3
as in 3 new, low-profile, Neo-Panamax cranes that arrived at Paul W. Conley Container Terminal, ending a 10-week journey from Shanghai, China, Port of Boston officials said on June 22. The cranes, along with a new berth and a deepened Boston Harbor, enable Boston to handle larger ships. The cranes are expected to be operational in the fall after undergoing months of commissioning, which includes inspection, testing and staff training.
20
Overall new business volume for May in the equipment finance sector was $8.1 billion, up 20 percent year-over-year from new business volume in May 2020, according to the Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), issued June 23. Year-to-date, cumulative new business volume was up nearly 7 percent compared to the same 2020 period. “Solid May new business volume growth, put in perspective, compares favorably to a low y-o-y base when the pandemic was raging at the beginning of the summer last year,” ELFA President and CEO Ralph Petta said. “While overall industry performance is relatively strong during the first half of this year, even more robust demand for financing is being constrained by supply chain shortages in several economic subsectors.”
45
“Supply/demand imbalance likely to persist, but spot truckload pricing growth [is] slowing,” wrote Baird Equity Research Senior Research Analyst Garrett Holland in a June 23 report. “The sustained imbalance in freight supply and demand is reflected in spot truckload rates (dry van, ex-fuel) which are still tracking +45% Y/Y in June but down from May (+60% Y/Y) and April (+90% Y/Y) growth rates … Similarly, the June Logistics Manager’s Index reading for May declined to 71.3 vs. the 74.5 level in April and further indicates that growth remains strong, but the rate of change is starting to slow.”
53.6
In Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin — the states that make up EPA Region 5 — the newest, cleanest, near-zero-emissions commercial diesel truck technologies now make up 53.6 percent of the diesel-powered commercial vehicles on U.S. roads, according to the Diesel Technology Forum’s analysis of 2020 U.S. vehicles in operation data (Class 3-8) provided by IHS Markit. Diesel Technology Forum represents leading manufacturers and suppliers of advanced engines and components, emissions control systems and both petroleum and renewable fuel interests.
69
“In 2020, 69% of our new hires were minorities or women. We also champion diversity by participating in scholarship programs that benefit minority students, including Girls Inc., the Hispanic Women’s Network of North Texas and the National Association of Asian Americans. The BNSF Railway Foundation also supports organizations such as the American Indian Science and Engineering Society and the United Negro College Fund.” — from BNSF Railway Co.’s recently issued 2020 Annual Review
80
On July 1, transportation and logistics company Werner Enterprises Inc. signed a definitive agreement and closed on the acquisition of an 80% equity ownership stake in ECM Transport Group. Purchase price: 142.4 million, Werner Enterprises officials said, adding that the company has retained an exclusive option to buy the remaining 20% of ECM after a period of five years. “The addition of ECM’s skilled drivers, non-driver associates and terminal network strengthens our portfolio by adding short-haul expertise in a segment in which consumer demand and supply chain needs are growing,” said Werner Enterprises Chairman, President and CEO Derek Leathers.
1,700
As of June 30, the Surface Transportation Board had received 1,700 letters of support for the CN-Kansas Southern combination, including 967 specifically requesting STB approval of the CN voting trust, CN and KCS officials said. Also, letters of support have come from three governors, 28 mayors,11 members of Congress and many shippers, rail labor leaders, business organizations and short-line partners.
26,700
Preliminary North American Class 8 net orders for June were up 13% month over month at 26,700 units, FTR reported on July 6. Orders were up +71% year over year, with Class 8 orders totaling 431,000 units for the previous 12 months. FTR said they expect “a surge of orders” when OEMs start booking for 2022, which could begin as early as this month. “Fleets are still in desperate need of new trucks to handle the surge in freight growth,” said Don Ake, FTR’s vice president of commercial vehicles. “The full opening of the economy continues to strain deliveries, with service levels falling at some of the most reliable carriers. Spot freight rates remain highly elevated, an indicator that freight capacity is being greatly stressed.”
2.2 million
In a June 28 filing with the Surface Transportation Board, Amtrak submitted comments in opposition to the joint motion for approval of the voting trust agreement CN and Kansas City Southern are seeking as part of their proposed merger. “CN’s plan for addressing competitive issues raised by its proposed voting trust and the CN acquisition, described in the Voting Trust Motion, creates a major new impediment to giving the 2.2 million residents along the New Orleans-to-Baton Rouge corridor the Amtrak service they deserve and have long needed,” Amtrak officials said.
2.5 million
Crowley Maritime Corp. and the University of North Florida (UNF) donated $2.5 million as an endowment gift for the creation and operation of a new center of excellence named the Crowley Center for Transportation and Logistics (CCTL), Crowley announced on June 30. The center will reside in UNF’s Coggin College of Business and utilize interdisciplinary faculty expertise from across the University. The endowment will help fund the CCTL operations and leadership, faculty support, visiting scholars, pertinent industry research, pursuit of federally funded grants and contracts, student recruitment in the areas of transportation, logistics and data analytics, and course development.
49 million
The Port of Philadelphia (PhilaPort) will receive a $49 million grant from the U.S. Department of Transportation’s 2021 Infrastructure for Rebuilding America program. The grant funds will be used to provide gap funding for the development of a $130 million multi-use berth at Southport, PhilaPort officials said on June 30. The project will complement the U.S. Army Corps of Engineers’ deepening of the Delaware River shipping channel. The deepening project will allow larger vessels to access PhilaPort, while the development of a new multi-use berth at Southport will allow these ships to dock directly at the Southport terminal where vehicular cargo can be efficiently stored adjacent to the berth.
1.35 billion
Knight-Swift Transportation Holdings Inc. acquired 100% of Dothan, Alabama-based AAA Cooper Transportation and an affiliated entity, AAA Cooper, a less-than-truckload ("LTL") carrier, Knight-Swift announced on July 6. The enterprise value of the transaction was $1.35 billion. The purchase price consideration consisted of $1.3 billion in cash, $10 million in Knight-Swift shares, and about $40 million in assumed debt, net of cash.
8.2 billion
A study conducted by Martin Associates shows maritime and industrial operations at Indiana’s three ports contribute $8.2 billion per year, a 5 percent increase from the last report, support 51,000 jobs and generate more than $552 million state and local taxes, Ports of Indiana officials said on June 24. Completed every five years, the economic impact study is based on 2019 data measuring jobs, income, business revenue and economic output. In 2019, the Ports of Indiana harbors — Burns Harbor, Jeffersonville and Mount Vernon — handled nearly 16.4 million tons of waterborne cargo including key commodities such as coal, iron ore, steel products, grain, soybean products, ethanol, DDG, fertilizer, dry bulks and minerals. Ports of Indiana plans to invest $50 million in infrastructure improvement projects by 2025 including $28 million at Burns Harbor and $22 million in Jeffersonville.
