Business Archives

Women trucking leaders meet with Washington policymakers

The Trucker News Staff - April 17, 2024

WASHINGTON — This week, 18 women trucking leaders from 10 states met with their members of Congress and White House officials for the American Trucking Associations’ (ATAs) inaugural Women In Motion (WIM) Call on Washington. The WIM members represented a wide variety of backgrounds and ranged from truck drivers to trucking executives, according to an ATA news release. Over the course of two days, they participated in multiple events, including: a roundtable with members of the House Education and the Workforce Committee; a roundtable with staff from House Republican leadership offices; a breakfast meet and greet with Members of Congress; a White House meeting; and a multiple one-on-one conversations with trucking champions on Capitol Hill, including Congressman Rick Larsen, D-Wa., the ranking member of the House Committee on Transportation and Infrastructure. Throughout their meetings, WIM members shared their personal experiences in trucking and made the case for Congress to pass bills to foster safe and productive workplaces, reduce financial barriers to join the industry and preserve pathways to entrepreneurship. Some examples of the legislation for which WIM members advocated include the Truck Parking Safety Improvement Act and a resolution to overturn the U.S. Department of Labor’s independent contractor rule, which would protect the more than 350,000 truckers — including many women. The WIM members provided a booklet to policymakers that contained the testimonies of dozens of women truckers from across the nation explaining why they decided to work as independent contractors and demanding that Congress protect their livelihoods. “Women In Motion was founded with the purpose of promoting the role of women in the trucking industry, highlighting their unique perspectives and bringing about positive change. By leveraging ATA’s deep relationships on Capitol Hill and in the Executive Branch, we were able to deliver WIM’s message directly to our nation’s top policymakers,” said ATA COO Sarah Rajtik, co-chair of WIM. “We are grateful that so many women leaders in the trucking industry took time out of their busy schedules to participate in our inaugural Call on Washington, which will be the first of many,” she continued. “The major strides we made to advance our legislative priorities will help create a more inclusive and welcoming work environment for all.” Iowa Motor Truck Association President Brenda Neville, co-chair of WIM, said the event encouraged her on the progress being made on certain initiatives that are designed to create more opportunities for women in the trucking industry. “Last year, I testified before Congress about the severe truck parking shortage, which is one of female truck drivers’ top concerns and a major barrier to more women joining and remaining in the industry,” she said. “The series of impactful conversations we had with influential policymakers this week provided a powerful platform to continue our advocacy to solve this longstanding problem and address other serious challenges.” ATA established WIM to promote and support the advancement of women in the trucking industry. WIM provides access to training, mentorship and networking programs; advocates for policies and practices that create a level playing field for women in the industry; and fosters communication and collaboration among women and their allies. “The trucking industry has provided me with a rewarding career and supported my family for many years. That is why I am so passionate about growing the ranks of female drivers so that more women can benefit from the same opportunities that I have had,” said Dee Sova, a professional truck driver for Prime Inc. “Joining Women In Motion has enabled me to connect with and empower other women to make an already great industry even better. I enjoyed sharing my perspectives from the driver’s seat with Members of Congress and White House officials to give them firsthand insights on how they can more effectively support women in our industry.”

Martin Brower pilots Tesla’s electric Semis

John Worthen - April 17, 2024

CHICAGO — Supply chain giant Martin Brower (MB) has partnered with Tesla to pilot the use of all-electric Semis out of our Stockton, California, distribution center (DC). Martin Brower is among several companies, including PepsiCo, in the U.S. to use the Tesla Semi. “As part of our strategic sustainability goals, Martin Brower is committed to being the leader in creating net-zero logistics solutions for our customers and reducing our climate impact through science-based targets,” the company said in a news release. “The key to accomplishing our sustainability goals is to create a resilient fleet of the future by deploying the latest alternative fuel technologies, which Tesla is a leader in. Piloting the Semi within our fleet was a natural step towards achieving that goal.” The pilot ran earlier this year and included two all-electric Semis running routes to restaurants serviced by the company’s Stockton DC. “A group of five MB drivers, Frank Solari, Leo Alvarez, Casey Kamp, Carlos Nava and Javier Hernandez, were trained to operate the Tesla Semi, which uniquely positions the steering wheel and driver’s seat in the center of the cockpit and has other design features to increase driver visibility and safety,” the news release states. “Overall, our drivers had positive feedback on how the vehicle performs.” Currently, the Tesla Semi can travel up to 500 miles on a single charge and reach a full charge quickly using a Semi Charger. “The Tesla Semi experience has been impressive since day one. Our drivers had no problem learning the systems and maximizing the features that set these tractors apart,” said Megan Yamaguchi, assistant transportation manager at MB. “We’ve been able to push these tractors well beyond expectations and look forward to our electric future.”

J.B. Hunt’s 1Q ’24 net earnings fall by more than $70M

The Trucker News Staff - April 17, 2024

LOWELL, Ark. — J.B. Hunt Transport Services saw first quarter net earnings for 2024 drop to $127.5 million, or diluted earnings per share of $1.22, versus $197.8 million, or $1.89 per diluted share, in 2023. Total operating revenue for the current quarter was $2.94 billion compared with $3.23 billion for the first quarter 2023, a decrease of 9%, according to a company news release. “The decline in revenue was primarily driven by a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solutions (ICS) and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS) compared to the prior year period,” the news release notes. Revenue declines in JBI, ICS, JBT and DCS were partially offset by Final Mile Services (FMS) revenue growth of 2%, primarily driven by new contracts implemented over the past year. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased approximately 7% versus the first quarter 2023. Operating income for the current quarter decreased 30% to $194.4 million versus $277.5 million for the first quarter 2023. The decrease in operating income was primarily due to a combination of lower volumes and yield pressure in JBI, ICS and JBT, as well as increases in equipment, insurance and claims, and bad debt expense. Operating income as a percentage of gross revenue decreased year-over-year as a result of higher professional driver and non-driver wages and benefits, equipment, and insurance and claims expenses as a percentage of gross revenue. These items were partially offset by lower rail and truck purchased transportation costs as a percentage of gross revenue. Net interest expense for the current quarter increased approximately 6% from first quarter 2023 due to higher effective interest rates and consolidated debt balance, partially offset by higher interest income. The effective income tax rate increased to 28.7% in the current quarter compared to 24.7% in the first quarter 2023, due to discrete tax items. Company officials say they “continue to expect our 2024 annual tax rate to be between 24.0% and 25.0%.” Intermodal volume was flat versus the same period in 2023. Transcontinental network loads increased 5%, while eastern network loads decreased 7% compared to the first quarter 2023. “Overall demand for our domestic intermodal service offering in the quarter was weaker than expected, partially attributable to competition from over-the-road truck options in the eastern network, and our disciplined approach to the market for the value our services provide,” according to the news release. Segment gross revenue decreased 9% from the prior year period, driven by a 9% decrease in segment gross revenue per load, resulting from changes in the mix of freight, customer rates, and fuel surcharge revenue. Revenue per load excluding fuel surcharge revenue was down 8% year-over-year. Operating income decreased 40% in the first quarter primarily from lower yields. JBI segment operating income as a percentage of segment gross revenue declined versus the prior-year period as a result of increases in professional driver and non-driver wages and benefits, higher equipment and maintenance expenses, and insurance premium costs as a percentage of gross revenue. During the period we onboarded approximately 1,140 new units of container capacity. The current period ended with approximately 119,300 units of trailing capacity and approximately 6,300 power units in the dray fleet. DCS revenue decreased 2% during the current quarter over the same period 2023, driven by a 1% decline in average trucks combined with a 1% decline in productivity (gross revenue per truck per week). Productivity excluding fuel surcharge revenue increased 1% from a year ago driven by contracted indexed-based price escalators, partially offset by an increase in idled equipment. On a net basis, there were 71 fewer revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period, and 2 more versus the end of the fourth quarter 2023. Customer retention rates are approximately 91%, largely reflecting the downsizing of fleets and to a lesser extent account losses. Operating income decreased 9% from the prior year quarter. The decrease was primarily driven by lower revenue; increases in insurance premiums, equipment and bad debt expense; and higher new account start-up costs as compared to the prior year period. These items were partially offset by lower maintenance costs and the maturing of new business onboarded over the past trailing 12 months. ICS revenue declined 26% during the current quarter versus the first quarter 2023. Overall segment volume decreased 22% versus the prior year period. Revenue per load decreased 5% compared to the first quarter 2023 due to lower contractual and transactional rates and changes in customer freight mix. Contractual volume represented approximately 57% of the total load volume and 59% of the total revenue in the current quarter compared to 63% and 64%, respectively, in first quarter 2023. Operating loss was $17.5 million compared to operating loss of $5.4 million for the first quarter 2023. Operating performance declined largely due to an $11.0 million decrease in gross profit, higher insurance costs, and integration and transition costs related to the purchase of the brokerage assets of BNSF Logistics. These items were partially offset by lower personnel-related expenses and reduced technology costs. Gross profit declined 21% versus the prior year period as a result of lower volume and revenue, despite gross profit margins improving to 14.3% as compared to 13.4% in the prior year period. ICS carrier base decreased 22% year-over-year, largely driven by changes to carrier qualification requirements to mitigate cargo theft. FMS revenue increased 2% compared to the same period 2023. The increase was primarily driven by multiple new contracts implemented over the past year and efforts to improve the overall revenue quality of the business. These items were partially offset by general weakness in demand across many of the end markets served. Operating income increased 128% to $15.1 million compared to the prior-year period. First quarter 2024 included a $3.1 million benefit from a prior period claim settlement. Excluding this impact, operating income increased primarily from higher revenue and lower personnel, maintenance, and technology costs. These items were partially offset by higher facility rent expense, insurance premiums, bad debt expense, and loss on equipment sales as compared to the prior year period. JBT revenue decreased 13% compared to the same period in the previous year. Revenue excluding fuel surcharge revenue decreased 13% due to a 9% decline in revenue per load excluding fuel surcharge revenue and a 5% decline in load volume. Total average effective trailer count decreased by approximately 200 units, or 2% versus the prior-year period. Trailer turns in the quarter were down 2% compared to the prior year period primarily due to changes in freight mix and weaker overall freight demand as compared to the first quarter 2023. JBT operating income decreased 75% to $1.2 million compared to the first quarter 2023. The decrease in operating income was primarily driven by the decline in revenue. JBT segment operating income as a percentage of segment gross revenue declined versus the prior-year period as a result of higher equipment, maintenance and insurance premium expenses as a percentage of gross revenue. At March 31, 2024, the company had a total of $1.37 billion outstanding on various debt instruments compared to $1.58 billion at Dec. 31, 2023. The company’s net capital expenditures for the first quarter 2024 approximated $166 million compared to $380 million for the first quarter 2023. At March 31, 2024, the company had cash and cash equivalents of $64 million. In the first quarter 2024, the company purchased approximately 126,000 shares of common stock for approximately $25 million. At March 31, 2024, the company had approximately $366 million remaining under share repurchase authorization. Actual shares outstanding at March 31, 2024, approximated 103.2 million.

DAT Truckload Volume Index: March spot rates drop on modest volumes

The Trucker News Staff - April 16, 2024

EAVERTON, Ore. — Spot truckload rates continued to slide in March as demand for trucking services moved toward typical seasonal levels, reported DAT Freight & Analytics, which operates the DAT One online freight marketplace and DAT iQ data analytics service. The DAT Truckload Volume Index (TVI), an indicator of loads moved in a month, increased modestly for all three equipment types compared to February: Van TVI — 260, up 4.0% Refrigerated TVI — 200, up 2.6% Flatbed TVI — 242, up 4.4% Volumes typically increase from February to March, which had two more shipping days this year. “The decline in van and reefer spot rates coincided with the demand for truckload services picking up marginally toward the end of the month,” said Ken Adamo, chief of analytics at DAT Freight & Analytics. “There were no big swings or signs that spot-market volumes or capacity will change beyond what we expect from produce, construction materials, and summer retail goods starting to move.” Van and reefer rates fell The national average spot van and reefer rates fell for the third straight month. The van rate averaged $2.01 per mile, down 6 cents compared to February and 15 cents lower year-over-year. The reefer rate fell 8 cents to $2.35 a mile, down 15 cents year-over-year. The flatbed rate rose 1 cent to $2.50 a mile, down 21 cents year-over-year. Line-haul rates subtract an amount equal to an average fuel surcharge (46 cents per mile for vans, 50 cents for reefers, and 55 cents for flatbeds). The line-haul van rate averaged $1.55 per mile, down 5 cents compared to February, and the average reefer rate was $1.85 a mile, down 7 cents month over month. The average line-haul flatbed rate was $1.95, up 2 cents month over month. Contract rates made gains Rates for contracted truckload freight declined for van and reefer freight. The DAT iQ benchmark contract van and reefer rates dipped 3 cents to $2.48 and $2.86 a mile, respectively. The flatbed rate gained 4 cents to $3.18. The margin between spot and contract rates increased for all three equipment types. It was 47 cents for van freight, 51 cents for reefers, and 68 cents for flatbeds. A lower spread typically indicates more pricing power for motor carriers.

FMCSA’s Sue Lawless shares goals, stresses importance of highway safety

John Worthen - April 16, 2024

NASHVILLE — If truck drivers are safe at work, the nation’s roadways will be safer, according to Federal Motor Carrier Safety Administration (FMCSA) Acting Deputy Administrator Sue Lawless. This observation was made Monday, March 26, during the Truckload Carriers Association’s (TCA) annual convention in Nashville. Lawless was addressing attendees during a luncheon and awards ceremony honoring members of TCA’s Champions Club, winners of the Past Chairmen’s and Chairman’s Choice awards, and TCA’s Highway Angels of the Year for 2024-25. During her speech, she touched on several topics, including truck parking, the importance of female truck drivers, and workplace safety. She also complimented the industry and its stakeholders, many of whom were gathered to hear her speak. “You are among the best of the best of safe trucking,” she said. “Every day you show us what motor carriers can do to keep the country moving, and you do it safely.” Lawless said the FMCSA and its partners are continually working toward the goal of zero fatalities on the nation’s roadways through programs such as the National Roadway Safety Strategy. “Zero is an ambitious goal, but we believe it is the only acceptable number,” Lawless said. “Somebody told me … that we will never get to zero — that it’s impossible to get to zero. I disagree.” Lawless noted she is not naive to the fact that the goal will be difficult to attain, adding, “Just because you can’t see something now, it doesn’t mean that it could not exist in the future.” Lawless ticked off a list of things she believes can help move the nation toward zero highway deaths — advances in technology to assist drivers, improvements in equipment, improvements in emergency response, and availability of medical treatment. “All of those things have the potential to make zero deaths a reality in our lifetime, and that’s why partnerships with organizations like TCA, safety advocates, state, and local governments, and others are so critical in our mission,” she said. In March, the U.S. Department of Transportation released a progress report on the National Roadway Safety Strategy, and although strides are being made toward safer highways, Lawless said that the “number of deaths remains unacceptably and stubbornly high.” U.S. traffic deaths fell 3.6% last year, but still, almost 41,000 people were killed on the nation’s roadways, according to full-year estimates by safety regulators. The National Highway Traffic Safety Administration said it was the second year in a row that fatalities decreased. “We know that we must do more, and we know that we can’t do it alone,” Lawless said. “It’s great to see over 160 organizations answer the department’s call to action campaign, and we thank TCA for being one of the first partners to answer our call.” Turning to truck parking, Lawless said progress has been made since the Bipartisan Infrastructure Law provided millions in federal grant funding to help states add hundreds of truck parking spaces. “Those projects included $180 million to the Florida Department of Transportation for over 900 truck parking spaces, over $92 million to the Missouri Department of Transportation for a project that includes both truck parking and truck parking information systems, and over $22 million to Tennessee for a bridge replacement and additional truck parking,” Lawless noted. Lawless also pointed out that the FMCSA has additional research projects underway to help advance truck parking availability information systems. The agency is also analyzing available data on safety from connected trucks to help identify areas with the highest demand and need for parking, and how to best target solutions, resources, and methodologies for stakeholders to calculate the cost and benefit of investing in parking. “We know truck parking remains a safety and overall quality of life issue for drivers, and it remains a priority for us to partner across the industry to help ease and eventually eliminate this challenge,” she said. “We have also launched our driver compensation and driver detention time studies to address other factors that may make it difficult to sustain a career as a truck driver. We know that the longer drivers stay in the industry, the safer they become.” Switching topics, Lawless discussed the March meeting of the Truck Leasing Task Force during the Mid-America Trucking Show, held the week before TCA’s convention. The task force includes motor carriers, drivers, and others who are engaged to help the FMCSA understand how unfair leasing arrangements could impact the safety of drivers and motor carriers. Lawless also spoke about how the FMCSA is working to modernize its systems in a world in which cybersecurity is paramount. “FMCSA (has a) new registration system (that) will improve the transparency, efficiency, and user experience with the agency’s registration systems and reduce fraud in the registration process,” she said. “This is just one of the steps we’re taking to modernize all FMCSA systems.” On the rulemaking side, Lawless said the FMCSA is working to get the heavy-duty automatic emergency braking rule “over the finish line” and complete other rulemakings. “Because we believe that technology has the promise of saving lives, we continue to look for ways to encourage the adoption of technology that can prevent crashes or reduce the impact from crashes that happen, including beyond-compliance initiatives and other ways to encourage carriers and drivers to use technology that improve safety, but most importantly makes sense for them,” Lawless said. Lawless said the FMCSA realizes that distracted driving of all kinds, along with speed and drug and alcohol use, remain “stubborn and persistent” causal factors in crashes, In closing, she noted that the FMCSA is continuing to seek ways to get the greatest impact from its grant programs to help the trucking industry grow and prosper. “Earlier this month, we announced our notes of funding opportunities for 2024,” she said. “We have more than $180 million available, including opportunities for CDL and other driver training and programs specifically for veterans who want to become truck drivers. I hope that this has given you some insight into our work at FMCSA. I’m proud of our work, and I’m encouraged by our partnership.”

Estes begins opening former Yellow terminals

John Worthen - April 15, 2024

RICHMOND, Va. — Less-than-load carrier Estes Express Lines is one of several carriers to acquire terminals that once belonged to Yellow after that company declared bankruptcy and shuttered in 2023. Estes officials immediately began renovating the properties to suit their own company standards. Last week, Estes held a grand opening event for its terminal in Florence, South Carolina, and announced the opening of two additional terminals in Reno, Nevada, and Cinnaminson, New Jersey. The Reno and Cinnaminson terminals are among the 24 terminals Estes acquired from Yellow in a court-supervised bankruptcy auction, a news release states. Estes also has added more than 130 tractors and 6,000 trailers, along with thousands of other pieces of equipment, such as load bars, air bags and freight tables to its fleet as part of the Yellow acquisitions. It will add a total of 985 doors to Estes’ network. “These acquisitions represent the single biggest influx of terminals and equipment in Estes’ recent history,” said Webb Estes, president and COO. “I applaud our team for their speed and agility, which allowed us to integrate these assets into our operations quickly and seamlessly. It exemplifies the grit, resiliency, and can-do spirit of Team Estes and how we work together to provide exceptional service to our customers.” Highlights of some of the newest terminals include: The Florence terminal has 58 doors, 20,500 square feet of dock area and 7,200 square feet of office space on a 13-acre site that parallels Interstate 95 near Interstate 20 The Reno terminal has 54 doors, 18,000 square feet of dock area and 2,340 square feet of office space on a 10-acre lot off Interstate 80 Cinnaminson terminal has 92 doors, 32,000 square feet of dock area, 6,900 square feet of office space and a seven-bay-door maintenance shop located on a 13-acre site near I-95, Interstate 295 and U.S. 130 Some of the additional locations for terminals coming online as part of the Yellow acquisition include Tacoma, Washington, San Fernando Valley, California, Boynton Beach, Florida, Detroit, Michigan, and Austin, Texas. Estes plans to open an additional six terminals across the U.S. by the end of June, with the remaining of the Yellow-acquired properties following soon after, the news release notes. “New terminal capacity doesn’t just ease congestion; it unlocks efficiency, reliability, and value for our customers, paving the way for smoother operations and an enhanced experience,” said Carrie Johnstone, vice president of customer experience and innovation at Estes. “Acquiring these terminals was just step one – we’re now focused on putting them to work as quickly as possible to better serve our customers, which is exactly what we’re doing with these first ones.”

Cass Freight Index report for March is ‘steady as we go’

John Worthen - April 15, 2024

ST. LOUIS — Cass Freight Index’s shipping component fell 0.2% month-over-month in March, as for-hire demand remains broadly consistent. The index fell 2.3% month-over-month in seasonally adjusted (SA) terms, giving back the 2.0% month-over-month increase in February from Leap Day, according to a news release, which indicates that markets are “steady as we go.” Underlying volumes did show improvement in Q1, as the shipments component of the Cass Freight Index rose about 2% from Q4’23 in SA terms. “The 3.6% year-over-year decline was the smallest in a year, and although freight demand is broadly better than the for-hire market, it’s still hard to see amid ongoing private fleet growth,” the news release notes. “After rising 0.6% in 2022, the index declined 5.5% in 2023. With normal seasonality, the index will fall 2%-3% year-over-year in April and turn positive year-over-year in June.” Cass Freight Index — Expenditures The Expenditures component of the Cass Freight Index, which measures the total amount spent on freight, rose 0.1% month-over-month, but fell 18% year-over-year in March. With shipments down 0.2% month-over-month, Cass infers rates were up 0.2% month-over-month in February. The index fell 1.3% month-over-month (SA), with shipments down 2.3% and rates up 1.0%. This index includes changes in fuel, modal mix, intramodal mix and accessorial charges, so is a bit more volatile than the cleaner Cass Truckload Linehaul Index. “U.S. freight spending, as measured by the expenditures component of the Cass Freight Index, fell 19% in 2023, after a record 38% surge in 2021 and another 23% increase in 2022. It is set to decline about another 14% in 1H’24, assuming normal seasonal patterns from here, and 9% for the full year,” according to Cass officials. Inferred Freight Rates The rates embedded in the two components of the Cass Freight Index declined 15% year-over-year in March and have now declined 15%-21% for 10 straight months. “Cass Inferred Freight Rates rose 1.0% month-over-month SA from what increasingly looks like a floor,” according to the news release. Based on the normal seasonal pattern, this index would rise month-over-month in April, with the year-over-year decline moderating to the low teens. “The normal seasonal pattern from here would put inferred rates down 8% for the full year,” the news release notes. “Even if rates begin moving higher from here, as is increasingly likely, freight will very likely remain deflationary this year.” Truckload Linehaul Index Stability continued for the Cass Truckload Linehaul Index in March, with a 0.2% month-over-month increase after a 0.1% month-over-month increase in February. The 4.7% year-over-year decline continued to gradually narrow. The index has been in a very tight range, from 140.4 to 142.0, over the past nine months as the market finds a floor. “As a broad truckload market indicator, this index includes both spot and contract freight,” according to the news release. “With spot rates steady over the past several months, downward pressure on the larger contract market is lessening, with some instances of contract rate increases bucking the downtrend recently.” Freight Expectations The tragic Baltimore bridge collapse caused major logistical challenges but is unlikely to significantly affect the freight market balance. Given Baltimore’s importance as a roll-on/roll-off port for machinery and autos, spot flatbed rates have risen at ports near Baltimore and for loads heading into the Baltimore area, where backhauls are currently tougher to find. “While a freight channel might open sooner, it looks like the port will be largely closed to container traffic through May, and the bridge will take years to rebuild,” the news release states. “But the highway system is pretty resilient overall, and the bigger underlying supply and demand trends in the spot market were strongly suggesting higher rates in Q2, even before this (typically inflationary) loss of capacity.”

Tesla to lay off 10% of workforce after dismal quarterly sales

John Worthen - April 15, 2024

DETROIT — After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year. Musk’s memo said that as Tesla prepares for its next phase of growth, “it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” The New York Times and CNBC reported. News of the layoffs was first reported by electric vehicle website Electrek. Tesla’s highly-hyped Semi model — a a fully-electric Class 8 tractor — has so far not seen widespread use. PepsiCo is using a few dozen of the tractors as part of a pilot program currently. Also Monday, two key Tesla executives announced on the social media platform X that they are leaving the company. Andrew Baglino, senior vice president of powertrain and energy engineering, wrote that he had made the decision to leave after 18 years with the company. Rohan Patel, senior global director of public policy and business development, also wrote on X that he was leaving Tesla, after eight years. Baglino, who held several top engineering jobs at the company and was chief technology officer, wrote that the decision to leave was difficult. “I loved tackling nearly every problem we solved as a team and feel gratified to have contributed to the mission of accelerating the transition to sustainable energy,” he wrote. He has no concrete plans beyond spending more time with family and his young children, but wrote that he has difficulty staying still for long. Musk thanked Baglino in a reply. “Few have contributed as much as you,” he wrote. Shares of Tesla fell more than 3% Monday after news of the layoffs and departures broke. Shares of Tesla Inc. have lost about one-third of their value so far this year as sales of electric vehicles soften. Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The company said it delivered 386,810 vehicles from January through March, nearly 9% below the 423,000 it sold in the same quarter of last year. Since last year, Tesla has cut prices as much as $20,000 on some models as it faced increasing competition and slowing demand. The price cuts caused used electric vehicle values to drop and clipped Tesla’s profit margins. The company has said it will reveal an autonomous robotaxi at an event in August. The Trucker Staff contributed to this report.

Banyan Technology now offering ocean and air container tracking

Erica N. Guy - April 15, 2024

CLEVELAND — Banyan Technology recently announced that it has begun a strategic partnership with GoComet to enhance ocean and air tracking and freight spend management for its clients. “We are excited to announce this strategic partnership that represents a valuable advancement in freight management solutions. By integrating our ‘LIVE Connect’ freight execution software with the capabilities of an AI-powered transportation visibility platform, we are raising the standards for real-time ocean and air tracking and freight spend management,” said Brian Smith, CEO of Banyan Tech. “This partnership enables our clients to achieve unparalleled transparency, efficiency and control over their shipping operations.” GoComet offers clients visibility and shipment monitoring on a single dashboard, which allows Banyan’s clients the benefit of having real-time visibility with live updates on their container movement across all ocean and air shipments, according to a news release. Banyan clients can also use data science and advanced machine learning intelligence to automate shipment tracking and better manage their freight spending. “This GoComet partnership means Banyan’s clients will enjoy real-time visibility and live updates beyond OTR shipping. Leveraging the expanded capabilities afforded with AI-powered visibility provides Banyan clients with a competitive advantage in the market and an enhanced level of customer support and quality control,” said Rick Chappel, COO of Banyan.

XPO doubles down on commitment to military veterans

Linda Garner-Bunch - April 15, 2024

GREENWICH, Ct. — Freight transportation company XPO has received national recognition for its support of the military community and being an employer of choice for military veterans. Military.com, a national news site for military members, veterans and their families, has named XPO as one of its “Top 25 Veteran Employers 2024,” according to a news release. XPO also has earned 2024 Military Friendly designation from Viqtory, a service-disabled and veteran-owned business, for the company’s ongoing commitment to creating a work environment that supports members of the military as they transition into the civilian workforce after service. XPO received the Military Friendly Silver ranking, which honors companies that rank within the top 20% of their respective employer category. “Veterans make our company and our country stronger, and we are deeply honored to be recognized for our commitment to helping empower those in the military community as they transition to the civilian workforce,” said Tony Graham, president of the West Division at XPO and a veteran. “We appreciate the strong talents, teamwork and exceptional dedication of veterans and military spouses and are grateful to serve those who serve our country by providing a workplace that offers strong and diverse opportunities to build fulfilling post-service careers.” This news comes on the heels of XPO’s announcement that it is strengthening its commitment to military hiring by entering into a strategic partnership with the U.S. Army Partnership for Your Success (PaYS) program. The partnership offers regular and reserve soldiers job interviews and potential employment after completing their service in the Army. XPO and the Army will hold a signing ceremony for this commitment on Nov. 15. “With more than 2,000 veterans and active service members on our team, XPO is a proud, military-friendly workplace,” said Mario Harik, CEO of XPO. “We place exceptional value on the outstanding skill set and dedication that military-trained employees bring to our company, and we are honored to be joining forces with the PaYS program to expand our commitment to creating post-service opportunities for our nation’s soldiers.” The PaYS program helps soldiers prepare for post-military careers, connecting them with employers who value the skills, discipline and work ethic that their military service brings to a business. “We would like to extend a heartfelt welcome to XPO as a new PaYS partner. The US Army is a reliable recruitment source for businesses with an endless pool of qualified talent, and we’re pleased that XPO is committed to helping soldiers find employment after military service,” said Antonio Johnson, PaYS Program Manager. XPO officials say they are proud of their history of being a military-friendly employer. Earlier in 2023, the company was named a VETS Indexes 4 Star Employer, recognizing it as one of the best employers nationwide for veterans, members of the National Guard and Reserves, military spouses and longer-term veterans. To facilitate a seamless transition into the civilian workforce, XPO offers valuable resources through an all-employee Veteran Steering Committee. To find out about opportunities for military veterans at XPO, click here.

Castrol, Safety-Kleen partner to reprocess and reuse lubricants, lower products’ carbon footprint

Erica N. Guy - April 12, 2024

WAYNE, N.J. — On April 11, global lubricant brand Castrol announced plans to launch Castrol MoreCircular, which the company says is designed to reduce the carbon footprint of business lubricants in the U.S., during the Advanced Clean Transportation Expo in Las Vegas in May. The program, created in collaboration with Safety-Kleen, a subsidiary of Clean Harbors Inc., encompasses the entire process of collecting used oil from business customers, re-refining it and integrating re-refined base oil into premium lubricants for supply to businesses. Safety-Kleen and Castrol have signed a multiyear collaboration agreement; financial terms of the partnership were not disclosed. According to a statement released by Castrol, the initiative is a result of “significant investment in research and development aimed at integrating re-refined base oils into lubricant formulations while ensuring that the new product range continues to meet or exceed the latest original equipment manufacturer (OEM) and industry standards.” The announcement comes after “successful trials with a number of Castrol business customers demonstrated the high-quality, high-performance attributes of these lower carbon footprint lubricants, which showed the same performance as the version containing virgin base oil” the statement notes. “Our ability to collect used oil from across the country and reprocess a waste product means that much of it can be used again and again. Delivering these lower-carbon-footprint lubricants can help our business customers meet their sustainability goals with the same high-quality and high performance they expect from Castrol,” said Andreas Osbar, CEO of Castrol Americas. “We believe the time is right to lead the market with an integrated, more circular — and as a result, lower-carbon-footprint — offer as our business customers are searching for levers to help de-carbonize their operations,” Osbar continued. “This is a first-of-its-kind, nationwide offer in the US, and we’re excited to partner with Safety-Kleen to deliver it.” The end-to-end offer begins with the collection of used lubricants from Castrol MoreCircular customers, such as fleet maintenance shops and industrial sites. The used oil is then reprocessed, enabling about 70% of the used product to be recovered as base oil, Castrol claims. The re-refined base oil is then blended into what Castrol describes as premium lubricants. The company estimates the reprocessed product will result in a 20% to 40% lower carbon footprint compared to Castrol’s traditional products. Re-refined base oil makes up at least 65% of the base oil in each MoreCircular lubricant; the size of the carbon footprint reduction depends partly on the percentage of RRBO used. When participating business customers purchase these lubricants, they help develop a more circular lubricants industry in the U.S. Of the more than one billion gallons of used oil generated annually in the United States, only around 20%2 are currently re-refined back to base oils. With the launch of ‘MoreCircular,’ Castrol is moving towards embracing circularity – a key principle of Castrol’s PATH360 sustainability strategy. “Safety-Kleen is proud to partner with Castrol, a recognized industry leader, to help bring increased circularity to the United States lubricants industry,” said Brian Weber, president of Safety-Kleen Sustainability Solutions. “We are North America’s largest collector of used oil with more than 200 branch locations that safely and compliantly collect more than 250 million gallons annually. Our operations span every major metropolitan area in the U.S., and we can meet the waste oil collection needs of any Castrol customer’s MoreCircular offering.”

Sarah Ruffcorn chosen for 2024 Distinguished Woman in Logistics Award

Erica N. Guy - April 11, 2024

PHOENIX — The Women In Trucking Association (WIT), Truckstop and Transportation Intermediaries Association (TIA) have announced that Sarah Ruffcorn, president of Trinity Logistics, has won the 10th annual Distinguished Woman in Logistics Award. “We are thrilled to recognize Sarah as the 2024 Distinguished Woman in Logistics, particularly on the 10-year anniversary of this award,” said Jennifer Hedrick, WIT president and CEO. “Sarah’s significant career accomplishments and passion for mentoring others embody the key characteristics of this honor.” Ruffcorn was chosen among three finalists for the award. She and the other finalists and winners were recognized during the TIA 2024 Capital Ideas Conference & Exhibition. “Sarah could not be more deserving of this award! She joins the ranks of distinguished women who have been recognized for their contributions to the industry,” said Anne Reinke, president and CEO of TIA. “Sarah invests in her people and the industry with her whole heart, and we at TIA are lucky to have her as a leader on our Board of Directors.” In her position at Trinity, Ruffcorn is responsible for leading a freight solutions company, arranging freight for businesses of all sizes while utilizing truckload, less-than-truckload, drayage, intermodal, expedited and technology solutions. According to WIT, Ruffcorn has a strong passion for coaching and mentoring others to help them work at their highest potential and serve others with a dedicated focus on improving people’s lives. “Sarah, Sherri and Ramona each embody the esteemed leadership qualities celebrated by the Distinguished Woman in Logistics recognition,” said Kendra Tucker, chief executive officer at Truckstop. “We extend our congratulations to Sarah for this prestigious honor, as she persists in her dedication to improving the freight transportation industry and her passionate commitment to guiding and mentoring others to realize their full potential.” In the community, Ruffcorn also serves on the TIA Board of Directors, is chair of the TIA Women in Logistics Committee, and is on the Tidal Health Medical Partners Board of Directors. She was awarded the 2015 Delaware Business Times Best 40 under 40 award for being one of the region’s “best and brightest young professionals” and was nominated as a top five finalist for the 2019 “Distinguished Woman in Logistics” award.

Zero-emission truck maker Windrose Technology completes $110M cash haul

John Worthen - April 11, 2024

HONG KONG — Electric heavy-duty truck developer Windrose Technology has completed the second phase of its Series B financing, raising the total funding for this round to $110 million. Investors include London-based HSBC, Boston-based HITE Hedge Asset Management, industrial real estate and digital infrastructure specialist Goodman Group, along with executives from global brands and logistics companies, according to a news release. “The proceeds of this series B financing will be used to accelerate the testing and deployment of Windrose Technology’s electric long-haul trucks globally, to set up a new supply chain center and production facility, as well as to implement fast-charging infrastructure,” the news release states. “The first installation of one of the world’s fastest mega-watt level chargers at Goodman’s Citylink property near Beijing, China will be operational in the second quarter of 2024.” Windrose Technology’s electric long-haul truck has a range of 400 miles under full load of 49 tons, according to the company. The Windrose EV truck has an 800V high-voltage, fast-charging platform and can replenish 250 miles of range in under 36 minutes. Further, Windrose has completed high-temperature, high-altitude and low-temperature testing. Working with customers and partners, including Rokin Logistics, Kerry Logistics, BorgWarner, TUV and SUD, Windrose has initiated deployment in China, with Europe, the United States and Australia to follow. “As a young entrepreneur in my early 30s, I’m deeply respectful of the enormity of our vision of bringing zero-emission long-haul trucks to China, Europe, U.S. and other parts of the world,” said Wen Han, founder, chairman and CEO of Windrose. “My Stanford education has fostered the entrepreneurial spirit in me, but I also recognize that Windrose can only achieve our goal of revolutionizing the global trucking industry by standing on the shoulder of giants, and I’m truly grateful to be supported by world-class investors, customers and partners.” HITE Hedge Asset Management is a $1 billion investment firm headquartered in Quincy, Mass., with a 20-plus year track record of generating alpha in energy and related industries, now profiting from the energy transition. “Windrose is pioneering the way forward for the commercial trucking industry,” said David A. Levine, a portfolio manager at HITE Hedge. “Its fast-moving go-to-market with world leading technologies is defining the future way our commercial fleets will electrify — showing real-time how the energy transition will enable more efficient and better transportation solutions globally tomorrow.” Kristoffer Harvey, chief executive officer of Greater China at Goodman Group, said his company is supporting Windrose’s venture as part of a commitment to sustainability and innovation. “Installing one of the world’s fastest mega-watt chargers at Goodman Citylink is a breakthrough step in empowering our customers’ green transportation goals, and we look forward to seeing more of this innovation across our portfolio,” Harvey added.

Schneider National makes Newsweek’s America’s Greatest Workplaces list

John Worthen - April 11, 2024

GREEN BAY, Wis. — Schneider National has been recognized as one of America’s Greatest Workplaces by Newsweek. “Our associates are the heartbeat of Schneider and what makes it a great place to work,” said Schneider Executive Vice President of Human Resources Angela Fish. “Their passion and dedication are what make the difference. Being named to the America’s Greatest Workplaces list is a testament to our collaborative efforts to foster an environment that nurtures every team member’s potential. At Schneider, we are not just about moving goods, we are about helping our people move forward.” The AGW list is based on a large employer survey and a sample set of over 61,000 respondents living and working in the U.S. for companies that employ at least 1,000 employees. The study collected over 389,000 company reviews in total.

NMFTA appoints Cara Walls cybersecurity director

Erica N. Guy - April 11, 2024

ALEXANDRIA, Va. — The National Motor Freight Traffic Association (NMFTA) recently announced that it has appointed Cara Walls as its director of cybersecurity. “NMFTA has found a true leader and cybersecurity industry expert in Walls,” said Debbie Sparks, executive director of NMFTA. “Her direct experience in supply chain security brings a unique skill set and approach to handling the ever-growing vulnerabilities found in the technical connectivity of our industry. She allows us to provide one of the nation’s critical infrastructures with specific learning programs to effectively combat the exclusive and escalating threats we face.” In this new role, Walls will lead NMFTA’s Cybersecurity Conference, the annual event where experts from all facets of the supply chain, academia and the government come together, according to a news release. She’ll also “oversee the association’s cybersecurity education, industry cyber initiatives and training initiatives, which will propel the industry into a more secure environment,” the news release notes. Her methods for achieving practical, risk-based security have been adopted by many. Her accomplishments include achieving digital transformations that resulted in a 61% reduction in vulnerability exposure, cyber vault implementations for enterprise-scale recovery and cloud architecture alignment that led to a 27% lower cost. “I’m excited to build on strategic stakeholder relationships with NMFTA partners to help them meet their business’ needs and stay secure in the process,” Walls said. “Our goal is to ensure that the industry can be resilient in the face of evolving threats to the supply chain. I’m poised and ready to help navigate NMFTA and industry leaders that look to us for guidance.” Walls has more than a decade of experience in leadership cybersecurity for highly regulated global industries and companies such as Coyote Logistics, UMB, H&R Block and New York Life.

US producer prices rose 2.1% from last year

The Associated Press - April 11, 2024

WASHINGTON — U.S. producer prices rose rose in March from a year earlier at the fastest pace in nearly a year, but the gain was less than economists expected. And wholesale inflation eased on a month to month basis. The Labor Department said Thursday that its producer price index — which measures inflationary pressure before it reaches consumers — rose 2.1% last month from March 2023 , biggest year-over-year jump since April 2023. But economists had forecast a 2.2% increase, according to a survey of forecasters by the data firm FactSet. And compared to February, wholesale prices were up just 0.2%, down from a 0.6% gain in February and less than the 0.3% uptick economists had expected. The slightly better-than-expected producer price reading came as something of a relief, arriving a day after the Labor Department reported that consumer price inflation was surprisingly hot last month. Wednesday’s numbers had added to worries that progress against inflation was stalling and raised doubts about when the Federal Reserve will cut interest rates. Stripping out volatile food and energy prices, so-called core wholesale prices were up 0.2% last month from February, the second straight drop, and 2.4% from March 2023. The year-over-year increase in core producer prices was the most since August. Economists see core inflation as a sign of where overall inflation may be headed. Federal Reserve minutes: Some officials highlighted worsening inflation last month Wholesale goods prices dipped 0.1% from February, pulled down by a 1.6% drop in energy prices. Services prices were up 0.3% for the second straight month. In the face of aggressive Fed rate hikes, inflation had fallen steadily after peaking in mid-2022. But the improvements have lately proven harder to come by. The Labor Department reported Wednesday that its consumer price index was up 3.5% last month from a year earlier, the second straight increase in year-over-year inflation, which remains stuck well above the Fed’s 2% target. Consumer prices were up 0.4% last month from February, matching the January increase. They haven’t fallen on a month-over-month basis since October. Combating a resurgence of inflation that began in the spring of 2021, the Fed raised its benchmark interest rate 11 times between March 2022 and July 2023, lifting it to a 23-year high. The central bank has signaled that it expects to cut rates three times this year — a reversal in policy that has been eagerly awaited on Wall Street. But inflation’s recent stubbornness has cast doubt on when the rate cuts will start and whether the Fed will really manage to squeeze in three of them this year. Wall Street investors had originally hoped to see the first rate cut in March. But that didn’t happen, and the inflation numbers have plateaued. Now a majority of investors don’t expect a rate cut until the Fed’s September meeting, according to CME’s FedWatch tool. George Ball, chairman of the investment firm Sanders Morris, called Thursday’s producer price report “encouraging″ but said ”the Federal Reserve will take its time when it comes to rate cuts.″

Roadrunner opens new service center in Atlanta

Erica N. Guy - April 10, 2024

CHICAGO — Roadrunner recently announced the opening of its new less-than-truckload (LTL) service center in Atlanta. “Our new Atlanta service is a true cross-docking facility, enabling us to improve the efficiency of our operations throughout out expansive network, and increase both the output and throughout of the Atlanta market,” said Tomasz Jamroz, COO at Roadrunner. “It provides more doors and a larger area for us to enhance our operations, using our Smart Technology. Atlanta plays a key role in our operations and aligns with our goal of providing smart long-haul LTL with the fewest number of rehandling possible.” The facility, which once belonged to now-bankrupt Yellow Corporation, was extensively renovated with new showers and a lounge area for truck drivers. The site also features 75 doors, an on-site mechanical shop with three full bay and inspection lane areas, along with an electric security fencing and gate access. Parking is also available for more than 300 trailers. The facility is the first feature a Roadrunner Flagship Driver Lounges. “The size and layout of the service center combined with its proximity to major highways allows us to offer our customers even better service,” said James Darendinger, the Atlanta Service Center manager. “Our Atlanta service center connects to every other region in the U.S., so it is an important piece in our Smart Network.” The service center continues the strategic enhancements announced by Roadrunner, including the creation of Guaranteed Service in select lanes. This offers shippers on-time delivery by the date scheduled or a full refund of charges and one-day service between its Southern California or Chicago locations. “Part of the reason we were excited to secure this location was for the addition of our Flagship Driver Lounge concept. This location will benefit not only our customers, but our employees and drivers as well,” Jamroz said.

New report shows that global demand for LTL carriers remains strong

John Worthen - April 10, 2024

DUBLIN — Less-than-truckload (LTL) carriers are experiencing increased demand due to the rise of e-commerce, which has led to smaller, more frequent shipments. Additionally, the globalization of supply chains has spurred cross-border trade, further driving demand for LTL services, according to a new report published by ResearchandMarkets.com analyzing the global LTL market. “Technological advancements have played a pivotal role in optimizing operations, with automation, data analytics and route optimization enhancing efficiency and reducing costs for carriers,” the report notes. “Moreover, the growing focus on sustainability and environmental consciousness has prompted LTL carriers to adopt eco-friendly practices and invest in greener technologies.” The global less-than-truckload market showcased growth at a compound annual growth rate of 4.03% during 2020-2023. The market was valued at $199.03 billion in 2023, which is expected to reach $284.98 billion in 2030. In terms of market growth, the LTL sector is witnessing expansion driven by the robust performance of industries such as retail, manufacturing, and healthcare. The adoption of just-in-time inventory management practices has necessitated faster and more flexible transportation solutions, aligning well with the offerings of LTL carriers. Additionally, strategic partnerships and acquisitions within the industry have enabled LTL companies to broaden their service portfolios, enhance network coverage, and tap into new markets. Additionally, the LTL market’s growth is also fueled by the trend towards supply chain optimization and cost-saving measures among businesses. “Companies are increasingly outsourcing their logistics needs to specialized LTL carriers to streamline operations and reduce overhead costs associated with maintaining in-house transportation fleets,” according to the report. “Moreover, the shift towards just-in-time inventory management practices has heightened the need for reliable and flexible transportation solutions, further driving demand for LTL services.” The report also notes that the LTL market’s growth is supported by the increasing complexity of customer requirements and the need for tailored logistics solutions. Businesses across various industries require customizable shipping options to accommodate diverse cargo types, delivery schedules and destination requirements. LTL carriers are well-positioned to meet these demands by offering a range of value-added services such as temperature-controlled shipping, specialized handling, and enhanced tracking capabilities. The following LTL carriers are analyzed in the report: United Parcel Service FedEx Corporation XPO, Inc. Old Dominion Freight Line Yellow Corporation ABF Freight System Inc. Estes Express Lines R+L Carriers, Inc. Saia, Inc. DHL Freight To access the full report, click here.

Saia opens new terminals, finalizes cross-border partnership with Fletes Mexico

John Worthen - April 10, 2024

JOHNS CREEK, Ga. — On the heals of finalizing an exclusive cross-border partnership with Fletes Mexico, Saia LTL (less-than-truckload) Freight has opened two new terminals in the U.S. According to a news release, the facilities in Garland, Texas, and Missoula, Montana, became active on Wednesday, April 10. Saia’s second Garland terminal will be the fourth for the company in the Dallas-Fort Worth metroplex and the 21st facility for the carrier in Texas, the news release notes. The new terminal in Missoula will be Saia’s first Montana location. “We’re eager to add coverage across our network,” said Executive Vice President of Operations Patrick Sugar. “These new terminals were built, or renovated, to enable us to provide our customers with enhanced service so we can meet their supply chain needs.” Saia’s geographic expansion began in 2017 with four terminal openings in the Northeast. As of today, Saia has opened 49 facilities, not only in the Northeast, but across its legacy markets. “Beyond these two, we intend to open another 16 to 17 new terminals over the next several months, in addition to relocating several existing facilities to larger or strategically advantageous locations to reduce shipping time, improve pickup and delivery flexibility and increase capacity in key areas,” Sugar explained. Saia and Fletes Mexico announce exclusive cross-border partnership On April 1, Saia LTL finalized its partnership with Fletes Mexico via their less-than-truckload LTL division, Carga Express, to serve both companies’ U.S. to Mexico cross-border customers. As a result of the partnership, Saia will service Carga Express’ shipments entering the U.S., and Carga Express will service Saia’s freight entering Mexico, a news release notes. “The partnership brings together two companies with extensive LTL experience,” according to the news release. “Celebrating its 100-year anniversary this year, Saia began operations in Houma, Louisiana, in 1924 and today operates 194 terminals across the U.S.” Likewise, Carga Express has operated in the national and international transportation industry for more than three decades. Saia plans to open 15 to 20 new terminals as it adds direct service to new geographies. “We are excited about this new partnership with Carga Express as our companies share similar values when it comes to providing efficient, on-time transportation solutions for customers,” said Saia Vice President of International Juan Barroso. “Our customers will benefit from Carga Express’ network of distribution centers and commitment to providing leading LTL service into and across Mexico.” Miguel Gomez, CEO of Fletes Mexico, said, “We are very pleased to partner with Saia. Our customers will greatly benefit from Saia’s extensive network of terminals around the U.S. and with access to our network throughout Mexico, we will be able to offer Saia’s U.S. customers unparalleled north and southbound cross-border services.”

Spot rates in Truckstop system see declines in latest week

The Trucker News Staff - April 9, 2024

BLOOMINGTON, Ind. — After four straight weeks of gains, the total broker-posted spot market rate in the Truckstop system declined about a penny during the week ended April 5 (week 14). The decrease in spot rates for dry van equipment was the largest in six weeks while the refrigerated spot rate drop was the largest in eight weeks, according to a news release. Flatbed spot rates declined as well but only by just over half a cent. Although load postings were down from the prior week, they recorded their strongest year-over-year comparison in more than two years. Total loads Total load activity decreased 2.9% after falling more than 5% during the previous week. Total volume was up more than 12% from the same 2023 week for the strongest year-over-year comparison since February 2022. Volume was more than 25% below the five-year average for the week, however. Total rates The total broker-posted rate declined just under 1 cent after rising more than 3 cents during the prior week. Rates were 3.5% below the same 2023 week and nearly 5% below the five-year average for the week. Although dry van and refrigerated spot rates fell by substantially more than 1 cent, flatbed rates moderated the total rate because those rates are higher than van rates and because flatbed volume held up better last week than did loads for van equipment. Dry van rates Dry van spot rates fell nearly 4 cents after increasing by a total of about that amount over the previous three weeks. Rates, which were at their lowest level since May of last year, were 2.5% below the same week last year and 11% below the five-year average for the week. Dry van loads declined 3.5%. Volume was more than 5% above the same 2023 week but nearly 26% below the five-year average for the week. Refrigerated rates Refrigerated spot rates dropped more than 7 cents after rising nearly 5 cents during the prior week. Rates, which were at their lowest level since week 9, were nearly 2% below the same 2023 week and about 8% below the five-year average for the week. Refrigerated loads fell 9.9%. Volume was more than 13% below the same 2023 week and about 37% below the five-year average for the week. Flatbed rates Flatbed spot rates declined six-tenths of a cent after rising 4.5 cents in the previous week. Rates were about 4.5% below both the same 2023 week and the five-year average for the week. Aside from the previous week, rates were the strongest since early July 2023. Flatbed loads eased 1.4%. Volume was nearly 24% higher than the same week last year but was nearly 26% below the five-year average for the week.