Freight Brokerage

Challenging market conditions on various fronts, for freight transportation brokers and intermediaries, were the main themes of the new edition of the “3PL Market Report Fourth Quarter 2023, which was issued this week by the Alexandria, Va.-based Transportation Intermediaries Association (TIA).

Ryder officials said that bringing Cardinal into the fold will help to enable the company’s growth and also further strengthen its position as a leading customized North American-based dedicated contract carrie

While this week’s fourth quarter earnings call, for Atlanta-based global freight transportation and logistics services provider UPS, was replete with interesting information and data, including nearly 8% revenue decline and 12,000 layoffs, another interesting takeaway was related to its truckload brokerage business, Coyote, which it acquired in 2015.

Tucker played a pivotal role in the trucking deregulation movement both nationally and locally, advocating for, and educating those in the industry.

The shutdown of digital broker Convoy has sent shockwaves through the freight world, but it may not be the last brokerage to close its doors.

Following heavy speculation in recent days that it was taking steps to wind down its business operations, Seattle-based digital freight broker Convoy is officially closing down its current core business operations, according to a company letter sent to Convoy employees from Convoy CEO and Co-Founder Dan Lewis.

Logistics Management Group News Editor Jeff Berman recently caught up with Drew Wilkerson, CEO of Charlotte, N.C.-based RXO, the fourth-largest full truckload broker in the United States, and asset-light transportation services provider. Wilkerson provided updates and analysis on various market trends and topics, including: the state of the freight economy; the spot market; pricing; and nearshoring, among others.

The search for a new CEO for Minneapolis, Minn.-based global logistics services provider and freight forwarder C.H. Robinson has come to an end, with the company announcing today it tabbed David Bozeman to take the position, effective June 26. Bozeman will also serve as a member of the company’s Board of Directors.

The company said that it is adding staff associates and opening up new locations in Chicago, Illinois and Edison, New Jersey.

Omaha, Neb.-based Werner Enterprises, a global freight transportation and logistics services provider and the nation’s seventh-largest truckload carrier, said this week it has acquired Tampa, Fla.-based Reed Transport Services Inc. and RTS-TMS Inc., through the signing of a definitive agreement and closing on the acquisition of 100% of Reed’s stock.

We talked to top brokers about tips you can apply to your business for getting/keeping customers.

Quarterly revenue—at $3.4 billion—increased 14% annually and was up 30% compared to 2010, representing the fourth straight quarter XPO’s revenue has set a new record, topping Wall Street estimates, of $3.269 billion. Adjusted earnings per share also set a new company record, at $1.34, and adjusted EBITDA, at $323 million, represented its highest fourth quarter level in company history, while posting a 15% annual gain, beating analysts’ estimates of $302 million, and setting a quarterly EBITDA record for the sixth quarter in a row.

Ascend’s primary focus will be on serving shippers in various verticals, including the consumer goods, packaging, and industrial supply chain, which, they added, usually require products to be shipped quickly and regionally, coupled with what the company called “exacting service requirements.”

Total quarterly shipments increased 6.8%, from the second quarter to the third quarter, and saw a 10.6% annual gain, and total revenue saw a 10.3% increase, from the second quarter to the third quarter, while seeing a 36.1% annual gain.

The company said that this was done by entering into a definitive business combination agreement with G Squared Ascend I Inc., a special purpose acquisition company (SPAC) sponsored by affiliates of G Squared, a growth-stage venture capital fund manager with a technology sector focus. This expected is expected to close in the first quarter of 2022, with the combined company to be listed on the New York Stock Exchange under “TF.”