interest, taxes, depreciation and amortization of $9.4 million in the quarter was 81% higher y/y. Approximately $2 million of the increase was tied to recent acquisitions. Radiant ended the quarter with $19 million in cash and only a $15 million outstanding balance on a $200 million credit facility. The company said its acquisition of Houston-based operating partner Universal Logistics closed at the beginning of the month. Universal has been operating under Radiant's Airgroup banner since 2001. The acquisition was the third of the year for the company. Shares of RLGT were up 5.3% in after-hours trading on Monday. More FreightWaves articles by Todd Maiden: Forward Air touts Q1 achievements, investors await next steps Saia, others buying 10 Yellow Corp. terminals Forward Air looks for a fresh start in Delaware The post Radiant Logistics beats expectations to start year appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
