Ground Freight & Logistics

FedEx announced on Monday that it had appointed Marshall Witt, a former executive of the company, as finance chief for its freight trucking division. Witt will take up his new position effective October 15. This completes the leadership team in the division which is due to be spun off in 2026. The parcel carrier announced that Brad Martin, an insider, would be the new chairman of its less-than truckload division and veteran executive John Smith will serve as its CEO. The appointment completes soon-to-be-independent FedEx Freight's leadership lineup. Analysts have said that the segment has been undervalued by FedEx despite...

FedEx posted a higher profit for the quarter, but projected 2026 earnings per shares that were largely below analyst's estimates. This is because it expects to take a hit due to U.S. tariffs ending on low-value direct-to consumer shipments. In extended trading, shares of the company rose by about 6% on Thursday. On May 2, the U.S. government ended the "de minimis exemptions" that allowed packages valued below $800 to be imported duty-free from China and Hong Kong. These shipments represented about three quarters of the roughly 1.4 billion packages which entered the United States every year under this program....

FedEx posted a higher profit for the quarter, but projected earnings per share in 2026 that were largely below analyst's estimates. This is because it expects to take a hit due to U.S. tariffs ending on low-value direct-to consumer shipments. According to data compiled and analyzed by LSEG, the Memphis-based company expects adjusted earnings for full-year in a range between $17.20 and $19.00 per share. The mid-point is slightly below analyst estimates of $18.21. Since 2023, FedEx has been working to reduce operating costs by billions of dollars. This is done through parking planes and closing facilities. It has a...

A freight train crashed into a double decker passenger bus in central Mexico, killing 10 people and injuring at least 61 others. The train operator claimed that the double decker bus was trying to pass the moving train. Canadian Pacific Kansas City de Mexico, the railroad, sent condolences and urged drivers to obey road signs and stop at railroad crossings. Herradura de Plata, the bus operator in question, did not respond immediately to a comment request. First responders had cordoned off and photographed the scene. The bus's metal frame was badly dented as well as the front of its top...

Two major rail operators pulled out of the merger race that has gripped industry in the last month. This has reshaped the competitive landscape, and raised the stakes on the proposed $85 billion union between Union Pacific and Norfolk Southern. Canadian Pacific Kansas City, along with Warren Buffett's BNSF Railway BNSF Railway, publicly rejected any consolidation of the rail industry in the near future on Tuesday. This move reduces the likelihood that a $85 billion merger proposed last month by top U.S. railroad operator Union Pacific with Norfolk will lead to further corporate marriages. The merger will create the first...

Australian data centre operator AirTrunk on Tuesday said it secured an A$16 billion ($10.40 billion) sustainability-linked refinancing for its Asia-Pacific operations. AirTrunk, in a website statement, said that this refinancing includes a S$2,25 billion green loan to build a data center in Singapore. This makes AirTrunk APAC's largest sustainable financier. AirTrunk, a hyperscale data center firm, announced that it had secured the support of 60 banks and financial institutions. This brings its total financing including operations in Japan to more than A$18 billion. The company, which was acquired by a Blackstone-led group for A$24 billion late last year, introduced a...

Warren Buffett, the billionaire investor, shut down speculation on Monday that his company Berkshire Hathaway was looking to acquire another train company. After Buffett said to CNBC that he wasn't interested in a merger - and shattered investor hopes that Berkshire Rail unit BNSF might acquire CSX - shares of CSX dropped about 5%. Later, a representative from Berkshire confirmed Buffett’s remarks. Investors have been speculating for weeks that CSX Corp. and BNSF may merge. Last month, Union Pacific and Norfolk Southern announced a $85 billion surprise merger proposal. The goal was to create the U.S.'s first coast-tocoast freight rail...

The Canadian government intervened four times last year to stop strikes in seven companies, using a obscure Labour Code provision. The same decree was issued on Sunday, but Air Canada flight attendants refused and went on strike for 3 days. Unions and labor experts said that their defiance was a watershed. They claimed it would strengthen unions during negotiations, discourage employers from seeking government assistance in sectors regulated by the federal government, and complicate efforts made by the federal government to end work stops through this provision. "We will look back at this dispute, and this strike as a turning-point,"...

Ancora Holdings urged CSX to either pursue merger options in the near future or to replace CEO Joe Hinrichs. The activist investor urged that the railroad evaluate possible tie-ups between Berkshire Hathaway's BNSF Railway, and Canadian Pacific Kansas City to determine which merger partner would be best. CSX warned that once Norfolk Southern, Union Pacific and other transcontinental networks start operating together as a unified network, CSX will be the biggest loser. The activist investor stated that "if a deal is not struck, it's unlikely we will need to run a proxy competition in order to replace Mr. Hinrichs with...

Chuck Schumer, Senate Democratic Leader on Thursday, criticized Union Pacific’s plan to buy Norfolk Southern for $85 billion. This would create the United States’ first coast-to-coast rail freight operator. Schumer claimed that the deal would "push us even further down a dangerous road of consolidation and monopoly... This is an aggressive takeover of America’s infrastructure." He added that "decades of railroad consolidations have resulted in worse service, safety, and working conditions for shippers, which has led to higher costs for them - ultimately leading to higher prices for the consumers." When asked about Schumer’s remarks, Union Pacific and Norfolk Southern...

Global freight forwarder C.H. Robinson, a global freight forwarder, reported a second-quarter profit that was above Wall Street expectations on Wednesday. Cost-cutting measures including job cuts helped offset the impact of declining revenue in its ocean and truckload shipping businesses. According to LSEG data, the Minnesota-based firm reported an adjusted profit of $1.29 for the quarter ending June 30 compared to analysts' average estimates of $1.16. Total direct expenses decreased 9.2% during the quarter due to cost-saving measures and the divestiture from its European Surface Transport business. The number of employees at the company decreased by 1,616 or 11.2% on...

Union Pacific announced on Tuesday that it will buy rival Norfolk Southern for $85 billion. This deal will create the first coast-tocoast freight railroad operator in the United States and transform the movement of goods across the country, from grains to automobiles. If approved, this deal would combine Union Pacific’s dominant position in the western two thirds of the U.S. and Norfolk’s 19,500-mile network that spans primarily 22 eastern states. According to the companies, it is expected that both railroads will have a combined value of $250 billion. They would also unlock annualized synergies worth about $2.75 Billion. The merger...

Pasifik Eurasia Lojistik announced that it had signed a railway transportation agreement with a subsidiary China Railway for the launch of cargo train services on a corridor connecting China to Europe via Turkey, bypassing Russia. The initial plan is to operate 10 train services, and eventually 1,000. It is anticipated that the Middle Corridor will see a significant increase in freight volume thanks to the partnership with China's state-owned railway logistics company. The Middle Corridor, a China-Europe freight route that is promoted by the West, includes Kazakhstan, Azerbaijan and Georgia, as well as Turkey. Fatih Erdogan, Chairman of Pasifik Holding's...

Leasys, an auto leasing company, aims to double its fleet's share of electric and hybrid vehicles by the end of next year. The rapid advancements in electric technology present challenges to the industry. Leasys, a 50-50 joint venture between Stellantis in Italy and France's Credit Agricole is the third-largest player in Europe's long term auto rental industry. The long-term lease, which allows the customer to rent a car at a fixed rate per month, usually for a minimum of 365 days, is an alternative to owning. In recent years, corporate clients have driven its popularity. Leasys is present in 11...

Blackstone will buy Australian data centre group AirTrunk for an implied enterprise value of over A$ 24 billion ($ 16.10 billion), it said on Wednesday, in what would be Blackstone's biggest financial investment in the Asia Pacific area. The alternative possession supervisor, along with the Canada Pension Strategy Financial Investment Board, is obtaining AirTrunk from Macquarie Asset Management (MAM) and the general public Sector Pension Investment Board (PSP). The deal requires approval from the Australian Foreign Investment Review Board (FIRB), offered the property is being bought by overseas parties. At $16.1 billion, the deal is the biggest buyout in Australia...