SCS Weekly Rundown | July 30th, 2024
Truckload Rates Dip As The Spot Market Rises
Contract rates have taken a small step back as spot rates enjoy a modest boost.
Recently, truckload contract rates have seen a notable decline, contrasting with the mild increases in spot market rates, which remain significantly lower on average. This stability in contract rates during the usual bid season, juxtaposed with the dynamic spot market, shows a shift in shipping strategies amid this market volatility.
Get all the details here.
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Canada Main Line Reopens After Alberta Fires
Canadian National resumes operations alongside wildfire recovery efforts.
Canadian National (CN) has reopened its main line through Jasper, Alberta, after wildfires disrupted operations, following thorough inspections and collaboration with local authorities to ensure safety. Alberta Premier Danielle Smith noted that while the fires caused significant damage, essential infrastructure remains intact, and community support efforts are ongoing.
Read more by clicking here.
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Freight Firm Layoffs Spanning Four States
More than 600 workers affected by this latest round of job cuts in the industry.
Menzies Aviation, DHL, RXO, Cygnus Home Service, and Pitney Bowes are laying off 607 employees across Florida, Texas, Illinois, and Wisconsin. These job cuts, affecting various roles, are due to contract losses and corporate restructuring. This trend shines a light on broader economic challenges and strategic adjustments in the freight sector.
Learn more about this trend here.
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Ryder's Earnings Slow Amid Market Trough
Freight market shows signs of stability, leaving executives cautiously optimistic.
Ryder System reported a potential bottoming-out in the freight market. The company experienced mixed results, notably in Fleet Management Solutions, leading to a decline in non-GAAP earnings. Despite these challenges, Ryder remains cautiously optimistic about market recovery and has adjusted its earnings forecast for the rest of the year to reflect that outlook.
Check out the full story here.
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