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The Port of Oakland and a coalition of 20 partners have applied for a federal grant that would fast-track the Oakland Seaport’s conversion to 100% zero-emissions cargo handling operations, port officials announced on May 29. The coalition is seeking a $417 million grant through the Environmental Protection Agency Clean Ports Program: Zero-Emission Technology Deployment Competition. The proposed project includes replacing about 762 pieces of equipment with zero-emissions equipment (battery electric or hydrogen fuel cell). The project would cost up to $586 million, port officials said.
1.2
American Trucking Associations’ (ATA) advanced seasonally adjusted For-Hire Truck Tonnage Index declined 1.2% in April after decreasing 2.2% in March, ATA officials announced on May 21. “The truck freight market remained soft in April as seasonally adjusted volumes fell for the second straight month,” said ATA Chief Economist Bob Costello. “With a rebound in freight remaining elusive, it is likely that additional capacity will leave the industry in the face of continued softness in the market.”
1.2
FTR’s Shippers Conditions Index (SCI) for March improved to a reading of 1.2 from -1.4 in February, FTR officials said on May 28. “The SCI returned to mildly positive territory in March after February’s negative reading that mostly was due to fuel costs," said Avery Vise, FTR’s vice president of trucking. "The next couple of months still look favorable for shippers, but we expect the index to trend toward more neutral and slightly negative readings by the second half of this year due to modestly stronger capacity utilization and less favorable rates."
1.3
The shipments component of the Cass Freight Index® fell 1.3% month-over-month in April, Cass Information Systems Inc. officials announced on May 14. The reason: "for-hire demand remains broadly soft," they said. The index fell 1.6% month-over-month in seasonally adjusted terms, returning volumes to the cycle lows of 2023's second half. "Lunar New Year timing and/or the Baltimore bridge may have temporarily affected April data, but at this pace, volumes are at risk of giving up those gains in Q2," they said.
4, 0 & 1
"On May 9, activists went down to their first proxy battle defeat after going 4-0-1 in the first five attempts this century. The wins were, in order: CSX, Canadian Pacific, CSX again, a tie at CN, and then most recently, Union Pacific. These fights have been entertaining, for sure — and profit-boosting, in most cases — but are also distractions, at best, and disruptions to shipper, labor and regulator relations, at worst." — Independent Transportation Analyst Tony Hatch in a May column posted on ProgressiveRailroading.com
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The Port of Los Angeles handled 770,337 container units in April, a 12% increase compared with April 2023's total, port officials announced on May 20. For the year's first four months, the port processed 3,150,841 TEUs across L.A. marine terminals, a nearly 25% increase compared the same 2023 period. "All our vital operational statistics at the Port of Los Angeles are at or better than pre-COVID levels," said Gene Seroka, the port's executive director.
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Through April, Port Houston handled 1,394,094 TEUs, a 12% increase compared with the same 2023 period, port officials said on May 20. In April, the port handled 324,177 TEUs, a 5% increased compared with April 2023's total. Loaded imports were up 4% in April and 12% for 2024's first four months; and loaded exports handled were up 8% in April and 14% during the year's first four months, they added. "The rise in exports is attributed to the demand for regionally produced automotive, furniture, cotton and plastic resin goods," port officials said.
1.660 billion
On May 31, Hitachi completed the acquisition of Thales' Ground Transportation Systems Global Business Unit to Hitachi Rail for an enterprise value of €1,660 million. With around 9,000 employees, the Thales business unit develops rail signaling and train control systems, telecommunications and supervision systems, and fare collection solutions.
