Plus: Amazon tops Walmart, enters the LTL market, cargo thefts surged in 2024, Trump moves for USPS takeover, and more.
Plus, Standard Forwarding's big rebrand, J.B. Hunt focuses on intermodal mix amid muted market, DOT ends NY congestion tolls, and more.
Funny Freight Friday: Sometimes a meme is worth a thousand words.
"Verdict on earnings at CHRW has been swift and savage. It hit a 52-week low at $71.57 today. It was $89.71 as recently as Jan 5. Stock hasn't been this low since May '20." - John Kingston
UPS acquired Coyote Logistics in 2015 for $1.8 billion, marking it as the most expensive acquisition in UPS history at the time.
QOTD: Can you guess the total marginal cost per mile for operating a semi-truck in 2022?
Plus, a new scam is tricking brokers. Scammers are pretending to be both shippers and carriers.
"Lots of other reasons to be bullish on the trucking industry in 2024: retail inventories have burned off, easing credit conditions, ..." - Craig Fuller, CEO & Founder of FreightWaves.
Valued at $8 billion in February 2022 (for comparison, CH Robinson's market cap was at $10 billion), they have been on the receiving end of both criticism and praise.
"Our number one challenge is fraud; fraud is rampant in trucking, it has ballooned to an $800 million problem. There's a surge of malicious actors engaging in illegal activity. Unfortunately, FMCSA is failing to enforce the law..." - Jeffrey Tucker
A mere 1.2% growth is expected this year, with a slight uptick to just over 2% in 2025.
Which logistics conferences will you be attending this year, and which one is your favorite?
"At issue is whether a broker be held liable for the negligence of a motor carrier." - Matthew Leffler, the Armchair Attorney
The Chattanooga-based freight brokerage grew from a bold idea into a $500 million enterprise, eventually merging with Coyote Logistics in 2014. Coyote was subsequently acquired by UPS in 2015 for almost $2 billion.
Question of the Day: For the sixth time in eight years, this state has experienced the largest population increase. Which state is it? Scroll to our main story to find out.
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