-12
FTR’s Shippers Conditions Index (SCI) for June fell to a reading of -12.0, reflecting a “continuing tough environment for shippers,” FTR officials reported on Aug. 26. Freight rates improved slightly during June, but not enough to offset tighter capacity utilization and “little change in other components — volume and fuel costs,” FTR officials said. Todd Tranausky, FTR’s vice president of rail and intermodal, added: “The capacity situation is expected to remain tight into 2022, and while rate increases are expected to moderate their rates of growth through the next several months, they will for the most part remain in positive territory — meaning shippers’ rate relief might feel good, but it is a matter of degrees as rates will still be going up year over year.”
0
As of mid-day on Aug. 30, Port of New Orleans crews continued to assess Hurricane Ida’s impacts. “Initial reports indicate no major damage to our facilities,” officials said, adding they were coordinating with navigation partners as well as local and state officials to resume operation safely and as quickly as possible. New Orleans Terminal and Ports America for containerized operations; Empire, Coastal Cargo, Gulf Stream Marine and Ports America for breakbulk operations; and the New Orleans rail gateway operations all were closed until further notice.
1.2
American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index decreased 1.2% in July after falling 2% in June. In July, the index equaled 109.8 (2015=100) compared with 111.1 in June, ATA announced on Aug. 24. “Softness in tonnage over the last few months is due more to supply constraints, rather than a big drop in freight volumes,” said ATA Chief Economist Bob Costello. “Not only are there broader supply chain issues, like semiconductors, holding tonnage back, but there are also industry specific difficulties, including the driver shortage and lack of equipment. For-hire truckload carriers are operating fewer trucks than a year earlier. It is difficult to haul significantly more freight with fewer trucks and drivers."
5.2
“TCI (you remember them? They sure do in Jax) announced (off hours, natch) that they have a 5.2% position in CNI and intend to be active or activist; TCI is now the largest holder of CNI and CP — hmmm. The timing is interesting, but I am guessing lucky — they couldn't have known that the STB would take the full allotted time for their Voting Trust decision (could they?). Beware the over-focus on margins (over growth —read the room!) being called for by some analysts in what I truly hope might be the last stand of the Cult of the OR.” — independent transportation analyst Tony Hatch in an Aug. 31 email to his clients
8
Ryder System Inc., a transportation and fleet management solutions provider, and Waymo Via, the trucking and local delivery unit of autonomous driving developer Waymo, have entered a partnership focused on providing “best-in-class maintenance for Class 8 autonomous trucks, in order to maximize vehicle up-time and ensure the reliability required to scale operations nationwide,” Ryder officials announced on Aug. 18. The companies will partner on servicing and evolving maintenance practices for autonomously driven trucks across Waymo Via sites in Texas, Arizona, California, Michigan, and Ohio, as well as roadside service between hubs. “While this partnership initially focuses on fleet maintenance, we see many opportunities to collaborate on autonomous trucking operations in order to successfully deploy these trucks at scale,” said Karen Jones, Ryder’s chief marketing officer and head of new product development.
9
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), showed their overall new business volume for July was $9.9 billion, up 9 percent year-over-year from new business volume in July 2020, ELFA officials announced on Aug. 24. Volume was down 5 percent month-to-month from $10.4 billion in June. Year-to-date, cumulative new business volume was up nearly 9 percent compared to 2020. The index reports economic activity from 25 companies representing a cross section of the $900 billion equipment finance sector. “Despite supply chain disruptions in some sectors of the economy, signs of inflation, and emergence of the Delta coronavirus, July new business volume in the equipment finance industry is strong,” ELFA President and CEO Ralph Petta said. “Consumer spending is picking up, equity markets continue to advance, and unemployment is slowing — reasons to be optimistic about equipment investment and industry performance for the second half of the year.”
12.61
FTR’s Trucking Conditions Index (TCI) for June was strong, even though it declined to 12.61 from May’s reading of 15.72, FTR officials reported on Aug. 17. “The easing in June primarily reflected slightly weaker freight volume and somewhat less robust freight rates,” FTR officials said. “Partially offsetting those factors was slightly stronger capacity utilization. Overall, market conditions for carriers might have peaked, but they remain very strong and are forecast to remain in the double-digit positive range for the balance of 2021.”
25
Orange EV, a heavy-duty electric vehicle (EV) solutions provider, announced a multi-year agreement with Georgia-based Lazer Spot Inc. to manufacture and deliver more than 25 EV trucks in 2021 and 2022. “The Lazer Spot agreement is a declaration that the future of the yard truck is electric,” Orange EV officials said on Aug 26.
28
FleetPride Inc. acquired the assets of National Truck Repair in Longview, Texas, the company announced on Aug. 17. A distributor of truck and trailer parts and service in the independent heavy-duty aftermarket, FleetPride will provide parts and service in the Longview market with added support from the FleetPride branch in nearby Kilgore, Texas. The company now has 28 locations in Texas.
66.6
The Equipment Leasing & Finance Foundation (ELFA) released the August 2021 Monthly Confidence Index for the Equipment Finance Industry on Aug. 19. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $900 billion equipment finance sector. Overall, confidence in the equipment finance market is 66.6, a decrease from the July index of 72.9, ELFA officials said.
20,000
Cowan Systems LLC, which specializes in dedicated truckload, intermodal, warehousing, brokerage and driver staffing, launched a Regional Driver Incentive Program designed to guarantee every newly hired road driver a $15,000 bonus. The program also provides qualified CDL-A drivers — drivers with both their hazmat endorsement and one year of verifiable experience with their current employer — who join the company by Oct. 1 the opportunity to earn an extra $20,000, the company announced on Aug. 19.
1 billion
The Greenbrier Cos. Inc. on Aug 30 announced the renewal and extension of three bank facilities totaling over $1 billion. The rail-car builder renewed and extended its $600 million domestic revolving facility and $292 million term loan five years while its Greenbrier Leasing subsidiary’s non-recourse $200 million term loan was renewed and extended six years. “Extending Greenbrier’s banking facilities to maintain our strong liquidity profile has been a critical part of our strategy for managing the business through the pandemic and into recovering markets,” Chairman and CEO William Furman said.
