Ground Freight & Logistics

Teamsters said that it opposed the merger of U.S. freight railways Union Pacific and?Southern on Wednesday. In a joint press release, union presidents representing 20,000 employees at both railroads stated that they will not support any?deal? that does not protect the lives and livelihoods of workers. Since its announcement, the proposed merger has been criticized by unions and other railroads. It aims to create the first coast-tocoast railroad in America and reduce delays and handoffs. Teamsters claimed that executives from both railroads had failed to protect jobs or address?other concerns. It's time that Union Pacific and Norfolk Southern get serious...

BNSF Railways, a crown jewel of Warren Buffett’s Berkshire Hathaway, claims to be an environmental leader within the U.S. railway industry, with the cleanest fleet of locomotives in North America. In its latest sustainability report, BNSF urges people to "think green" when they see the steel wheels of orange locomotives and freight cars moving along steel rails. The company has the biggest share in an industry with a serious pollution problem. According to government data, U.S. railroads emit more nitrogen oxides, the main component of smog than all of the coal-fired plants combined. U.S. railways produced together about 485,000 tonnes...

VTB CEO Andrei Kostin said in an interview that Russian banks were willing to restructure some Russian Railways' debt, as long as their central bank did not increase the reserve requirements on these loans. The Russian government is examining different options to support Russian Railways. This company, the largest commercial employer in Russia, has accumulated a debt of 4 trillion roubles ($50.8 billion), according to a report on Nov. 25, VTB is the second largest Russian bank and Russian Railways' largest creditor. The bank's top managers participate in weekly government discussions on how to handle the debt. These meetings are...

Yellow Corp. has settled with 14 pension funds that sought more than $7,4 billion in compensation from the trucking company. According to settlement documents filed in Delaware bankruptcy court on Wednesday, the pension plans have agreed to accept a reduced payment. This will put an end to years of litigation regarding Yellow's claims that it cannot pay. It will also allow Yellow's junior creditor to receive up to $7.4million from proceeds from its bankruptcy sales. Yellow closed in 2023 after a dispute between its employees and the union that represented them. It sold its assets, which included its truck fleet,...

China Gas Holdings, a privately-controlled city gas distributor, has hired an ex-senior trader of the Chinese utility GCL Group as its head of global natural gas sales. Xiong Xin was the head of gas trading for GCL New Energy Holdings (a unit of GCL Holdings), a solar power company, until early 2024. He joined China Gas in Oct. Xiong has nearly a decade's worth of experience in trading at the state oil giant CNOOC, and privately owned Chinese gas company ENN, before he joined GCL. He now heads China Gas’ growing liquefied gas trading business, as well as liquefied petrol...

Nine Republican attorneys general raised concerns on Friday about Union Pacific's plans to purchase smaller rival Norfolk Southern for $85 billion, creating the first U.S. Coast-to-Coast freight rail operator. In a letter sent to the Surface Transportation Board by Tennessee Attorney-General Jonathan Skrmetti, and Kansas Attorney-General Kris Kobach that was seen by, the officials expressed concern about the deal, which they said would result in "undue market consolidation" and "stifle competition, resulting in higher prices, less reliability and less innovation, at the expense America's producers and consumers." If approved, the tie-up could help reshape U.S. freight railroad industry, streamline operations,...

The global freight forwarder, Expeditors of Washington, reported a third-quarter profit that was above Wall Street expectations on Tuesday. This was due to strong airfreight volume and an increase in demand for their customs brokerage service. Early trading saw the company's stock rise 5%. The tonnage of air freight carried by expeditors increased 4% during the quarter reported, mainly due to shipments from Asia. This was due in part because the previously limited air capacity became more available after the 'de minimis exemption' for goods entering the United States expired. Sources in the industry say that the company also benefits...

The Globe and Mail reported that Canadian National Railway laid off 400 managers from its rail offices in Canada and the United States due to a drop in freight caused by the trade war. In August, Donald Trump announced that he would increase tariffs against Canada by an additional 10%. Sector tariffs of 50 percent on all steel and aluminum imports have hurt the economy in the region. The company did not disclose the number of affected employees. Could not verify immediately the number of affected people. On October 31, the railroad company that connects Canada's Eastern, Western and Gulf...

Global freight forwarder C.H. Robinson, a global freight forwarder, posted a third-quarter profit that was above Wall Street expectations on Wednesday. Cost-cutting initiatives helped Robinson offset the weak freight demand. The Minnesota-based firm has simplified operations by exiting its European Surface Transportation division and reducing staff. It is working to control costs and protect profits amid the continued decline in surface and ocean cargo rates. Operating expenses for the company fell by 12.6% and its average headcount decreased by 10.8% compared to the same quarter a year earlier. C.H. Robinson reported an adjusted profit per share of $1.40 for the...

Tritax Big Box announced on Monday that it had agreed to purchase Blackstone's UK logistic assets for 1,04 billion pounds ($1,39 billion). The U.S. Private Equity firm will take a 9% share in the London listed real estate investment trust. Recently, two UK-based companies engaged in a bidding battle over Warehouse REIT. In the UK, the real estate investment trust sector (REIT) has undergone significant consolidation over the last two years. Warehouse landlords, investment firms and other companies are capitalizing on the growing demand for quick delivery by increasing occupancy rates and securing increased rents for logistic spaces in UK...

New data indicates that recruiters are returning to the basics when it comes to hiring directors for top U.S. firms. Boards want experienced people to help them tackle issues like artificial intelligence or President Donald Trump’s tariffs. These trends are also a departure from the focus boards used to have on recruiting younger directors or those with more diverse backgrounds. According to a report released on Tuesday by Spencer Stuart, the executive search firm and leadership advisory, incoming directors of S&P 500 companies are averaging 59.1-years-old. This continues a trend that has been increasing for years. In addition, 30% of...

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...

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...