FW: Truckload carriers’ forecasts cut heading into Q1 prints
FREIGHTWAVES reports: Analysts are cutting earnings estimates for truckload companies heading into first-quarter reports. Acknowledging decent ...
FREIGHTWAVES reports:
Roadrunner Transportation Systems Inc. (OTC: RRTS) announced it has completely exited the truckload (TL) business. The unwinding includes divesting three TL units, including Rich Logistics, which was sold to an “undisclosed strategic buyer” and reefer unit, Roadrunner Temperature Controlled, which was purchased by Laurel Oak Capital Partners.
The Downer’s Grove, Illinois-based company’s Monday press release follows several actions recently undertaken to stem financial losses and refocus efforts to provide national less-than-truckload (LTL) service.
Former Celadon CEO and current head of STG Logistics Paul Svindland has joined the Roadrunner board. Svindland was brought on at Celadon in the aftermath of accounting and securities fraud at the company, which was a catalyst for its eventual bankruptcy filing at the end of 2019.
“With the actions announced today, we have completed our evolution from a troubled roll-up to a focused, national LTL carrier. We are eternally grateful to our team for the long hours and hard work through the prolonged period of transition,” said Roadrunner Executive Chairman Chris Jamroz.
To read the full post, please click here.
The full press release can be found here.
'Mass-casualty incident' as Maersk box ship destroys Baltimore bridge
Shock for CMA CGM as a deputy CEO decides to quit
Diversions from Red Sea proving a real ‘silver lining’ for carriers
Asia-Europe carriers revise FAK rates in fight to rein in revenue erosion
Could the Dali have suffered a power loss before bridge crash?
Strike paralysing Finnish ports extended after talks collapse
DB Schenker makes 'positive contribution' to DB – but it's an odd fit
Niche players continue to risk Red Sea transits with new services – at a price
Maersk reacts to calmer market and restores standalone transpacific loop
Indian Customs to auction uncleared export boxes at Nhava Sheva
MSC and FedEx face $11m fine for 'unfair charges' to shipper
Alex Lennane
email: [email protected]
mobile: +44 7879 334 389
During August 2023, please contact
Alex Whiteman
email: [email protected]
Alessandro Pasetti
email: [email protected]
mobile: +44 7402 255 512
Comment on this article