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Convey announces $10M in new round of venture capital funding
Convey, an Austin, Texas-based provider of cloud-based technology that helps shippers connect disparate data and processes from parcel to freight and first to last mile, announced this week that it has received an additional $10 million in venture capital funding, which brings its total raised capital to $27.75 million.
FedEx posts strong fiscal Q4 and full-year earnings results
Global logistics and transportation bellwether FedEx announced strong Fiscal Year and fourth quarter 2018 earnings results, which it announced late yesterday. Earnings per share for the fiscal fourth quarter, at $5.91, were up 41% annually, with fiscal year EPS up 27% at $15.31. The quarterly EPS topped Wall Street expectations of $5.68-$5.71 per share, as well as fiscal year expectations, which were estimated to come in at $15.05-$15.13 per share.
Diesel average falls for third straight week, reports EIA
The diesel average fell 2.2 cents to $3.244 per gallon, following declines of 1.9 cents and 0.3 cents, respectively, over the previous two weeks.
Carriers ‘take the wheel’ in gaining upper hand in freight transport, pricing, says SoL report
As most shippers can tell from their rising freight bills, carriers have taken advantage of a seller’s market in transportation as the confluence of a strong economy, surging demand and labor and capacity shortages is causing multiple pain points for logisticians. That’s the conclusion of the 29th annual State of Logistics report produced by A.T. Kearney in partnership with the Council of Supply Chain Management Professionals (CSCMP) and Penske Logistics.
XPO and Nestlé herald partnership for U.K.-based digital warehouse of the future
The 638,000 square-foot DC, which XPO described as “a warehouse of the future," is located at the new SEGRO East Midlands Gateway Logistics Park in Leicestershire and will mainly be occupied by Nestlé for its consumer packaged goods, such as Kit Kat, Maggi, and Nescafe. The DC will also be used as a testbed environment for XPO technology prototypes, XPO said.
POLA and POLB May volumes are mixed but solid
POLA said it processed 768,804 Twenty-Foot Equivalent Units (TEU) in May, which is down 3% annually compared to May 2017’s record of 796,216 TEU. POLB May volumes shined, with the port saying its 687,427 TEU represents its highest-volume May ever recorded in the port’s history.
Cass Freight Index Report is strong again in May
The most recent edition of the Cass Freight Index Report from Cass Information Systems pointed to an ongoing thesis describing the state of the United States freight economy as “extraordinarily strong,” given the ongoing gains in freight shipments and expenditures.
Total Supply Chain Visibility: An IoT Approach
End-to-end visibility into your supply chain is more important now than ever. It can help improve operations and prevent loss.
SSA extends its marine terminal lease at The Port of Oakland, voicing confidence in gateway’s vision
In a move signaling the long-term confidence of the Port of Oakland’s strategic plan, SSA Terminals has signed an agreement to maintain its operaions there well past the current lease expiring in 2027.
U.S. rail carload and intermodal volumes are up for week ending June 9, reports AAR
Carloads were up 2.8% to 271,641, which topped the week ending June 2 at 252,162 and trailed the week ending May 26 at 273,226.