Manufacturing sees growth in March, snaps 16-month stretch of contraction
April 1, 2024
The report’s benchmark metric, the PMI came in at 50.3 (a reading of 50 or higher indicates growth), topping the March PMI, of 47.8, and contracting after 16 months of declines. ISM added that the overall economy grew, at a faster rate, in March, for the 47th consecutive month. The previous 16 months of contraction through February were preceded by a stretch of 28 consecutive months of growth.
UPS is set to take over USPS air cargo contract from FedEx
April 1, 2024
Atlanta-based global freight transportation and logistics services provider UPS said earlier today it has been awarded what it labeled a “significant air cargo contract” by the United States Postal Service (USPS). UPS officials said that this contract takes effect immediately while also expanding the existing relationship between UPS and USPS. And the company added that after a transition period, UPS will be the primary air cargo provider for USPS, moving the majority of USPS’s United States air cargo.
Blue Yonder announces an agreement to acquire One Network Enterprises for $839 million
March 29, 2024
Scottsdale, Ariz.-based Blue Yonder, a provider of AI-driven and end-to-end supply chain management services, announced it has acquired Dallas-based One Network Enterprises (One Network), a global provider of intelligent control towers and its Digital Supply Chain Network platform, which focuses on driving demand, supply, and logistics management effectiveness and efficiency.
LM Podcast Series: Transportation and Logistics M&A Market Update with Ben Gordon
March 29, 2024
Themes focused on over the course of this podcast included: the current state of industry M&A activity; current trends and themes driving dealmaking activity; and how targeted acquisitions can fill specific service needs for companies, among others.
Electronics supply chains are seeking balance in 2024
March 29, 2024
Labor costs continue rising, but other costs start to moderate.
FTR Shippers Conditions Index takes a step back but remains positive
March 29, 2024
For January, the most recent month for which data is available, the SCI reading came in at 3.3, marking a 3% decline December’s 6.4 reading and also below November’s 6.3. October had topped September's 4.3 by 2%, with FTR saying at the time reflected the most favorable market conditions for shippers since June 2023.
U.S. rail carload and intermodal volumes are mixed, for week ending March 23, reports AAR
March 29, 2024
Rail carloads, at 219,586, fell 0.6% annually, and intermodal containers and trailers, at 255,010, saw a 13.8% annual increase.
Expensive, lengthy delays expected before Port of Baltimore can re-open to vessels following Key Bridge collapse
March 28, 2024
The collapse of the 47-year-old, 1.6-mile Francis Scott Key Bridge is going to have supply chain repercussions for months, if not longer, supply chain experts are saying.
DAT Truckload Volume Index sees February declines after a strong January
March 28, 2024
The van TVI, at 245, down 4% compared to January, with the reefer TVI, at 193, down 4% compared to January, and
the flatbed TVI, at 242, increased 3% compared to January.
In Pyrrhic victory, Teamsters win as judge tosses Yellow’s $137 million lawsuit
March 27, 2024
The International Brotherhood of Teamsters has won what the union calls “a major victory” in a breach of contract lawsuit against Yellow Corp. Unfortunately for about 24,000 Teamsters who lost their jobs when Yellow ceased operations last August, the victory arrives about nine months too late.
project44 and Everstream offer up analysis on Port of Baltimore situation
March 27, 2024
Chicago-based supply chain visibility services provider project44 noted that in addition to the Dali, there are also three other container vessels currently moored in the Port of Baltimore. And for container vessels that were scheduled to arrive at the Port of Baltimore now re-routing to alternative ports, Everstream Analytics reported the following: four at the Port of New York and New Jersey; three at the Port of Norfolk; one at the Port of Philadelphia; and one unconfirmed.
Industry experts examine the impact of Baltimore bridge collapse on supply chains
March 27, 2024
Following yesterday’s bridge collision in Baltimore, when the 32,000-ton container ship, Dali, collided into the 1.6-mile Francis Scott Key bridge over the Patapsco River in Baltimore, causing it to collapse and stopping ship traffic at the Port of Baltimore, for an indefinite period, it has created yet another uncertain situation for supply chains.
Port of Baltimore closed indefinitely to ships after 1.6-mile Key Bridge collapses following maritime accident
March 26, 2024
The most severe U.S. bridge collision since the Tampa Skyway Bridge disaster in 1980 happened at 1:30 a.m. Tuesday near Baltimore where a 32,000-ton cargo ship Dali rammed a bridge over the Patapsco River in Baltimore, causing it to collapse. The collapse of the 47-year-old, 1.6-mile Francis Scott Key Bridge has brought ship traffic at the Port of Baltimore, an important East Coast trade hub, to a halt. The port said maritime traffic is suspended “until further notice.”
UPS presents updated financial goals and strategic targets at its investor day
March 26, 2024
Atlanta-based global freight transportation and logistics services provider UPS unveiled details regarding its strategic growth and productivity initiatives and its three-year financial targets at its Investor Day. Company officials stated that through its ongoing “Customer First, People Led, Innovation Driven” strategy, UPS is focused on setting up to the company to be the “premium small package provider and logistics partner in the world.”
Q&A: Mike Burkhart, VP of Mexico, C.H. Robinson
March 26, 2024
LM Group News Editor Jeff Berman recently spoke with Mike Burkhart, VP of Mexico, for Minneapolis-based global logistics services provider and freight forwarder C.H. Robinson, about the ongoing nearshoring push into Mexico and what shippers need to know and be prepared for in order to establish cross-border supply chain and logistics operations south of the border.
National diesel average heads up for second straight week, reports EIA
March 26, 2024
The weekly average, at $4.034, saw a 0.006-cent increase, following a 2.4-cent increase, to $4.028, for the week of March 18.
February and year-to-date U.S. import growth is solid, reports S&P Global Market Intelligence
March 25, 2024
February imports, at 2.44 million TEU (Twenty-Foot Equivalent Units) increased 21% compared to February 2023. And when taking into account the timing of the Lunar New Year, coupled with the impact of ongoing Red Sea and Panama Canal disruptions, the firm explained that U.S.-bound imports over the first two months of 2024, at 5.04 million TEU, posted a 14% annual increase over 2023’s 4.40 million TEU, with 2022 and 2021, at 5.21 million TEU and 5.09 million TEU, respectively.
LM Podcast Series: 3PL market update with Evan Armstrong
March 25, 2024
Themes focused on over the course of this podcast included: the state of the market; ways in which the pandemic affected 3PL operations; M&A; how 3PLs are adjusting to and leveraging nearshoring; and the economy, among other topics.
CPOs shift focus on AI from what’s possible to implementation
March 25, 2024
Annual Voices of Sourcing survey from Keelvar also finds technology use is ramping up as the workforce shrinks
FedEx fiscal third quarter earnings see gains amid ongoing volume declines
March 22, 2024
Quarterly revenue, at $21.7 billion, was off 2.3% annually, and operating income, at $1.24 billion, rose 16% annually. Earnings per share, at $3.51, topped the $3.05 from a year ago, topping Wall Street expectations of $3.30. Net income, at $879 million, was up 12% annually.