FreightWaves (@freightwaves)

What does a load really cost when your primary carrier says no? SONAR's latest truckload datasets show that 3rd-tender rejections add a ~19.84% premium—nearly double the cost of a 2nd tender! #FreightWaves #FreightWavesToday #SupplyChain #Logistics #FreightTech #SONAR #FreightData #RoutingGuide #TruckingIndustry #FreightRates

What happens if the Surface Transportation Board denies the latest major rail merger? Paul Tonsager, CEO & Founder of Integrated Multi-Model Solutions, discusses how regulatory delays and changing political climates could stall rail mega-mergers for a generation. #FreightWaves #FreightWavesToday #Railroads #FreightRail #SupplyChain #Logistics #STB #RailMerger #TransportIndustry #RailConsolidation

DJ Donahue reveals that for every $1.00 increase in the crack spread, refiners gain ~28¢ in operating margin. With Russian refineries damaged and Chinese exports halted, global refining capacity is scarce—allowing refiners to command higher wholesale rack prices.

What happens when a $500K solar contract goes unpaid while heavy haul rates drop? On The Long Haul, Jared Reaves breaks down how unexpected project losses, soaring permit fees, and high fuel costs squeezed RGN and step deck margins.

Ryder System delivered across-the-board Q3 revenue growth across Fleet Management (+10%), Supply Chain (+9%), and Dedicated Transportation (+6%), prompting the company to raise its full-year non-GAAP EPS guidance to $14.85–$15.05. Strong results were bolstered by robust used vehicle pricing—with used tractor prices up 19% YoY—and a 77% rental fleet utilization rate. Union Pacific reported a 16% jump in Q3 net profit to $2.08 billion on $7.2 billion in revenue (+15% YoY). Intermodal performance led UP's growth, with intermodal volumes up 11% to 956,000 units and intermodal revenue surging 27% to $1.52 billion. UP reaffirmed its high single-digit 2026 EPS growth outlook and updated its capex plan to $3.5 billion. Norfolk Southern posted record Q3 revenue of $3.5 billion (+14% YoY) and a 10% increase in adjusted EPS to $3.62. However, its operating ratio deteriorated 2.8 percentage points YoY to 67.4% as cost pressures offset top-line gains, even as CEO Mark George noted stronger rail demand from a tightening trucking market. As asset utilization boosts leasing profits and intermodal gains drive rail top-line growth despite margin headwinds, how is your team adjusting its fleet leasing, intermodal routing, and long-term freight contract strategies? #logistics #supplychain #freightnews #trucking #industry #intermodal #freightbrokerage #supplychainnews #logisticsintelligence #transportationindustry #fleetmanagement

Is keeping drivers really as simple as paying top dollar? On The Long Haul, Jared Reaves explains why driver retention isn't just about compensation—and why managing home time expectations is key to keeping quality drivers on your fleet.

Mike Normile reveals that 70% of Cass’s funding comes from non-interest-bearing payment float generated during freight bill settlement. With zero deposit costs and 10-year Treasuries yielding over 5%, Cass turns rising rates into expanding interest income.

"It's not a get-rich-quick scheme, but the freight was more consistent." On The Long Haul, Jared Reaves discusses why steady bulk haul routes allowed his fleet to grow consistently, eliminating unnecessary deadhead trips and keeping drivers moving continuously.

How do social media algorithms distort the reality of running a freight business? On The Long Haul, Jessica Miller discusses the heavy back-end work, hours-of-service limitations, and personal sacrifices that hype-driven YouTube channels completely leave out of their revenue videos.

The current global diesel fuel price surge is fundamentally driven by refined product capacity constraints rather than a crude oil supply deficit. SONAR Economist DJ Donahue breaks down the geopolitical and operational bottlenecks restricting global distillate supply.

How do you know if OTR or local is right for your trucking operation? On The Long Haul, Jessica Miller discusses the realistic challenges of long-distance box trucking and why local routes offer a better balance for family-oriented carriers.

If you could go back to 2020 before starting your trucking business, what’s the one thing you’d tell yourself? On The Long Haul, Jessica Miller shares why saving more capital during market highs is crucial for surviving eventual industry slowdowns.

Economic cycles and freight markets rarely move in smooth, linear trajectories—yet corporate financial planning consistently assumes steady, linear growth. Zach Strickland and DJ Donahue analyze the non-linear realities governing supply chain macroeconomics.

Following the Lipe case against C.H. Robinson and Werner's Texas Supreme Court battle, the era of picking "cheap & available" trucks is over. Aaron Graft, Founder, Vice Chairman, and CEO of Triumph Financial, analyzes the profound impact of rising broker liability.

Is scaling down actually a failure, or is it just smart business? On The Long Haul, Jessica Miller explains why bigger fleet sizes don't always mean bigger profits—and why carrier owners need to tune out online critics and focus on what actually pays the bills.

Where is the fine line between educational content and adding to the problem? On The Long Haul, Jessica Miller breaks down why owner-operators cannot afford to rely solely on YouTube "gurus" and social media for business advice, emphasizing the need to cross-check with official sources like the FMCSA

Mike Normile, CFO and EVP of Cass Information Systems, breaks down how the enterprise payment platform is deploying its top-line gains. Normile explains that Cass is strategically channeling its revenue tailwinds directly into capital technology investments—specifically advancing AI-enabled automated data extraction and client-facing digital interfaces.

Aaron Graft, Founder, Vice Chairman, and CEO of Triumph Financial, details why inflated invoice sizes stem from far more than high diesel fuel prices. Graft highlights that because all five foundational inputs required to operate a profitable trucking business are inflating simultaneously, freight invoice sizes and contract rate baselines will remain higher for longer.

Brennan Bailey, Chief Product Officer at Highway, breaks down the three primary categories of freight fraud and their operational mechanics. He believes that in order to effectively combat supply chain fraud, logistics risk managers and freight brokers must establish clear, standardized definitions for distinct cargo theft methodologies.

Bill Stephens, Editor at Trains Magazine, breaks down the latest Association of American Railroads (AAR) traffic metrics and Q3 Class I earnings outlooks. Overall US rail traffic expanded 8.5% year-over-year—outperforming the 5.5% average pace observed over the prior month—powered by a 12.6% surge in US intermodal volume as shippers aggressively divert freight to rail.

Knight-Swift Transportation delivered a strong Q3 beat with adjusted EPS of $0.83 (beating consensus by 7 cents) on $2.2 billion in revenue, up 14% YoY. Its truckload unit posted an 89.2% operating ratio (a 700 bps YoY improvement) and a 10% gain in revenue per loaded mile, with CEO Adam Miller confirming momentum from rate resets and seasonal spot demand. Triumph Financial reported 37.8% Q3 transportation revenue growth, pushing factoring operating margins to 43% and Payments EBITDA to 39%. CEO Aaron Graft highlighted that Triumph now services ~8,000 of the 90,000+ U.S. factored carriers, adding 78 net new clients monthly as factoring drives wider financial ecosystem adoption. Tesla achieved an annual production capacity of 25,000 units for the Tesla Semi at its Nevada plant. Featuring a 500-mile range at 82,000 lbs GCW and using one-third the energy of a diesel rig, the Semi was selected for a 2,500-truck ZET SCALE order, with European deliveries targeted for 2027 alongside 100+ 1.2 MW Megachargers. As truckload earnings confirm a structural recovery, fintech ecosystems accelerate carrier adoption, and Class 8 EV volume production unlocks scalable deployments, how is your team recalibrating contract rate strategies, payment workflows, and fleet electrification roadmaps?

While eVTOLs won't replace heavy freight trucks, they solve the high costs, heavy maintenance, and loud noise of traditional helicopters. Operating at the sound level of a dishwasher in cruise flight, electric aircraft can deliver urgent medical supplies and high-value parts point-to-point without a runway. Michael Cervenka, Chief Commercial & Strategy Officer at Vertical Aerospace, breaks down the commercial use cases for eVTOL cargo transportation.

Julie Van de Kamp examines why rising truckload operating costs continue to push shippers toward rail conversion. Citing SONAR benchmarks, national diesel fuel prices have surged 72% year-over-year, while truckload contract rates are up 18% year-over-year.

Trading cards offer massive value density in small packages and easy resale liquidity compared to bulky freight. Plus, thefts in Santa Ana occur inside Southern California’s major theft hotspot—where Overhaul reports 37% of all U.S. cargo thefts happen within a 200-mile radius. Phil Brink, Head of Fraud Media and Education, analyzes the underlying factors driving high-value parcel theft.

79% of organizations are more concerned about cargo theft today than ever before—and 70% are increasing their security spending. On What The Truck?!?, Guy Yehiav explains how subtle "partial pallet" theft slips through receiving lines unnoticed until annual inventory counts uncover massive shrink.

Sustained truckload rate inflation and tight over-the-road capacity are accelerating highway-to-rail intermodal freight conversion across North American rail networks. Bill Stephens, Editor at Trains Magazine, breaks down recent Association of American Railroads (AAR) traffic trends and quarterly earnings commentary.

Imagine opening a reefer trailer to find a load of sour cream packed right next to rat poison. On What The Truck?!?, Ana Bothwell recounts how insane real-world fraud cases involving chameleon carriers, broken trailer seals, and illegal load splits create toxic hazards and legal nightmares for brokers.

Michael Cervenka, Chief Commercial & Strategy Officer at Vertical Aerospace, details the engineering roadmap and flight-testing strategy for their Valo eVTOL aircraft. To achieve certification by late 2028 and launch operational passenger/cargo service by 2029–2030, the company is building seven dedicated certification aircraft: two non-flying airframes dedicated to structural stress testing and five active flight-test aircraft.

From inventing the three-point seatbelt to introducing the first driver-side air curtains in North America, Volvo continues to pioneer commercial truck safety. On What The Truck?!?, John Moore breaks down how automated E-Call emergency response systems automatically dial for help, unlock doors, turn on hazard lights, and shut down engines during a crash.

Phil Brink, Head of Fraud Media and Education, details a major cargo theft incident in Santa Ana, California, where nearly $1 million in Pokémon and sports trading cards vanished from a FedEx delivery vehicle outside a Professional Sports Authenticator (PSA) facility.