Liz Young of The Wall Street Journal writes that once-highflying supply-chain tech startups are cutting staff, diversifying their businesses as a freight downturn collides with dimming investment. Thinning investor support is also contributing to the collapse of the digital freight startup Convoy. She tells her readers: Venture-capital firms that once provided supply-chain technology startups with hefty backing at gaudy valuations have been tightening their pursestrings this year, pushing some of the businesses to slash costs, cut staff and look for other ways to survive in a weak freight … [Read more...]
Tighter Capacity Lifting Freight Rates
Paul Berger of The Wall Street Journal tells his readers how tighter capacity has been lifting freight rates in the less-than-truckload market. He writes: The collapse of one of the largest U.S. trucking companies is propping up competitors in a lean freight market. XPO, ABF Freight and Saia are among the carriers reporting strong growth in pricing power, shipment volumes and other key measures during the most recent quarter in trucking’s less-than-truckload sector, a high-stakes corner of the market in which carriers combine freight from multiple customers in a single trailer. The … [Read more...]
Used Commercial Aircraft Market Takes Off
Jon Sindreau of The Wall Street Journal reports that endless manufacturing defects affecting newer planes are increasing the value of older models. He writes: Anyone who has walked into a used-car dealership knows about the risks of being sold a lemon. When it comes to aircraft, however, it is the newer models that seem more likely to leave owners stranded. The value of 10-year-old planes has jumped in recent weeks, according to appraisal data from aviation-analytics firm Ishka. The price tag for the Airbus A320-200—the backbone of the world’s short-haul fleet—has risen 10% since August, … [Read more...]
California Mandates Drive Diesel Truck Buying Spree
Trucking companies are buying diesel trucks now while they still can. Next year, new emissions rules will kick in, forcing companies to purchase "zero emission" vehicles. Paul Berger reports in The Wall Street Journal: Manny Carrillo has spent $1.5 million on two electric big rigs and a charging station at his truck yard in Chino, Calif., ahead of a new state emissions rule that kicks in Jan. 1. The chief executive of Talon Logistics is also beefing up his fleet with 20 diesel trucks, the kind that the new regulation is seeking to eliminate. Carrillo’s is one of many logistics companies … [Read more...]
Logistics Industry Looks Beyond China
The world's logistics industry is looking to build facilities and infrastructure in Asia outside of China as manufacturers look to diversify their supply chains away from the country. Oliver Telling and Chan Ho-him report in the Financial Times: The world’s largest shipping and logistics groups are locked in an increasingly intense rush to buy facilities in Asia in a bid to help their customers expand supply chains beyond China. Competition for assets has been fuelled by cash reserves that freight groups worldwide built up when disruption and increased ecommerce spending boosted demand for … [Read more...]
Warehouse Vacancies Rising in California’s Inland Empire
California's "Inland Empire" region is the center of the logistical orbit for the Western United States and perhaps the entire country. Warehouse vacancy rates in the region can mean something to the economy. Liz Young reports in The Wall Street Journal that vacancy rates are rising in the Inland Empire for the first time in several years. She writes: Logistics companies are finding something in Southern California they hadn’t seen in several years—empty warehouse space. One of the tightest industrial real-estate markets in the country is showing signs of loosening, industry experts say, … [Read more...]
Yellow Trucker will Liquidate Assets in Chapter 11 Bankruptcy
After 99 years in business, the trucking company, Yellow, will liquidate its assets in a Chapter 11 bankruptcy filing. Paul Page and Soma Biswas report for The Wall Street Journal: Yellow, the 99-year-old trucking company, filed for bankruptcy and is closing the business, falling victim to mounting debt including a government loan and a standoff with the Teamsters union. The bankruptcy follows years of struggles for the Nashville, Tenn.-based trucker as it tried to address the debt it accumulated through a series of mergers and a $700 million federal Covid-19 relief loan during the … [Read more...]
CRASH AND BURN: Yellow Raises the White Flag to Bankruptcy
After putting up a fight, the 99-year-old trucking company, Yellow, has begun preparing for bankruptcy. Paul Page reports for The Wall Street Journal: Trucking company Yellow on Friday laid off a large number of workers and is shutting down regular operations, according to people familiar with the actions, as the company copes with a liquidity crisis and weighs options including an imminent bankruptcy filing. The company, one of the country’s largest trucking companies with more than $5.2 billion in revenue last year, is keeping its customer service workers in place, according to one of … [Read more...]
BREAKDOWN LANE: Major American Trucking Company About to Go Bankrupt
The major American trucking company, Yellow, is about to go bankrupt thanks to a lack of cash and a failure to reach a deal on a new contract with its union. The Wall Street Journal's Soma Biswas, Paul Page, and Alexander Gladstone report: Trucking company Yellow is preparing to file for bankruptcy, according to people familiar with the matter, heightening the threat that one of the nation’s largest freight carriers will shut down as customers abandon it amid a cash crunch and union negotiations. A bankruptcy filing by Yellow would put it at high risk of a liquidation since its … [Read more...]
Delta’s Profits Rise amidst Busy Summer Travel and Lower Fuel Prices
A busy summer of travel and lower fuel prices have helped to push profits higher at Delta in the second quarter. Alison Sider reports on what happened at The Wall Street Journal: It has been another busy summer for airlines—the number of people passing through U.S. airports has roughly returned to prepandemic levels, according to the Transportation Security Administration. Airport passenger volumes hit a new high on June 30, a day Delta said was its highest summer revenue day ever. The first full summer season without pandemic-era travel restrictions for many countries has … [Read more...]
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