FreightWaves Today

Freight markets are tightening, diesel prices are creating new challenges for carriers, and the latest economic indicators suggest stronger freight demand could be on the horizon for 2027.

On this episode of FreightWaves Today, Julie Van de Kamp and Malcolm Harris break down the latest headlines and welcome an impressive lineup of industry experts to discuss what’s happening across transportation, trucking, and the broader supply chain.

In this episode:

Freight Market Outlook with Chris Pickett, Chief Commercial Officer at Flock Freight: How shippers and carriers are adapting to rising truckload rates, constrained capacity, and higher fuel costs. Pickett explains how shared truckload can help shippers reduce transportation costs, improve trailer utilization, and navigate an increasingly challenging freight market. He also shares his outlook for freight rates heading into 2027.

SONAR Market Update with Julie Van de Kamp: A deep dive into the latest ISM Manufacturing PMI and Logistics Managers Index (LMI) reports. Julie examines manufacturing growth, transportation capacity, rising logistics costs, tender rejections, and freight volumes to explain why capacity constraints could persist into 2027.

Trucking Insurance with Peter Niro of Progressive: What motor carriers need to understand about underwriting, managing risk, cargo coverage, refrigerated freight claims, and controlling insurance costs. Niro also discusses how safety technology and accurate operational data can help fleets protect their businesses.

Diesel Market Update with John Kingston, FreightWaves Editor-at Large: An in-depth look at the latest diesel price movements, global oil market volatility, geopolitical uncertainty, declining fuel inventories, and what carriers and consumers could face heading into winter.

Plus, the latest freight headlines:

• Operation Guardian and increased federal and state scrutiny of CDL eligibility.
• P.A.M. Transportation's third-quarter financial results and ongoing truckload cost pressures.
• Manufacturing growth and what improving new orders could mean for future freight demand.

The freight market is changing quickly. Stay informed with the data, analysis, and conversations that matter to trucking and supply chain professionals.

Subscribe to FreightWaves for the latest transportation news, market intelligence, and industry insights.

#FreightWaves #FreightWavesToday #Trucking #FreightMarket #SupplyChain #SONAR #DieselPrices #Logistics #Truckload #FreightIndustry

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In this episode, we kick things off by examining a massive federal immigration enforcement operation that swept through the trucking industry last month. Federal and state law enforcement agencies arrested more than 230 undocumented immigrants during a 72-hour crackdown spanning 15 states, with more than 40 commercial driver's license holders detained as part of Operation Guardian. This coordinated enforcement action signals escalating federal and state scrutiny of commercial drivers' immigration status and CDL eligibility nationwide.

Next, we explore the truckload sector where Pamt Corp. is struggling to dig out from under relentless cost pressures. The carrier reported a net loss of $8.1 million in the third quarter and posted a brutal 109.1% operating ratio, marking twelve straight operating losses for the truckload unit. Elevated driver procurement costs and spiking diesel fuel prices continue to outpace pricing improvements despite the company's efforts to align customer rates with inflationary increases.

Finally, we cover U.S. manufacturing data that is delivering some genuinely encouraging signals for freight demand. Manufacturing supply executives surveyed in October returned a 55.5 reading for the Institute for Supply Management's Manufacturing PMI, beating analyst expectations by a full percentage point. U.S. manufacturing activity remained in growth mode for a tenth straight month, with production expanding to the highest level in five years and directly supporting the modestly improving demand trends that public LTL carriers reported last week.

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In today’s episode of FreightWaves Today, Julie and Zach dive into the biggest stories across the supply chain, from record-breaking electric fleet orders to shifting contract rates and Q3 earnings.

First, Cristiano Façanha from the Smart Freight Center joins the show to discuss the Zero Emission Truck Shipper-Carrier Alliance Leading Electrification (ZET-SCALE) program’s massive order of 2,500 Class 8 electric trucks, led by Tesla Semis. He breaks down how demand aggregation is bringing down high vehicle costs, why Tesla stood out, and how regional freight hubs are making widespread truck electrification economically viable.

Then, Zach breaks down his SONAR "Chart of the Week," analyzing 25 years of Cass freight data to explain why predicting the current freight cycle is a fool’s errand, how the market remains historically volatile, and what today's 12.7% tender rejection rate tells us about market tightness heading into the holidays.

Finally, FreightWaves Finance Editor Todd Maiden joins for a deep dive into Q3 earnings. They unpack why LTL carriers like Old Dominion are outpacing margin expectations despite rising diesel prices, how truckload giants like Knight-Swift are capitalizing on spot exposure, and why major carriers expect double-digit contract rate increases in 2027.

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In this episode, we kick things off by examining how artificial intelligence is dramatically reshaping freight forwarding economics. Listen in to learn how Flexport's freight volumes surged 40% while headcount grew only 5%, driven by AI tools deployed across customs, routing, and engineering. The company's ocean peak started early this year, fueled partly by massive tariff refunds following a Supreme Court ruling, while data center cargo now accounts for around 8% of global air freight capacity and is projected to triple next year.

Next, we explore a sobering look at freight market history that reveals why each freight cycle over the past 25 years has differed dramatically from the last, making it nearly impossible to forecast when cycles begin and end. The post-Great Recession period set many expectations of what "normal" looks like, but COVID was the freight market's second black-swan event in just three years. Remarkably, rates were up 10% in September while volumes rose only 2%, which is hard to reconcile with weak demand.

Finally, we cover a major truckload carrier's aggressive forecast as Covenant Logistics CEO David Parker expects double-digit contract rate hikes in 2027, driven by rising operating expenses, tightening driver capacity, and continued federal safety enforcement. Shippers resetting contracts in recent months are paying about 12.8% more than the rates they replaced, up from 4.1% during the same period last year. Parker also predicts regulators will eventually require third-party ELD certification, noting that 30% of trucks may be operating with manipulated hours-of-service records.

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The freight market is showing signs of a shift, and this episode of FreightWaves Today breaks down what the latest carrier earnings reveal about the direction of the industry.

Craig and Julie examine third-quarter earnings from Werner, Landstar, Old Dominion, Saia, Schneider and C.H. Robinson, highlighting improving spot market conditions, stronger truckload pricing and continued strength in the LTL sector.

The show also features an in-depth conversation with executives from Schneider and Norfolk Southern about their expanded intermodal partnership. They discuss the strategy behind the move, opportunities to convert truck freight to rail, investments in network capacity, and what the partnership could mean for customers as intermodal demand continues to grow.

Plus, Premier Trailer Leasing CFO Craig Barth joins the show to explain why trailer utilization is reaching record levels, what's driving demand for newer equipment, and why fleets are increasingly turning to leasing. He also shares an important warning about fraudulent trailer rental listings and how trucking companies can protect themselves from scams.

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In this episode, we kick things off by examining the freight brokerage sector's remarkable turnaround as RXO delivers adjusted EBITDA of $51 million in Q3, crushing its own forecast and marking the second consecutive quarter of profitability after years of spotty net income performance. The Charlotte-based broker's truckload segment shifted heavily toward the spot market, which accounted for 59% of volume in the quarter, as the company prepares for its acquisition by C.H. Robinson.

Next, we explore how the e-commerce giant is navigating a challenging logistics environment as Amazon's third-quarter shipping costs jumped 11% year over year, driven by fuel inflation and higher linehaul rates pressuring its massive delivery network. Despite these headwinds, the Seattle-based company achieved record operating income of $28.1 billion and a remarkable 13.9% operating margin through better inventory placement, shorter shipping distances, and package consolidation across its one-million-robot fulfillment network.

Finally, we break down how a Tennessee-based carrier's strategic pivot toward contracted freight is paying off as Covenant Logistics posted a 68% surge in its Managed Freight segment revenue and delivered net income of $10.7 million in Q3. Despite shrinking its average tractor fleet by nearly 9%, the Chattanooga carrier reported freight revenue per total mile climbed nearly 20% to $3.03, with approximately 80% of its asset-based fleet now operating under long-term contracts.

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On today’s episode of FreightWaves Today, Malcolm Harris and Zach Strickland break down the latest freight market developments, third-quarter earnings and the supply chain challenges shaping the road to peak season.

The show kicks off with a look at strong earnings from XPO and C.H. Robinson, along with a potential labor strike at the Ports of Los Angeles and Long Beach that could disrupt cargo flows and complicate holiday freight movement.

Then, SAIA President and CEO Fritz Holzgrefe joins the show to discuss record third-quarter revenue, pricing strategies, shipment trends, network expansion, customer service improvements and the company’s $250 million share repurchase announcement. He also explains how strategic investments and a focus on service are positioning the LTL carrier for continued growth.

Next, Zach Boehm, chief automation officer at Hy-Tek Intralogistics, explains how beverage distributors are using automation to manage expanding product assortments, labor turnover and warehouse inefficiencies. He breaks down the company’s High Sync and High Flow solutions and how automation can shorten pick paths, improve productivity and help facilities get trucks out the door on time.

Finally, we revisit an F3: Future of Freight 2026 conversation between Zach Strickland and Beau King on the latest truckload market trends. They discuss contract rate increases, carrier capacity, rejection rates and what brokers and shippers should expect as the holiday peak season approaches.

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In this episode, we kick things off by examining the impressive third-quarter performance from one of the industry's leading less-than-truckload carriers. XPO delivered a massive earnings beat driven by aggressive pricing and operating efficiency initiatives, reporting adjusted earnings per share of one dollar and seventy cents—thirteen cents ahead of consensus and sixty-three cents higher year over year. The company's LTL revenue surged seventeen percent to one point four seven billion dollars, while its adjusted operating ratio of eighty point one percent defied typical seasonal trends by improving two hundred sixty basis points year over year.

Next, we explore the freight brokerage sector where C.H. Robinson delivered almost all good news in its third-quarter report, with operating revenues at its North American Surface Transport unit surging twenty-nine point one percent year over year. Adjusted diluted earnings per share climbed twenty-eight point six percent to one dollar and eighty cents, while the NAST segment's adjusted operating margin improved one hundred ten basis points to forty point three percent as the giant 3PL continues automating manual processes and achieving significant productivity gains.

Finally, we cover a serious labor dispute threatening to disrupt the nation's busiest container gateway as about two hundred fifty union watchmen could strike at the ports of Los Angeles and Long Beach as early as five p.m. Pacific time Sunday, November first. Although the watchmen represent only two percent of ILWU workers at the two ports, they work at terminals handling roughly eighty-five percent of Long Beach's cargo and thirty-three percent of Los Angeles' cargo, and other union members are expected to honor picket lines—potentially halting operations at a time when the complex is already contending with a backlog of containers awaiting inland rail transportation.

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In this episode of FreightWaves Today, hosts Craig Fuller and Julie Van de Kamp break down the latest quarterly earnings across trucking, rail, and logistics, launch three game-changing truckload data sets on SONAR, and dive deep into regulatory and legal challenges shaping the freight industry.

Episode Highlights:

• Earnings Breakdown: Analyzing Knight-Swift’s standout Q3 performance following their U.S. Xpress integration, comparing their operational discipline to JB Hunt, Werner, and Marten Transport. Plus, solid quarters from Ryder, Union Pacific, and Norfolk Southern.
• Multimodal Insights: Paul Pozega (CEO & Founder, Integrated Multimodal Solutions) joins the desk to discuss intermodal volume vs. rate dynamics, rail margins, and how the pending Union Pacific-Norfolk Southern merger and election politics could impact class-one railroads.
• SONAR Data Launch: Julie Van de Kamp unveils three brand-new truckload data set groups—Routing Guide Premiums (RGP), Routing Guide Acceptance Share (RGA), and Contract Rate Change Direction (CRC)—showing new contract rates resetting 13%+ higher.
• Freight Expectations: Craig and "The Armchair Attorney" Matthew Leffler dissect the FMCSA's role, broker liability post-Montgomery and Lupus Superior ($604M C.H. Robinson verdict in Texas), the TCL motion to dismiss in the RICO lawsuit, and the rising role of highway surveillance cameras (JenLogs & Flock) in freight safety and market self-regulation.

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In this episode, we kick things off by examining the powerful third-quarter performance from logistics giant Ryder, which delivered solid results with improvement across nearly every metric compared to the same period last year. Revenue climbed across all three operating segments, with used vehicle sales proving particularly robust as used tractor prices surged nineteen percent year-over-year. The strong quarter prompted Ryder to raise its full-year earnings forecast, and Wall Street responded enthusiastically by sending the company's stock up nearly six percent in early trading.

Next, we shift over to the rails to discuss how Union Pacific is showcasing impressive profit gains driven by intermodal growth and pricing power. The Omaha-based Class I railroad reported a sixteen percent increase in third-quarter profit to two point zero eight billion dollars, with intermodal traffic leading the railroad's growth as volumes surged eleven percent and intermodal revenue climbed a massive twenty-seven percent. Chief Executive Jim Vena credited the railroad's ability to safely deliver the service sold to customers while efficiently handling six percent volume growth.

Finally, we explore how Norfolk Southern is benefiting from a tighter trucking market, though those volume gains aren't translating into better operating efficiency. The railroad reported higher third-quarter earnings and record revenue, with total revenue rising fourteen percent to three point five billion dollars on a three percent increase in volume. However, the railroad's operating ratio worsened two point eight percentage points to sixty-seven point four percent, underscoring pressure on margins even as revenue reached a quarterly record.

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FreightWaves Today breaks down a pivotal week for the freight market, with strong earnings from Knight-Swift Transportation, Triumph Financial and Cass Information Systems offering insight into rising rates, higher operating costs and shifting market conditions. Hosts Malcolm Harris and Zach Strickland speak with Triumph Financial CEO Aaron Graft and Cass Information Systems EVP and CFO Mike Normille about their latest results, while the SONAR team examines trucking capacity, diesel prices, refinery constraints and a cooling housing market.

Knight-Swift Delivers a Major Earnings Beat

Knight-Swift Transportation reported third-quarter adjusted earnings of $0.83 per share, beating analyst expectations and its own guidance. Revenue reached $2.2 billion, up 14% year over year, while revenue per loaded mile increased 10%. The company’s truckload adjusted operating ratio improved to 89.2%, excluding fuel, and loaded miles per tractor rose for the eighth consecutive quarter.

Triumph Financial CEO Aaron Graft on Growth, Investment and Freight’s Next Cycle

Aaron Graft joins the show to explain how four years of investment in payments, intelligence and load-pay products are beginning to pay off as the freight market improves. Graft also shares his outlook on freight supply, rates and Triumph’s opportunity to monetize years of platform investment.

Cass Information Systems: Higher Freight Invoices and Interest Rates Lift Results

Cass Information Systems EVP and CFO Mike Normille discusses the company’s third-quarter performance and what could drive results in the months ahead.

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In this episode, we kick things off by examining the nation's largest asset-based truckload carrier delivering a major earnings beat that signals fundamental market momentum. Knight-Swift Transportation crushed Wall Street's consensus estimate with third-quarter adjusted earnings per share of eighty-three cents, seven cents above expectations and above its own guidance range. Revenue climbed fourteen percent year-over-year to two point two billion dollars, driven by aggressive rate increases and the truckload unit's massive seven hundred basis point improvement in adjusted operating ratio.

Next, we explore the fintech sector where Triumph Financial's CEO highlighted arrows pointing up across nearly every key metric in his quarterly shareholder letter, validating years of heavy investment in building comprehensive financial services infrastructure for trucking. Transportation revenue growth hit thirty-seven point eight percent, easily surpassing the company's long-term target, while factoring operating margin reached forty-three percent and the firm now services about eight thousand of the more than ninety thousand factored carriers nationwide.

Finally, we cover a critical production milestone that could reshape the electric Class 8 market as Tesla confirmed it has begun volume production of its Semi truck at its Nevada factory with installed annual capacity now at twenty-five thousand units. The top variant Semi can travel five hundred miles at full eighty-two thousand pounds gross combination weight while using just a third of the energy consumed by a comparable diesel truck, with Tesla targeting its first European customer deliveries by the end of twenty twenty-seven.

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On this episode of FreightWaves Today, Malcolm Harris and Julie Van de Kamp break down the latest developments shaping freight markets, from a nearly $1 million trading card theft and alarming truck safety violations to third-quarter earnings, rising transportation costs, and the growing shift from highways to rail. Plus, Vertical Aerospace’s Michael Cervenka explains how its Valo electric aircraft could transform time-critical cargo delivery, and Trains magazine editor Bill Stephens joins the show to discuss surging rail traffic and the outlook for railroad earnings.

In this episode:

Nearly $1 Million in Trading Cards Stolen From a FedEx Truck: FreightWaves Head of Fraud Media and Education Phil Brink and Highway Chief Product Officer Brendan Bailey discuss the disappearance of approximately $963,000 worth of Pokémon, sports, and other trading cards from a FedEx truck in Santa Ana, California. Investigators are working to determine when and where the theft occurred. The conversation explores why high-value collectibles are attractive targets, the cargo theft risks facing Southern California, and the security procedures carriers should follow when transporting valuable freight.

Cargo Theft vs. Freight Fraud: Understanding the Risks: Brink and Bailey explain the differences between straight theft, direct theft, and strategic theft, including situations involving compromised carrier email accounts and fraudulent access to shipments. Bailey also explains how Highway’s secure rate confirmation delivery process helps protect sensitive shipment information by requiring carriers to authenticate before accessing documents, rather than relying on email inbox security.

Truck Safety Inspections Reveal Serious Violations: Enforcement operations in Arizona and North Dakota uncovered hundreds of violations, including unsafe vehicles and severe equipment failures. One truck stopped in Arizona had completely inoperative trailer brakes, seven broken trailer cross members, and extensive lower-rail damage. Malcolm and Julie discuss why these findings underscore the importance of preventive maintenance, qualified drivers, and freight rates that allow carriers to invest in safety.

Heartland Express Returns to Profitability: Heartland Express reported third-quarter net income of $1 million, reversing an $8.3 million loss from the same quarter a year earlier. Improved freight volumes, stronger customer pricing, and reduced industry capacity helped drive the turnaround. The company’s adjusted operating ratio improved to 97.6%, while fuel, maintenance, repair, and employee-related costs continued to pressure results.

SONAR Deep Dive: Rising Rates, Rising Costs: Julie examines third-quarter earnings and freight market indicators from J.B. Hunt, Werner, and Heartland Express. Truckload carriers are gaining pricing power as capacity tightens, but higher diesel prices, driver recruitment and retention expenses, insurance claims, and equipment costs are absorbing much of the improvement. The discussion also highlights the growing cost advantage of intermodal transportation and the potential for continued road-to-rail conversion.

Vertical Aerospace’s Valo Aircraft Could Change Urgent Freight Delivery: Michael Cervenka, chief commercial and strategy officer at Vertical Aerospace, explains how the Valo electric vertical takeoff and landing (eVTOL) aircraft combines helicopter-style vertical takeoff and landing with airplane-style flight. The company is targeting certification around 2028–2029, with operational service expected from 2030 onward. Potential cargo applications include time-critical medical equipment, humanitarian aid, defense logistics, and deliveries to remote locations without suitable runway infrastructure.

Rail Traffic Accelerates as Intermodal Gains Momentum: Bill Stephens, editor of Trains magazine, reviews the latest Association of American Railroads traffic figures. U.S. rail traffic rose 8.5% year over year for the week, with intermodal volume surging as high diesel prices and tight truck capacity encourage shippers to move more freight by rail. Stephens also discusses rail earnings expectations, rising steel-related shipments, and the competitive dynamics among major railroads.

Railroad Earnings Season Begins: With CSX, Union Pacific, and Norfolk Southern reporting third-quarter results, the show explores what investors and freight market participants should watch. The discussion covers earnings expectations, intermodal market share, fuel surcharges, rail pricing, and whether railroads can keep pace with rising operating costs.

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In this episode, we kick things off with a massive cargo heist that has investigators scrambling to reconstruct exactly how nearly one million dollars in Pokémon and sports cards vanished from a FedEx truck in Santa Ana, California. The driver discovered a missing lock and two complete pallets gone, each holding approximately one hundred packages of collectible trading cards, though detectives still don't know when or where the theft actually occurred.

Next, we explore the truckload sector where a major carrier is celebrating a critical financial turnaround as Heartland Express posted its first net profit since 2023 without relying on equipment sales. The North Liberty, Iowa-based company reported third-quarter net income of one million dollars, a dramatic reversal from an eight point three million dollar loss in the year-ago quarter, driven by stronger freight volumes and improved customer pricing.

Finally, we break down how a wave of nationwide enforcement operations is pulling hundreds of unsafe trucks and drivers off America's highways as commercial vehicle safety blitzes across Arizona, California, North Dakota and Kentucky uncovered extensive violations ranging from mechanical defects to driver disqualifications. In one three-day Arizona operation alone, inspectors conducted two hundred sixty-three inspections and removed one hundred ten unsafe vehicles and drivers from the state's roadways.

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Diesel prices are climbing, operating costs are squeezing carrier profits, and a major nuclear verdict against C.H. Robinson could have far-reaching implications for freight brokers. On this episode of FreightWaves Today, Malcolm Harris and Julie Van de Kamp break down the latest freight market data, explore the growth of autonomous trucking, and examine the legal and economic pressures shaping the transportation industry.

In this episode:

Autonomous Trucking Moves Toward Scale: Brett Suma, president and COO of Bot Auto, joins the show to discuss the company's rapid growth and its strategy for scaling driverless freight operations. Learn how Bot Auto plans to reduce autonomous driving hardware costs to approximately $50,000 per truck, why capital efficiency matters, and how AI-powered software, redundant safety systems, and real-world customer commitments are helping advance autonomous trucking.

SONAR Freight Market Update: Julie examines the latest truckload trends as freight volumes soften while carrier capacity remains tight. With overall tender rejections holding around 13.9% and refrigerated tender rejections at approximately 21.4%, carriers continue to have leverage in selecting loads. The update also explores seasonal refrigerated freight demand, harvest activity, and why reefer spot rates are rising faster than contract rates.

Diesel Prices and Carrier Cost Pressures: FreightWaves Editor-at-Large John Kingston breaks down the latest diesel price movements amid global supply disruptions and uncertainty surrounding the Strait of Hormuz. The discussion looks at depleted inventories, the outlook for fuel prices heading into winter, and why diesel remains a major concern for trucking companies despite fuel surcharges.

C.H. Robinson's $700 Million Verdict: Kingston explains the Texas judge's decision to uphold a roughly $603 million jury verdict against C.H. Robinson, with accrued interest pushing the total to approximately $700 million at the time of the discussion. The team examines the potential implications for broker liability, negligent carrier selection, insurance requirements, and the broader freight brokerage industry as the case moves toward the next stage of legal proceedings.

Werner Enterprises and Trucking Earnings: The team breaks down Werner's third-quarter profit warning, including the impact of elevated diesel prices, driver recruitment and retention expenses, and insurance claims. With earnings reports rolling in across transportation, the discussion explores why rising rates may not be enough to offset mounting operating costs.

Drug Seizure at the U.S.-Mexico Border: Authorities discovered approximately $30.4 million worth of suspected methamphetamine concealed in a commercial salt shipment at the Laredo World Trade Bridge. The hosts discuss the risks facing trucking operations along the border and the importance of investigations into illicit cargo moving through commercial freight networks.

What Is Keeping Trucking Executives and Drivers Up at Night? The show examines findings from the American Transportation Research Institute's annual critical issues survey. Fuel prices have returned as a leading industry concern, alongside lawsuit abuse reform, driver shortages, insurance costs, and truck parking—highlighting the different pressures facing drivers and motor carriers.

From driverless trucks and freight market dynamics to diesel volatility and broker liability, this episode delivers essential insights into the forces shaping trucking and the supply chain.

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In this episode, we kick things off by examining the brutal cost pressures hitting carriers in the early stages of the industry's recovery. Werner Enterprises just issued adjusted earnings guidance that fell significantly below Wall Street expectations, flagging eighteen cents in cumulative headwinds from elevated diesel prices, higher driver recruitment costs, and an insurance reserve adjustment. While truckload carriers have been raising rates for the first time after a nearly four-year downturn, profitability is still being heavily squeezed by early-upcycle cost inflation.

Next, we explore the dark side of cross-border logistics as U.S. Customs and Border Protection officers uncovered a massive narcotics operation concealed inside what appeared to be a routine commercial freight shipment. On October twelfth, CBP discovered nearly thirty point four million dollars in suspected methamphetamine hidden inside a commercial salt load at Laredo's World Trade Bridge. Officers recovered over three thousand pounds of suspected methamphetamine from seventy-six bags inside a trailer manifested as salt, underscoring the ongoing security challenges at the nation's busiest commercial land port.

Finally, we break down a new industry survey revealing that fuel prices have roared back to become trucking's single biggest concern after not even making the top ten list the past two years. The American Transportation Research Institute's annual study shows fuel prices ranked number one among drivers and number two for carriers, finishing in the top slot overall. The carriers' rating is particularly notable because it undercuts the idea that fuel surcharges effectively shift diesel costs onto shippers with little impact on the carrier's bottom line.

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Diesel prices are surging, freight costs are climbing, and the trucking industry is facing mounting pressure. On this episode of FreightWaves Today, Julie Van de Kamp and Zach Strickland break down the latest freight market data, examine the impact of geopolitical tensions on fuel prices, and explore what rising costs mean for carriers, shippers, and the broader supply chain.

In this episode:

Diesel Prices and Carrier Profitability: John Tirado, founder and president of Summa Energy, joins the show to discuss global fuel supply disruptions, the outlook for diesel prices, and why small and midsize fleets need to prepare for prolonged volatility. The conversation explores fuel surcharges, cash flow challenges, and how fuel hedging can help carriers manage costs.

SONAR Freight Market Update: Zach Strickland analyzes accepted tender volumes, rising tender rejection rates, spot market pricing, and the latest diesel data. Despite weakening accepted volumes, capacity remains tight, suggesting the freight market may not follow the traditional recovery pattern many expected.

Global Supply Chain Disruptions: Escalating attacks near the Strait of Hormuz are raising concerns about maritime security, shipping traffic, energy supplies, and the ripple effects of geopolitical conflict across transportation and the global economy.

Freight Fraud and Cargo Theft: The team examines a cocaine trafficking investigation involving commercial trucking operations in Florida and a California trucking company owner's guilty plea in a multimillion-dollar identity theft and bank fraud scheme. The discussion highlights the ongoing risks fraud poses to carriers and brokers.

Tracking Assets Beyond the Truck: Steve Logue, general manager of the Americas at Sensolus, explains how cellular-connected tracking technology helps manufacturers and logistics operators monitor pallets, crates, totes, and other non-powered assets. Learn how improved visibility can reduce lost assets, prevent production delays, and improve operational efficiency.

Freight Earnings and Rising Costs: Julie and Zach discuss J.B. Hunt's latest earnings and what higher operating expenses, driver pay, insurance, and maintenance costs reveal about the challenges facing transportation companies—even as freight revenues improve.

From fuel market volatility to freight fraud and emerging asset-tracking technology, this episode delivers the data, insights, and industry perspectives you need to understand what's shaping freight right now.

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In this episode, we kick things off with a disturbing development in maritime security as container ship attacks in the Strait of Hormuz reach the highest one-day total since the U.S.-Iran war began. Six vessels were attacked on Sunday alone, including the GFS Pride, a 2,824-TEU feeder vessel that caught fire and sank with containers still aboard. The escalating violence is already constraining traffic through this critical chokepoint, with crossings down sharply week over week.

Next, we explore a disturbing case of freight network exploitation as federal and state authorities expose how a sophisticated drug trafficking ring used unsuspecting commercial truckers to haul cocaine from California to Florida. Operation Icebreaker resulted in charges against 25 individuals after investigators intercepted more than 40 kilograms of cocaine concealed aboard commercial trucks, with the legitimate carriers completely unaware of the illegal cargo hidden inside their shipments.

Finally, we cover a massive financial crime case as a California trucking company owner pleads guilty to a $2.1 million identity theft and credit card fraud scheme. Hasan Korkmaz admitted to all 18 counts involving bank fraud, money laundering, and aggravated identity theft after processing fraudulent credit card transactions through his trucking operation and other businesses, with proceeds traced to financial accounts he controlled in Turkey.

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In this special Friday edition of FreightWaves Today, host Craig Fuller broadcasts live from Southlake, Texas, to analyze the kickoff of Q3 earnings season and what J.B. Hunt’s latest financial results mean for the broader freight market. Serving as a key bellwether for the intermodal, dedicated, and logistics sectors, J.B. Hunt reported revenue of $3.68 billion—beating consensus estimates—and earnings per share of $1.82.

Highlights from today’s episode include:

•

Top News & Headlines: A breakdown of the financial disclosures surrounding the shutdown of the Pittsburgh-based R&R Family of Companies, along with details on a $9.4 million fraudulent misrepresentation verdict against Wyoming-based Oak Sourcing and Logistics.

•

J.B. Hunt Q3 Analysis: FreightWaves Finance Editor Todd Maiden joins the show to examine J.B. Hunt’s intermodal growth, dedicated fleet pipeline, driver recruiting challenges, and transitory cost headwinds like rising fuel prices and medical claims.

•

SONAR Market Update: A look at current tender rejections, linehaul spot rates, and overall freight volume trends heading into a muted peak season.

•

Legal & Compliance Update: Guest Matt Leffler weighs in on regulatory compliance, legal liability in transportation, public camera visibility (Flock vs. GenLogs), and the ongoing debate surrounding legal credentials in the news.

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In this episode, we kick things off by examining the stunning personal finances of a trucking CEO whose company shut down earlier this year. Federal bankruptcy court documents reveal thatRichard Francis disclosed nearly $12.7 million in personal assets, including an $8.5 million Florida waterfront residence at Marco Island. The filings offer the most detailed accounting yet of Francis' wealth following the January collapse of the Pittsburgh-based R&R Family of Companies, which left hundreds of employees without jobs and prompted numerous lawsuits from lenders and creditors.

Meanwhile, we explore a massive courtroom victory for a medical supply distributor defrauded during the COVID-19 pandemic. A California juryawarded nearly $9.4 million to Ashtel Studios Inc. against Wyoming-based Oak Sourcing & Logistics after finding the broker made fraudulent representations about its financial resources and customer contracts. The dispute centered on false claims involving an alleged $800 million PPE contract that persuaded Ashtel to enter into $14.7 million worth of medical glove transactions, only to see Oak Sourcing fail to complete payment on a massive second order.

Finally, we break down the latest quarterly results from one of the nation's largest transportation providers asJ.B. Hunt delivered better-than-expected Q3 earnings with revenue of $3.68 billion and earnings per share of $1.82. The company's intermodal segment posted a strong twenty percent year-over-year revenue increase, marking a fifth consecutive quarter of improvement in operating income and earnings per share, though management flagged near-term cost pressures from diesel prices, driver expenses, and elevated cargo claims that exceeded $50 million in impact.

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