-
6 days ago | 
freightwaves.com | Todd Maiden
Cold storage warehouse operator Americold said Thursday that demand from its food-producing customers has “changed drastically” following early-April tariff announcements. The company reported a decline in throughput and inventories at its 235 facilities during the first quarter, and the downward trend has accelerated since. Inflation fears have many of its customers slowing expansion plans, instead opting for the trade environment to stabilize.
-
1 week ago | 
freightwaves.com | Todd Maiden
Forward Air saw modest improvements on some financial metrics during the first quarter, but pressure from investors is mounting for the company to complete a strategic review of potential options for its business following a controversial merger with Omni Logistics. Activist investor Ancora Holdings Group, which holds a 4.1% equity stake in the Greeneville, Tennessee-based company, advised shareholders on Wednesday to vote against three of Forward’s directors at the upcoming annual meeting.
-
1 week ago | 
freightwaves.com | Todd Maiden
Activist investor Ancora Holdings Group is calling on Forward Air shareholders to vote against three legacy board directors who it asserts have “egregious M&A records” and “histories of presiding over massive value destruction.”The Wednesday letter calls for the removal of board Chairman George Mayes and directors Javier Polit and Laurie Tucker.
-
1 week ago | 
freightwaves.com | Todd Maiden
Transportation metrics were mixed in April, according to a monthly survey gauging sentiment among supply chain managers. The Logistics Managers’ Index – a diffusion index in which a reading above 50 indicates expansion while one below 50 signals contraction – showed capacity, utilization and pricing remained in expansion territory during the month.
-
1 week ago | 
freightwaves.com | Todd Maiden
Another block of defunct less-than-truckload carrier Yellow Corp.’s terminals are set to be sold, according to a filing with a federal bankruptcy court in Delaware. A Monday motion to the court asked for approval to sell 10 locations valued at $20.7 million. Saia (NASDAQ: SAIA) is acquiring three leased properties for $6.5 million. The locations include a 72-door terminal in Orlando, Florida, a 54-door terminal in Deer Park, New York, and 21 doors in Calexico, California.
-
1 week ago | 
freightwaves.com | Todd Maiden
Third-party logistics provider Kenco announced Monday it has acquired the 3PL arm of Ontario, Canada-based distribution and fulfillment company Drexel Industries. The deal includes four warehouses in Ontario, serving Toronto, Detroit and Buffalo, New York, as well as 100 employees who will now work for Kenco. The transaction expands Kenco’s presence in Canada. Financial terms of the deal were not disclosed.
-
1 week ago | 
freightwaves.com | Todd Maiden
Premier Bulk Systems has acquired fellow bulk liquid hauler Longhorn Transportation for an undisclosed sum. The deal gives Ontario, Canada-based Premier Bulk Systems a presence in the Maritime Provinces along Canada’s east coast. New Brunswick, Canada-based Longhorn provides bulk liquid truckload services, hauling petroleum products, asphalt and chemicals. The 21-year-old carrier also provides flatbed and dry van TL transportation.
-
1 week ago | 
freightwaves.com | Todd Maiden
Forward Air is asking shareholders to approve a plan to reincorporate from Tennessee to Delaware. The calculated move would provide the troubled trucking and logistics company with improved optionality as it navigates a strategic review following the fallout from a controversial merger with Omni Logistics. One potential outcome from the review process includes the sale of the company, which may be easier to accomplish if it is domiciled in Delaware.
-
1 week ago | 
freightwaves.com | Todd Maiden
Multimodal transportation provider Schneider National said it still expects to see growth and operational improvement across its three businesses this year, just at a more subdued pace given the tariff overhang. So far, the changing trade landscape hasn’t produced any dramatic shifts in customer demand. Rates across its truckload segment have increased by low- to mid-single-digits this year. However, the carrier is taking less volume from some shippers when the rate isn’t desirable.
-
2 weeks ago | 
freightwaves.com | Todd Maiden
Schneider National announced first-quarter earnings ahead of analysts’ expectations on Thursday but lowered its outlook for 2025. Schneider (NYSE: SNDR) reported adjusted earnings per share of 16 cents, 2 cents ahead of the consensus estimate and 5 cents higher year over year. The y/y increase was driven by the December acquisition of Cowan Systems. The adjusted EPS number excluded 1 cent per share in acquisition costs.
