In what might be the last publication of a revealing look at the credit conditions in the trucking industry, the quarterly earnings of bank BMO released Tuesday showed the stronger freight market impacting its numbers. BMO, the former Bank of Montreal and one of the largest lenders to the trucking industry, has announced its plans to sell its transportation unit to private equity firm Stonepeak in May. The deal is expected to close before the end of the year; the next earnings release for BMO is scheduled for December 2. While net writeoffs in the third quarter ended July 31 were barely change
The benchmark diesel price used for most fuel surcharges hit an important milestone this week: it is at its highest level since military action commenced against Iran in early March. The weekly Department of Energy/Energy Information Administration average weekly retail diesel price rose 19.8 cents/gallon to $5.652/g, effective Monday but published Tuesday. The previous high price was $5.643/g set April 6. That price is now up 39.5 cts/g in the last two weeks. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot('/21776187881/FW-Responsive-Main
Why it matters: With trucks carrying more than half the value of U.S.-Canada freight, escalating tariffs threaten to disrupt cross-border volumes, manufacturing supply chains and carrier demand along major gateways such as Detroit, Port Huron and Buffalo. Canada announced retaliatory tariffs of up to 50% on billions of dollars of U.S. goods Tuesday, escalating a trade dispute between the two countries after negotiations collapsed over the weekend. Canadian Finance Minister François-Philippe Champagne said Ottawa will impose “dollar-for-dollar” counter-tariffs on about $27.6 billion worth of U.
California deputies recovered more than $150,000 in New Balance shoes after reports of people breaking into BNSF Railroad boxcars. The San Bernardino County Sheriff’s Department’s Barstow Station announced the recovery Aug. 24. Authorities arrested Leonardo Martinez Navarre, 29, after he fled a traffic stop near Daggett. Daggett is an unincorporated community in San Bernardino County, about 10 miles east of Barstow. Barstow sits in California’s Mojave Desert, along Interstate 15 between Los Angeles and Las Vegas. The call came at about 7:04 a.m. Monday near westbound Interstate 40 in Daggett.
Seven crude carriers were moored at Iraq’s Persian Gulf export facilities on August 24—a sharp increase from recent weeks. The carriers had a combined carrying capacity of roughly 13 million barrels, according to satellite imagery analyzed by Bloomberg. TankerTrackers.com separately said it counted and identified 13 million barrels loading Monday at Iraq’s Al Basrah Oil Terminal. That is a dramatic departure from the past several weeks, when satellite passes typically showed just one or two tankers at Iraq’s offshore export…
The United States is moving to make nuclear propulsion part of its commercial maritime revival. The U.S. Department of Transportation’s Maritime Administration (MARAD) and CORE POWER (US) Inc. (CORE POWER) today announced a first-of-a-kind federal-private cooperation framework to accelerate the commercial, industrial and regulatory pathway for a future fleet of U.S.-flagged nuclear-powered merchant ships. CORE ...
Japan’s MODEC has announced the arrival of a floating production, storage, and offloading (FPSO) vessel in Guyanese waters ahead of its deployment on a project in the Stabroek block, as the development moves closer to first oil expected later this year. The post MODEC’s FPSO reaches Guyana as ExxonMobil’s fifth oil project nears start-up appeared first on Offshore Energy .
Complete with a video showing him booting a metal container and declaring that New York City was not going to “kick the can down the road” any longer on repairing the key freight thoroughfare of the Brooklyn Queens Expressway’s (BQE) cantilevered section, Mayor Zohran Mamdani unveiled a plan to rebuild the highway. Earlier plans to “rehabilitate”–the city’s term–the roughly 1.5 miles of the BQE that is owned by the city, and which includes the cantilevered section that has been under such strain, have either been withdrawn or replaced with short-term measures like stronger enforcement of weigh
#fwtv_Dot21VR7mhM .fwtv-panel{border:1px solid #d0d0d0;padding:18px;border-radius:6px;line-height:1.6}#fwtv_Dot21VR7mhM .fwtv-panel p{margin:0 0 12px}#fwtv_Dot21VR7mhM .fwtv-note{font-style:italic;color:#666;margin-top:16px;padding-top:12px;border-top:1px solid #e0e0e0} Amazon drone delivery is expanding again — but the real story is why it took 13 years to get here. FreightWaves Parcel & Air Cargo Editor Eric Kulisch breaks down Amazon Prime Air, the FAA’s pending beyond-visual-line-of-sight rules, which states are first in line, and what has to happen before drone delivery scales beyond
A coalition of states scored another legal victory Thursday when a federal judge granted a temporary restraining order blocking the Trump administration from obtaining state-owned records containing personal information on millions of commercial driver’s license holders. U.S. District Judge Anthony J. Trenga granted the states’ request for a temporary restraining order following a hearing Thursday in the U.S. District Court for the Eastern District of Virginia. The ruling prevents the federal government from obtaining the plaintiff states’ records from the Commercial Driver’s License Informati
(Editor’s note: story has new information from its original publication). Chris Spear is out as the president and CEO of the American Trucking Associations. In a letter sent to members Friday, signed by ATA chairman Greg Hodgen, CEO of Groendyke Transport, said Spear’s “tenure as president and CEO has concluded, effective today.” While there was no indication in the letter whether Spear had decided to leave his position on his own or whether the ATA chose to have him depart, a statement released Friday afternoon by ATA said Spear had told the organization he was leaving. “Chris Spear informed
