Business Archives

Diesel prices finally drop after three-week spike

Bruce Guthrie - July 16, 2024

After three weeks of increases in diesel prices, the trend has moved slightly downshifted. According to the Petroleum Administration for Defense District (PADD), part of the U.S. Energy Information Administration, the price of self-service diesel per gallon has dropped by roughly four cents per gallon from $3.865 per gallon to $3.826. The price dropped on the east coast from $3.934 to $3.904, but rose very slightly in New England from $4.101 to $4.109 which bucks the trend, especially in the east. Prices in the lower Atlantic from $3.861 to $3.829. The price per gallon in the midwest also fell sharply from $3.803 to $3.745. Gulf coast prices also dropped from $3.598 to $3.551. Even the California region fell slightly from $4.955 to $4.932.

Fleet Advantage, Kids Around the Corner Foundation to host backpack drive with Henderson Behavioral Health

Dana Guthrie - July 15, 2024

FORT LAUDERDALE, Fla. — Fleet Advantage, a leader in specialty financing, fleet data analytics, fleet management services and life cycle cost management, has announced its Kids Around the Corner (KATC) Foundation will be hosting a Back-to-School Backpack Drive on July 17 in partnership with Henderson Behavioral Health, a 501(c)(3) nonprofit organization providing behavioral health services to the South Florida community. “Our team is dedicated to giving back to the community, and we are proud to support the important work Henderson Behavioral Health does for these young people,” said Marketing Manager for Fleet Advantage and Committee Chair for the Kids Around the Corner Foundation, Elizabeth Gomez. “As our largest backpack drive to date, we could not be more excited to make a significant impact on these high schoolers’ educational journey and show them that their community cares about their success.” Fleet Advantage assembled 200 backpacks this year – the most since the start of this initiative in 2021. The backpacks are filled with essential school supplies aimed at high school-age children by Fleet Advantage associates who volunteered during their lunch hours. The backpacks will be delivered to Henderson Behavioral Health’s Youth & Family Program location (2900 West Prospect Rd. Tamarac, FL 33309) from 10am to 11:30am EST. In addition to the backpack drive, Fleet Advantage will also make a monetary donation to Henderson to help them with future initiatives. KATC will also provide a monetary donation to Kids In Distress, whom they have partnered with previously, to support their own back-to-school backpack drive. As one of the oldest, largest, and most successful providers of recovery services for people with co-occurring disorders in Florida, Henderson assists and inspires people with mental illnesses and substance use disorders to reclaim their lives through care, supported employment, advocacy, and housing. They utilize state-of-the-art research and evidence-based practices, combined with a wide range of supports to treat the whole person, rather than just the illness. “We are extremely grateful to Fleet Advantage for their incredible generosity and support of the kids and young people that Henderson Behavioral Health helps,” said Henderson CEO Dr. Steven Ronik. “We appreciate Fleet Advantage and know that our kids will be ready to get back to school with these wonderful donations.” Kids Around the Corner was founded in 2014 by Fleet Advantage to support the needs of the communities where their employees and clients live and work. Fleet Advantage has committed to donating a percentage of its profits to children’s charities each year on behalf of their customers. For more information on Fleet Advantage’s Kids Around the Corner Foundation and to view all of the charities the foundation has contributed to since its inception in 2014, please visit www.fleetadvantage.com/community-outreach.

Trump’s VP stands behind OOIDA’s top priorities

Bruce Guthrie - July 15, 2024

Donald Trump says Ohio Sen. JD Vance will be his vice presidential pick, according to an Associated Press report. He said on his Truth Social Network that, “After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio.” The Republican National Convention kicked off this week, with delegates and officials descending on Wisconsin amid the tumult that follows a Saturday assassination attempt on Trump as he officially becomes the GOP’s nominee. The selection may favor the trucking industry. Vance is cosponsor of two bills that are considered high priorities for the Owner-Operator Independent Drivers Association (OOIDA), who issued a statement in favor of the selection, but did not go as far as to endorse Trump for president. “We’re a non-partisan organization, but unabashedly pro-trucker,” the statement read.”We’ll work with anyone and everyone who supports our members’ priorities, regardless of party affiliation. There’s no question that it’s helpful to have someone with a proven pro-trucker legislative record that is close to someone who could be the eventual president.” The Truck Parking Safety Improvement Act which directs the Department of Transportation (DOT) to provide competitive grants for projects that provide public parking for commercial motor vehicles and improve the safety of commercial motor vehicle drivers. States, metropolitan planning organizations, tribal governments, and local governments are eligible for these grants. The grants must be used for projects on federal-aid highways or a facility with reasonable access to such a highway or a freight facility. Background information includes the fact that truckers are legally obligated to comply with ‘Hours of Service’ Regulations from the Federal Motor Carrier Safety Administration. It is estimated that truckers spend approximately one hour per day looking for safe parking, which cuts down on time driving to their destination. According to a study commissioned by the Federal Highway Administration, 98% of truck drivers say they regularly experience difficulty finding safe parking, and are forced to park on an exit ramp, on the side of an interstate, or other unsafe areas. The Truck Parking Safety Improvement Act will allocate funds to create thousands of safe parking spots for trucks and make necessary improvements to existing truck parking areas. Most folks probably don’t realize that 70% of American freight is transported by truck, yet incredibly there is only one parking spot for every 11 trucks on the road, OOIDA President Todd Spencer said. “When truck drivers don’t have a designated place to park, they end up parking on the side of the road, near exit ramps, or elsewhere. This isn’t safe for the driver and it’s not safe for others on the road.” Another piece of legislation of interest for OOIDA that Vance is connected to is the Drive Act which prohibits the Federal Motor Carrier Safety Administration (FMCSA) from issuing any rule or regulation to require vehicles that have a gross vehicle weight of more than 26,000 pounds and are operating in interstate commerce to be equipped with a speed limiting device set to a maximum speed. The FMCSA issued an advance notice of supplemental proposed rulemaking on this subject on May 4, 2022. In layman’s terms, legislation would prohibit the Federal Motor Carrier Safety Administration (FMCSA) from implementing any rule or regulation mandating large commercial motor vehicles (CMVs) engaged in interstate commerce be equipped with a speed limiting device set to a maximum speed. Studies have shown that speed limiting devices on large CMVs make our roads less safe, increasing congestion and creating dangerous speed differentials among vehicles, leading to higher crash rates, according the OOIDA. Studies and research have already proven what we were all taught long ago in driver’s ed classes – that traffic is safest when vehicles all travel at the same relative speed, Limiting trucks to speeds below the flow of traffic increases interactions between vehicles, which can lead to more crashes,” Spencer noted. The Associated Press contributed to this story.

Data shows decline in freight volumes

Bruce Guthrie - July 15, 2024

Freight volumes are down according to Case Freight Index data compiled in a report authored by ACT Research’s Tim Denoyer. The decline is from June 2023 to June 2024 in what Case calls a market characterized by overcapacity. The volumes are down 10.4 percent over two years according to details of the report. Of course, variables exist. Part of the driving force in the decline can be attributed to Hurricane Beryl, the first storm in years to be classified as a Category 5 hurricane, which “brought a record number of tornadoes into the U.S. for July, and did about $30 billion in damage. A more active hurricane season could be another “different this time” variable this year.brought a record number of tornadoes into the U.S. for July, and did about $30 billion in damage. A more active hurricane season could be another “different this time” variable this year,” according to Denoyer’s report. “Freight market conditions are usually soft in early July, but DAT’s load/truck ratio rose sharply in the days following Beryl,” he stated. “Of course, the surge will likely be short-lived, but in our view, this signals a market closing in on balance, if still not quite there yet.” Freight Index Expenditures were down 9.4& while Inferred Freight rates were down 3.6%, and Truckload Linehaul index was also down by 2.4 percent. The shipments component of the Cass Freight Index was down 1.8% month-to-month in June, amid ongoing softness in for-hire demand The index also fell 1.8% month-to-month in seasonally adjusted (SA) terms to a four-year low. The report predicts that decline to be a “true low.” The expenditures component of the Cass Freight Index, which measures the total amount spent on freight, fell 3.0% month-to-month in June. The 9.4% year-to-year decline was similar to the 9.0% drop in May, according to the report. Regarding to the Inferred decline, the rates embedded in the two components of the Cass Freight Index declined 3.6% year-to-year in June, similar to the 3.4% drop in May which followed thirteen straight double-digit declines, according to the report. For clarification, Cass Inferred Freight Rates are a simple calculation of the Cass Freight Index data—expenditures divided by shipments—producing a data set that explains the overall movement in cost per shipment, according to Denoyer’s report. “The data set is diversified among all modes, with truckload (TL) representing more than half of the dollars, followed by less-than-truckload (LTL), rail, parcel, etc.” The Cass Truckload Linehaul Index, which measures monthly fluctuations in per-mile truckload linehaul rates, fell 1.0% m/m in June as the soft market balance persists, as shippers wring out a little more savings following a period of stability,” Denoyer explains. The year-to-year decline of 2.4% widened from 1.7% in May, Denoyer explains. While this has narrowed from a 15% year-to-year decline a year ago, it seems unlikely to turn positive quickly. As a broad truckload market indicator, this index includes both spot and contract freight. With spot rates steady over the past year, downward pressure on the larger contract market is lessening, but recent slight increases in spot rates are not yet enough to turn contract rates higher, Denoyer’s report explains.

New truck parking venture accelerates convenience for Phoenix truck drivers

Bruce Guthrie - July 15, 2024

PHOENIX — The parking shortage for big rigs in Phoenix has been somewhat alleviated. According to a recent release, “in response to the growing demand for secure and accessible truck parking solutions,” Rush Truck Park is opening what it calls “a state-of-the-art trucking facility in Phoenix.” The location is set for 3201 W. Broadway Rd, and is set on 11 acres of “well-lit, secure parking spaces, providing a stop for long haul truckers and commercial vehicles navigating the highways of the southwest.” Key features of the facility includes 24/7 Security, equipped with cutting edge surveillance systems to ensure safety of both drivers and their cargo, streamlined booking processes and flexible payment options which “make it hassle-free for truckers to secure parking spaces at the facility,” according to the release. The facility is strategically positioned near major Phoenix highways, providing easy access for drivers, the press release states. “We understand the challenges truckers face to find secure and convenient parking,” said Rush Truck Park CEO Janet Rush. “Our goal is to alleviate these challenges by providing a facility that prioritizes safety for the hardworking individuals who keep our supply chains moving.”

WYDOT reminds drivers of new penalties for weight-based road closures

Bruce Guthrie - July 13, 2024

CHEYENNE, Wyo. — The Wyoming Department of Transportation released a campaign to remind motorists of the new penalties for violating highway closures to light and high profile vehicles that went into effect July 1. The “Light and high-profile vehicle closures bill” (SF0113) passed in the 2024 legislative session., and states, “any person who willfully fails to observe any sign, marker, warning, notice or direction” for closures to light, high-profile vehicles is guilty of a misdemeanor. Conviction can result in a fine of $1,000 and potential 30-day imprisonment. If the motorist is convicted of subsequent offenses within three years of the first offense, the violator is subject to a $2,500 fine. The conviction would be deemed reckless driving under Wyoming Statute 31-5-229, with possible driver licensing action. Also new with this legislation, the driver of the light and high‑profile vehicle at the time of the violation would be liable, upon conviction, for any of the penalties listed. We hope these new penalties will be a better deterrent for drivers who otherwise may decide to test their luck and chance the wind closures to save some time,” said Col. Tim Cameron with the Wyoming Highway Patrol. “We see time and time again that this gamble results in crashes, injuries and lost time for everyone if the road has to close for cleanup.” This new law does not just apply to commercial drivers; RVs, campers, moving vans, utility trailers and other large, boxy vehicles or trailers are also considered light and high profile and are subject to these penalties. As noted in subsection (d), these new fines also apply to “other weight-based closures” that aren’t necessarily wind related. “Even on highways without strong wind restrictions, like Wyoming Highway 22/Teton Pass, drivers who willfully disregard weight restriction signage will be subject to these steeper penalties,” Cameron said.

Slync former CEO sentenced to 20 years for fraud

Bruce Guthrie - July 12, 2024

WESTLAKE, Texas — Multiple media outlets have reported that Christopher Kirchner, 37, the founder of Slync, a supply-chain management software startup, was sentenced to 20 years in federal prison for defrauding investors of tens of millions of dollars, authorities announced recently. A jury convicted Kirchner of four counts of wire fraud and seven counts of engaging in monetary transactions in property derived from specified unlawful activity. He was sentenced to 240 months in federal prison by U.S. District Judge Mark Pittman, who also ordered him to pay more than $65 million in restitution, according to the reports. The judge also recommended to the Bureau of Prisons that Kirchner be able to participate in its Inmate Financial Responsibility Program, and will seek to have Kirchner be incarcerated at a facility near the Dallas, Fort Worth area, if possible. Once Kirchner is released from prison, he will serve three years of supervised release. Kirchner founded Slync in 2017 and held the position of CEO until his termination by the Board of Directors in 2022. He was initially charged in February 2023 after he was arrested at his home in Westlake on allegations that he misappropriated $20 million from the company. Kirchner fraudulently raised more than $71 million over two years from numerous investors based on false representations and promises about Slync’s business operations, false representations about its financials, false representations about its customers and fantastical revenue projections. He then misappropriated over $25 million of the investor funds in various ways, according to evidence presented at the sentencing hearing. Between April 2020 and March 2022, Kirchner initiated nearly 100 wire transfers moving money from his company’s Silicon Valley Bank account into the company’s account at JPMorgan Chase Bank which only he could access. He then wired some of the money from the Chase account to his personal bank accounts. Kirchner also wired $20 million directly from Slync’s Silicon Valley Bank account into his personal checking account. With the misappropriated funds, Kirchner bought a $16 million private jet, a suite at AT&T Stadium, exotic vehicles including a Rolls Royce and Mercedes Benz G-Class, and jewelry including a $500,000 Richard Mille watch, several Rolex watches and a Cartier necklace. Television station WFAA contributed to this report.

Class 8 outlook continues grim trend

Bruce Guthrie - July 12, 2024

COLUMBUS, Ind – The US Class 8 tractor outlook has deteriorated further in Q2, as published in the latest release of the North American Commercial Vehicle OUTLOOK. ACT’s US Tractor Dashboard, a metric that provides forward-looking market insight by encompassing variables that take both supply and demand into account, underscores the trend downward. “Following a -7 reading in March, ACT’s 15 metric Dashboard has posted back-to-back -11 readings, with negatives interspersed through the macro, freight, and industry metrics that comprise the aggregate,” according to Kenny Vieth, ACT’s President and Senior Analyst. “Were these ‘normal’ times, the implied stepdown in support would be signaling increased tractor market weakness into next year. The wildcard as we look to 2025 is carriers’ appetite to add equipment ahead of the EPA’s expensive 2027 clean truck mandate,” he added. “Typically, the market’s individual components tend to be more closely sync’d and cycle together into a market downturn. With North America’s economies all growing, and recognizing tractor market risk to the forecast, there are certainly positive factors at play as we look to 2025—robust US and Canadian vocational markets and the best Mexican market in a decade are certainly helping to offset the impending trough in tractor demand that is expected to last into mid-2025.” There are still several pockets of strength in the Class 8 market, but: for-hire carrier profits are at levels not seen since 2010; deep into the bottom of the cycle, there has been no tractor market capacity rationalization to date, only capacity additions; excessive capacity expansion has left freight rates at recessionary levels, continuing to prolong the downturn; and, while still expanding, the pace of the economy’s recovery is running at about half the 4%-plus GDP rate of 2H’23. The N.A. CV OUTLOOK reports on the trucking industry forecast, providing a status of commercial vehicle demand, tactical and strategic market analysis and forecasts ranging out five years. The report’s objective is to give OEMs, suppliers, investors, and other interested market participants the information they need to make informed decisions in what is traditionally a deeply cyclical market. The report provides a complete overview of the North American markets, touching on relevant demand drivers starting with forward-looking activity metrics, orders and backlogs. Information included in this report covers build and retail sales forecasts and current market conditions for medium- and heavy-duty trucks/tractors, and trailers, North American macroeconomics by country, freight and carrier market performance, used equipment valuation trends, and regulatory environment analysis and impacts.

DAT’s Gear Up promotion gives truckers automatic upgrades to their DAT One subscription for a limited time

Bruce Guthrie - July 12, 2024

BEAVERTON, Ore. — DAT Freight & Analytics announced enhanced incentives it calls “the DAT Gear Up event,” which, according to a recent media release automatically upgrades DAT One carrier customers to the next tier up from their existing subscription package for a limited time at no additional cost. The promotion lasts from July 23 to October 23, 2024. “With the freight market heating up, we’re giving every carrier customer a DAT One upgrade for a limited time,” said Jeff Hopper, Chief Marketing Officer at DAT. “We want to give our customers the chance to test drive our top tools and take their businesses to the next level.” DAT offers five subscription tiers for carriers, each with an expanding set of features to support truckers at any stage of their business: DAT One Standard, with unlimited searching and truck posting; DAT One Enhanced, adding broker credit scores, load counts by state, and 30-day average lane rates; DAT One Pro, with DAT’s TriHaul Routing tool, Canadian loads, 15-day average lane rates, and DAT Assurance payment support; DAT One Select, with DAT iQ’s Market Conditions tool and live load board results; and DAT One Office, with features for mid-sized and large fleets including contract lane rate information and the DAT LaneMakers tool. The DAT One Mobile app is included in all subscriptions.

Arpin International Group reappoints of Mark J. Burchell as chairman

Erica N. Guy - July 12, 2024

WEST WARWICK, R.I. — Arpin International Group recently announced that Mark J. Burcell, the company’s VP of Global Sales and Business Development, has been reappointed Chairman of the International Federation of International Furniture Removers’ (FIDI) Quality Supervisory Committee (FQSC). As chairman, Burcell will convene and manage quarterly formal meetings between the FQSC and the FIDI Quality Coordination Centre leadership team in Belgium. His professional board experience has prepared him for this position, and he has the necessary skills to succeed. He was also initially elected to the FQSC during the organization’s conference in 2018 and has been its Chairman for the last two years. “I am deeply honored to be re-appointed as Chairman of the FIDI Quality Supervisory Committee,” said Burchell, his enthusiasm for the role evident. He continued, “I find great joy in this role on several levels. Firstly, I sincerely appreciate the hard work of the Coordination Centre, and I relish the interaction with John Prooij, the leader of the FIDI Quality team. Moreover, I enjoy the camaraderie with my fellow committee members and the discussions with affiliate members worldwide. The global nature of FIDI and its members creates a worldwide network of like-minded companies that all support each other. I am pleased to report that relatively few audit-related issues require arbitration, allowing us to focus our time on the progression of our quality systems, standards, programs, and processes.” “It is vital for a membership organization like FIDI to have structured input from its affiliates, particularly when this concerns FIDI’s mandatory Quality Programs,” said FIDI’s Secretary General, Jesse van Sas. “Mark Burchell and his FQSC colleagues, thanks to their long experience in moving and relocation services, serve this role excellently, thus supporting the organization’s strategic vision. It reassures the broad membership that the supervision over the FIDI Quality Certifications is in the hands of their peers.”

Fleet safety is focus of new partnerships

Bruce Guthrie - July 11, 2024

In an effort to improve fleet safety across the nation, new partnerships was formed. ICSA selected Netradyne as as a new fleet safety solutions partner the Independent Carrier Safety Association (ICSA) as its preferred fleet safety solutions vendor. According to an ICSA media release, chartered in September 2019, ICSA is a non-profit organization whose goal is to improve highway safety by engaging single-truck operators and small fleets in its safety mission. ICSA provides its members with no-cost safety consulting to ensure these carriers are doing everything they can to reduce risk and crashes. “Forward-facing cameras are a key component of any truck safety program and a requirement for member carriers to qualify for reduced insurance rates under ICSA’s risk purchase group program,” said Karen Rasmussen, Executive Director at ICSA. “Our Board of Directors determined that carriers already using any of four approved major camera brands are not required to buy cameras from ICSA. Those members who still need to purchase cameras can qualify for a substantial discount from Netradyne.” Most industry safety experts believe videos from on-road incidents are excellent coaching tools that can help even veteran drivers become better behind the wheel. With its advanced artificial intelligence and high-resolution video, Netradyne’s fleet safety solutions offer an excellent option for ICSA members to coach drivers and retain video evidence in case of a lawsuit. “We are thrilled to partner with ICSA to bring sophisticated safety tools to small fleets and owner-operators,” said Adam Kahn, president of Netradyne. “The Driver.i device records and analyzes the entire drive. This, combined with premium AI and edge computing, enables it to understand the cause of events, recognize good driving, and offer specific suggestions for improvement.”

ATA commends House committee’s support against predatory towing

Bruce Guthrie - July 11, 2024

WASHINGTON — The American Trucking Associations responded favorably to the House Appropriations Committee for voting in support of a provision to crack down on predatory towing as part of the fiscal year 2025 transportation funding bill. The commendation from the group is warranted as the bill would direct FMCSA to facilitate discussions with local, state and private sector stakeholders to develop guidelines for towing and recovery regulations at all levels of government. “Charging truck owners thousands of dollars for each unwanted tow and holding cargo hostage with excessive invoices are egregious practices that disrupt our supply chain,” said American Trucking Associations President & CEO Chris Spear. “ATA and our federation of state associations are fighting back against these predatory towers and ransom payments that target the truckers we depend on to deliver our nation’s goods. We welcome this important step forward to develop commonsense reforms that will inject more transparency and fairness into the system and hold unscrupulous companies accountable.” Predatory towing entails any incident in which a towing operator severely overcharges; illegally seizes assets; damages assets by use of improper equipment; or illegitimately withholds release of a truck, trailer and/or cargo. According to a recent study by the American Transportation Research Institute, the most common types of predatory towing are excessive rates, experienced by 82.7% of motor carriers, and unwarranted extra service charges, experienced by 81.8% of carriers. A majority of carriers encountered additional issues such as truck release or access delays, cargo release delays, truck seizure without cause and tows misreported as consensual. The report language on predatory towing was released after the House Appropriations Committee voted 31-26 to advance the bill to the House floor. Last month, ATA applauded a number of other victories for trucking that were folded into the legislation, including $200 million to expand truck parking as well as provisions that would: Preserve the fix ATA secured earlier this year to strengthen the Safe Driver Apprenticeship Pilot Program; Block a waiver requested by California that would create a patchwork of meal and rest break rules, undermining safety and the supply chain; Prevent the Federal Highway Administration from moving forward with its proposal to impose greenhouse gas emissions performance measures on state departments of transportation and metropolitan planning organizations, contrary to congressional intent; and Prohibit the implementation of any congestion tolling programs, such as the one planned by New York City that has now been indefinitely suspended Dave Heller, who serves as Senior Vice President of Safety and Government Affairs for the Truckload Carriers’ Association also gave his round of applause to the measure. “I think it stands to reason that unscrupulous towing companies certainly need to be held accountable for their actions and the House language is a start in the right direction,” Heller said. “There continues to be success stories at the state level that address these issues and the approps language will go far in beginning the process federally for FMCSA to instill more transparency in the process. We support the efforts of the Appropriators in directing the agency to develop stronger guidelines that will hopefully eliminate the bad actors to operate on our highways.”

CNBC ranks Georgia fourth best state to do business

Bruce Guthrie - July 11, 2024

CNBC is counting down the Top 5 States for Business during CNBC’s Business Day programming and on CNBC.com. The network revealed that Georgia ranked #4 among America’s Top States for Business with a score of 1,527 out of a possible 2,500 points in an exclusive study, announced today. The survey ranked states according to 10 broad categories. Georgia ranked first in infrastructure and fourth in workforce, seventh in economy and eighth in education. The bad news, and what likely was why Georgia didn’t finish higher was that the state ranked 40th for quality of life. Georgia is repeatedly rated as one of the top states to do business. In fact, Governor Brian P. Kemp, in conjunction with the Georgia Department of Economic Development announced in October 2023 that the state achieved an unprecedented full decade of business excellence, earning the rank of No. 1 state for business from Area Development magazine for 10 consecutive years. No other state in the nation has achieved this benchmark. For 10 straight years, the people who help businesses choose where to make long-term investments have repeatedly said Georgia is the best state in the nation for opportunity,” said Governor Brian Kemp, at the time of the announcement. “Despite the unprecedented challenges we’ve seen in recent years, men and women across Georgia continued putting in countless hours of hard work for their communities. Thanks to their efforts, we’ve brought record-breaking jobs and investments to all four corners of the state, especially to rural Georgia.” “Excellence is intentional, and a decade of excellence requires planning and implementation by many people over a number of years to achieve the same goal. That doesn’t happen by chance,” said GDEcD Commissioner Pat Wilson. “Successive Governors, local and community elected leadership, and the Georgia General Assembly have consistently supported our partnership approach to economic development, allowing our state and local teams to be responsive to business. Our University System and Technical College System of Georgia have been ahead of the curve in working with us to prepare Georgians for the workforce needs of tomorrow, giving Georgia a competitive advantage. A special thanks to Governor Kemp, and congratulations to everyone past and present who have been part of this decade of excellence!”

UPS names Dykes as CFO

Bruce Guthrie - July 11, 2024

ATLANTA — UPS, one of the world’s largest logistical solutions providers with 2023 revenue of $91.0 billion has a new leader on its money side. UPS announced the appointment of Brian Dykes as its new Executive Vice President and Chief Financial Officer. According to a release, the appointment is effective immediately. He will be responsible for UPS’s financial strategies and will lead the global finance organization, including planning, treasury, tax, financial reporting, financial operations, and investor relations. Dykes, 46, has spent more than 25 years with UPS, most recently serving as Senior Vice President, Global Finance and Planning, since April 2023. Prior to that role, Dykes held positions of increasing responsibility within the Company’s finance and accounting, corporate treasury, mergers and acquisitions, business intelligence, and business development functions, both in the U.S. and internationally. “I am delighted to appoint Brian as our next CFO,” said UPS Chief Executive Officer Carol B. Tomé. “Brian’s experience makes him uniquely qualified. The Board and I are confident that Brian’s financial and business acumen, honed in a variety of strategic leadership roles at UPS during his career, make him the best person to lead our global finance function as we execute on our Better and Bolder strategy to drive shareowner value.”

Seismos and Edison Partners team up to drive energy industry’s digital future

Bruce Guthrie - July 11, 2024

A new partnership has formed in order to enhance technology. Seismos and Edison Partners announced a new $15 million growth investment to enable and accelerate the energy industry’s shift from analog-focused exploration and production to technology-driven, digital infrastructure and autonomous production operations. This growth equity investment will support Seismos’ expansion across its existing oil and gas industry base and into new verticals, such as geothermal and mining that are similarly embracing modern digital infrastructure solutions. “The new energy age involves all forms of generation in an equilibrium supported by modern technology” “The new energy age involves all forms of generation in an equilibrium supported by modern technology,” said Panos Adamopoulos, founder and CEO of Seismos. “Oil and gas markets are moving to a state of autonomous, intelligent, AI-driven operations. With Edison, we’ve partnered with a great operating team to help us grow exponentially as this modernization takes hold.” According to a recent release, tools and practices historically used in oil and gas production are facing their natural limits in generating relevant, real-time information which results in suboptimal cost structures, production numbers and safety standards. The new, autonomous, digitized oil and gas field requires next-generation automation and optimization. With its AI-powered Acoustic Sensing, Seismos is revolutionizing the energy sector with efficient, innovative technology that delivers real-time, actionable intelligence. The company’s proprietary AI technology enables rapid, continuous insights and predictive monitoring for quality control that can create up to 10x production improvements and cost savings for operators. Seismos’s topline growth highlights the increasing global demand for its innovative solutions. Revenue expanded 800% between Q1 and Q4 of 2023 on a customer base that doubled in the same time period. The company expects this momentum to continue with further expansion in the Middle East, South America, and Asia. With over 45 patents, Seismos holds a strong intellectual property position, reinforcing its leadership and innovative edge in the industry. “Seismos is leading the evolution of the digital oil field. With a unique, verticalized technology platform and scalable low-cost solution, they’ve created a new market category. Combined with the passion of founder Panos Adamopoulos and expertise of this leadership team, the company fits squarely within Edison’s investment theme of digitizing critical infrastructure, attacking some of the energy industry’s biggest challenges,” said Ryan Ziegler, general partner at Edison Partners. While more sources of renewable energy, such as solar and wind power, continue to grow, primary global energy sources include a mix ranging from renewables, to oil and natural gas, and will be driven by increasing global demand that will extend until at least 2050, according to McKinsey. The company’s use cases and applications are very compelling to both core energy producers and the global energy transition industry at large. Edison’s investment in Seismos adds to other digital infrastructure investments, including 120Water, Budderfly, Overhaul, and RTS. Edison has invested in more than 260 companies, more than half of which have been in the enterprise solutions space.

Outpost launches truck parking tech platform to improve visibility, security and booking

Dana Guthrie - July 11, 2024

Outpost has launched a new technology platform that helps fleets and owner-operators book truck parking nationwide while giving fleet managers and operations teams visibility into their assets’ location and condition. “Terminals and truck yards provide critical infrastructure for streamlining the flow of freight, but they’ve traditionally been locked away to very few enterprise fleets that can afford the associated capital expense and operational burden,” said Outpost co-founder and CEO, Trent Cameron. “With Outpost technology, we’re democratizing access to this real estate—giving fleets of all sizes a yard network that they can use as their own, with control over access and visibility into everything that happens onsite.” The company has begun rolling out the integrated hardware, software, and cloud services at its 21 truck yards with plans to accelerate deployment to most properties over the summer. Parking has traditionally been an inefficient and frustrating part of fleet operations and truck driving. Finding yards along key routes or near customer sites requires online research followed by phone calls and emails to determine space availability, amenities, and rates. Choosing a yard is often a leap of faith, trusting in the operator’s claims of security and quality standards rather than verifiable information. Access control differs from yard to yard, creating check-in headaches and increasing turn times. Individual billing and overage policies require a patchwork of relationships with dozens of yards. And without any visibility into yard operations, fleets are often blind to the location and condition of their assets. “Many truck yards and terminals remain absent from the digital landscape, operating with manual processes for reservations, access control, and billing, unable to provide customers with visibility or reassurance into the status of their assets,” said Outpost CTO, Greg Akselrod. “By deploying a consistent technology platform, we’re improving the driver experience at each yard while providing fleets with a new way to remotely manage their assets at scale.” According to Outpost, its new technology platform is a direct response to these challenges, informed by the company’s experience as a truck yard owner and operator. The platform combines proprietary hardware, Internet of Things (IoT) devices, computer vision, video streaming, inventory management and analytics to give trucking companies a virtual network of their own terminals, connecting operations teams with their equipment and drivers while providing a level of control and visibility previously unattainable. In addition to enabling customers to find, book, and manage parking reservations at yards across the US, Outpost’s platform provides: Real-time inventory, showing the number of trucks, trailers and personal vehicles parked at each yard. Unique access codes for each location or driver, including one-time use for temporary access. Asset identification using AI with human verification to read license plates as well as USDOT, MC, tractor, and trailer numbers. Asset condition assessment using AI to identify visible damage to the tractor and trailer. Intrusion detection using AI to scan perimeter fencing for unusual activity. Live and on-demand video of every entrance and exit to confirm driver identification, equipment condition, and time of access. “Outpost is modernizing truck and trailer parking by using new, innovative technology,” said Vice President of Terminal Management at Werner Enterprises, Ryan Gass. “Our professional drivers appreciate the easy in and out experience, we get peace of mind in knowing that our customers’ cargo and equipment is secure, and the visibility we have of our assets is extremely convenient.” Starting July 11, Outpost customers can begin remotely managing and monitoring their fleets at select yards across the US. For more information, visit outpost.us/tech.

Van spot rates rise in latest report

Bruce Guthrie - July 10, 2024

Despite the holiday week, data from Truckstop and FTR Transportation Intelligence for the week ended July 5 show how calendar shifts can affect spot market performance. That’s according to a press release issued earlier this week. Broker-posted spot rates for dry van and refrigerated van equipment rose during the holiday week – an unusual development for that week of the year, but the timing of the Independence Day holiday likely was a significant factor, according to the report. “Dry van and refrigerated rates usually fall sharply during week 27, but this year, most of the week was over before the holiday,” the release stated. “In most years, any pre-holiday rate strength occurs during week 26.” Previous years with rate gains during week 27 generally have been those in which July 4 was a Thursday or Friday. Refrigerated rates were especially robust with the largest increase for a week 27 since at least 2008 and the strongest year-over-year comparison for any week since February 2022. With the calendar distortion over, the seasonal expectation would be for a decline in rates during the current week. With load postings falling far more sharply than truck postings during the holiday week, the Market Demand Index fell to 54.3, which is the lowest level since December.

Ryder names 3 drivers of the year

Erica N. Guy - July 10, 2024

MIAMI — Ryder System, Inc. recently named the winners of its “Driver of the Year” award. The awards recognize the top professional truck drivers from its three business units. Those three Ryder professional drivers were inducted into the Ryder “Driver Hall of Fame” – Darryl Tolle, based out of Georgetown, Kentucky; Anslum Hudlin, based out of Waco, Texas; and Richard Landry, based out of Winnipeg, Manitoba. Together, they boast a combined experience of 122 years and have collectively driven nearly 11.3 million miles. The “Driver of the Year” honor is one of Ryder’s oldest and most prestigious awards programs, celebrating 52 years of recognition. Winners are chosen through a rigorous review process conducted by a committee of Ryder executives, safety experts, and professional drivers. This year’s three standouts demonstrated exemplary safety, performance, and customer service throughout their careers. “It’s an honor to have such exceptional individuals like Darryl and Anslum on the Ryder team, as well as Richard on our customer’s team, as some of the best drivers in the industry,” says Robert Sanchez, chairman and chief executive officer of Ryder. “These honorees embody the core values of our company in both their professional and personal lives.” Darryl Tolle received Ryder’s Supply Chain Solutions’ “Driver of the Year” award. With over 41 years of experience behind the wheel, Tolle has driven 3.5 million miles and 2.8 million miles during his 35-year tenure with Ryder. As a retired Kentucky Army National Guard Sergeant First Class with 32 years of service, Tolle has a distinguished military record, including natural disaster response, chemical security force protection, and clearing IEDs in Afghanistan. Anslum Hudlin won for Ryder’s Dedicated Transportation Solutions, where drivers operate specialized equipment, oversee unique product handling, navigate complex routes, and meet stringent customer service requirements. With nearly 3.8 million miles on the road, including almost 600,000 miles during his eight years with Ryder, Hudlin has had a remarkable 43-year driving career. Before joining Ryder, he served in the U.S. Army as a senior heavy-vehicle operator for seven years. Beyond his professional life, Hudlin is deeply involved in his community. Hudlin is married with two children, and he and his wife have fostered more than 70 children. He also serves as a deacon and youth director at his church, organizes fundraisers and a prom for disadvantaged students at his local high school, and coaches Little League football. Richard Landry won Ryder’s Fleet Management Solutions “Customer Driver of the Year” award. With 4 million miles on the road over his 38-year driving career, Landry has demonstrated exceptional dedication and skill. Landry also has the distinction of being the first ever Canada-based FMS Customer Driver of the Year. Landry’s commitment to safety has saved lives on the road. He was first on the scene of an accident where he rescued a mother and baby from a rolled-over car leaking fuel. In another incident, Landry helped pull a family out of an SUV that rolled over after losing control. Landry proceeded to call 911 and waited with the family until help arrived.

Independence Day holiday and threat of Hurricane Beryl impact freight movements

Dana Guthrie - July 9, 2024

BEAVERTON, Ore. — With the Independence Day holiday and the remnants of now Tropical Storm Beryl on a path expected to make its way through Texas, Arkansas, Illinois, Indiana, Ohio and beyond, the number of loads and trucks on DAT fell sharply. “Hurricane Beryl made landfall near Matagorda, Texas, about 85 miles south-southwest of Houston, packing maximum sustained winds of 80 mph,” said DAT Principal Analyst, Dean Croke. “Truckload capacity tightened in Gulf Coast markets, especially for van and flatbed freight. According to Croke, import volumes at the Ports of Los Angeles and Long Beach are expected to increase 45% year-over-year (y/y) in the second week of July as shippers pull forward holiday season inventory ahead of possible East Coast labor action by the International Longshoreman Association (ILA). “Key outbound lanes include Stockton and Phoenix, where loads moved are already up 45% and 28% month-over-month (m/m), respectively,” Croke said. “On the same lanes, spot rates are up 3.5% and 4.5% m/m, respectively.” Load posts on DAT One fell 48% during the July 4 holiday week according to spot market data for June 30-July 6, 2024 (Week 27). The number of loads posted on DAT One dropped 48% to 1.26 million last week, while the number of trucks posted fell 21% to 262,943. Last week included the July 4 holiday, which many businesses took off as a four-day weekend. The holiday suppressed volumes compared to the prior week, one of the busiest on the freight calendar, with 2.4 million loads posted. Dry Vans ▼ Van loads: 618,011, down 49.9% week over week ▼ Van equipment: 172,876, down 21.9% ▼ Load-to-truck ratio: 3.6, down from 5.7 — Linehaul rate: $1.70 net fuel, unchanged week over week Reefers ▼ Reefer loads: 317,301, down 42.6% week over week ▼ Reefer equipment: 54,335, down 15.4% ▼ Load-to-truck ratio: 5.8, down from 8.7 ▲ Linehaul rate: $2.04 net fuel, up 1 cent Flatbeds ▼ Flatbed loads: 326,464, down 49.2% week over week ▼ Flatbed equipment: 35,732, down 25.9% ▼ Load-to-truck ratio: 9.1, down from 13.7 ▼ Linehaul rate: $2.05 net fuel, down 3 cents

Access to industry data and insights is key to success for business owners

Cliff Abbott - July 9, 2024

The trucking industry has experienced some wild fluctuations in the past four years. One of the most telling signs is the number of new carrier registrations reported by the U.S. Department of Transportation (USDOT) since the onset of the COVID-19 pandemic in 2020. As those of us who have been in the industry for a while know, freight spot rates reached record highs in early 2022 — only to fall to current lows that make profitable operation nearly impossible. When freight rates are high, running profitably is much easier. Because of this, the number of registered carriers leapt upward in 2022 as drivers bought trucks and registered for their own operating authority. In 2020, the Federal Motor Carrier Safety Administration (FMCSA) reported 291,705 registered carriers. That number climbed 27.2% in 2021 as more than 79,000 new carriers were registered. The following year saw another increase that tapered off in the second half as another 21,021 carriers were registered. Predictably, as freight rates plummeted in 2022, authority revocations rose. The smaller increase in 2022 turned into a decline of 6.3% in 2023 as more than 24,600 carriers left the business. So far in 2024, another 7,500 carriers are gone as of the end of May, a further decrease of 2%. Knowledge is power. If you’re considering starting (or ending) your own trucking company, would this type of information help you make better decisions? While you can always turn to quality media outlets like The Trucker for information, the fact is that statistics like this are available to you any time. The Federal Motor Carrier Safety Administration website offers Analysis & Information Online. Scrolling down the page, you can select “Registration Statistics Custom Reports” and simply pick the parameters you want to look up. Many larger carriers use this type of information in planning their operating strategies for upcoming months and years. Some of those carriers also purchase subscriptions to reports from different analytical firms to get industry forecasts from some of the most knowledgeable people in the business. However, much of the information they receive is available to you, if you know where to look. Before you visit any website, however, here’s a tip: Look for the word “Blog.” Frequently, it’s found under the “Resources” tab. Many websites offer articles on all kinds of subjects related to your trucking business — at no charge. Some sites also offer free email subscriptions that can help keep you informed of news and upcoming changes. Where can I find this knowledge? There are many sources available to members of the trucking industry. For example, load boards often offer more than just loads. DAT Freight and Analytics runs the largest load board in the country; many small carriers use the board to obtain spot loads. But the company offers so much more information! An affordable subscription is required for some data, but the company publishes a weekly “Trendlines” report that highlights changes in freight rates, numbers of loads and trucks posted and more, with comparisons to the previous week, month and the same month of the prior year. National average spot rates are provided, and the data can be broken down by region. If you are a user of DAT’s load board, additional data is available to you, and you can access even more through subscription. DAT’s blog section has some great articles on starting and running a trucking business. Truckstop.com has an excellent array of information offerings that available with just a click — including their own blog section with an outstanding selection of articles on topics ranging from new rules and regulations to tried and true business principles. There are also webinars and podcasts available. ATBS offers tax and accounting services as well as trucking business consulting and more. Their “Knowledge Hub” is chock full of blog entries offering advice on a variety of industry issues, in addition to free tools for calculating your tax deductions and per diem, and even how to obtain your own authority. You’ll find educational videos and inexpensive materials and courses you can purchase. Larger carriers often use the services of industry forecasters to help them prepare for changes in the economy or the industry. These forecasters often publish blogs that contain information that could be valuable to your trucking business. The most detailed information is usually reserved for paid subscribers, but you can identify industry trends and potential problems with the free information provided. ACT Research publishes multiple blog postings each month dealing with truck and trailer sales statistics, freight rate trends and more. Like other providers of analytics, the most detailed information is reserved for subscribers, but a lot of information on trends in the industry is available for the reading. Cass Information Systems offers a variety of carrier services, but their free “Cass Transportation Indexes” provide a monthly overview of trucking industry trends. Each month, the Cass report compares shipment numbers and expenses with the prior month, a year ago and two years ago. The report offers freight expectations for the coming months as well. You can access the report from their website or sign up to have it emailed to you each month. FTR Transportation Intelligence is another such resource that teams with Truckstop.com to offer a complimentary weekly update on the spot freight market. A free email subscription is available, and a free weekly podcast updating multiple industry topics is also available on their website or through multiple music apps. The federal government also provides numerous resources. Federal agencies like the USDOT, FMCSA, Federal Highway Administration (FHWA) and more than 400 other agencies are required by law to post proposed policy changes, new rules and other information in the Federal Register. By clicking on “My FR,” you can sign up for a subscription that will provide you with a daily update of new items. You’ll be among the first to know about proposed rule changes or new regulations that impact your business. These resources and others are easily available online and most offer subscriptions that put their latest reports in your inbox as they are released. Managing your trucking business isn’t easy, but you don’t have to be a large carrier or have big carrier resources to stay informed. And, of course, us folks at The Trucker always do our best to keep you up to date on the latest industry news and information.