Matson christens 1st new vessel of $1B US shipyard order

Matson christened the containership Makua at Hanwha Philly Shipyard on Oct. 10, marking a milestone in its approximately $1 billion investment in three new vessels for its Hawaii and China–Long Beach Express services. 

The ship is scheduled for delivery in the first quarter of 2027.

The 850-foot vessel will have capacity for 3,600 twenty-foot equivalent units and a top speed of nearly 24 knots. Matson (NYSE: MATX) said the three new Aloha Class ships will replace vessels currently deployed in the two services while increasing capacity and improving operating efficiency and reliability.

Matson board member Jenai Wall christened Makua by breaking a ceremonial bottle of champagne against its hull. Approximately 300 people attended, including shipyard workers, union leaders, company executives and U.S. Maritime Administration Deputy Administrator Mark Johnson. U.S. Transportation Command Deputy Commander Lt. Gen. Jered P. Helwig was among the speakers.

“We look forward to putting Makua to work serving our customers early next year,” Matson Chairman and Chief Executive Matt Cox said in the company’s announcement. “We’re excited that adding three new Aloha Class ships to Matson’s fleet over the next 18 months will improve operating efficiencies and reliability, and increase capacity in our core Hawaii service, as well as our China-Long Beach Express service.”

The second ship is scheduled for delivery in the third quarter of 2027, followed by the third in the second quarter of 2028. Matson plans to name the remaining vessels Malama and Makena. All three will be Jones Act-compliant.

The new ships will match the size and speed of Matson’s existing Aloha Class vessels, Daniel K. Inouye and Kaimana Hila, which entered service in 2018 and 2019, respectively. Those vessels were also built at the Philadelphia yard.

Makua and its sister ships will have dual-fuel engines designed to operate on conventional marine fuels or liquefied natural gas. Matson said the new vessels will be delivered LNG-ready, unlike the earlier Aloha Class ships, which required modifications to use LNG. Other features include fuel-efficient hull designs, double-hull fuel tanks and freshwater ballast systems.

The order extends a longstanding relationship between Matson and the shipyard, presently owned by Hanwha of South Korea, which delivered four containerships to the carrier between 2003 and 2006 before building its first two Aloha Class vessels.

“Today’s christening of Makua is especially meaningful because Matson has been part of the story of this shipyard from its earliest days,” Hanwha Philly Shipyard CEO David Kim said. “Our partnership spans generations of vessels and reflects a shared commitment to American shipbuilding and the U.S. maritime industry.”

The new vessel also revives a historic Matson name. The original Makua was among three freighters the company purchased in the 1920s that carried the names chosen for the new ships. Makua is a Hawaiian word for parent, elder, ancestor or family, according to Matson.

Read more articles by Stuart Chirls here.

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Ceva Logistics puts Paack in charge of last-mile parcel delivery

A blue-and-white Paack delivery van drives along a road.

Industry giant Ceva Logistics on Friday announced that it has merged France-focused last-mile delivery subsidiary Colis Privé into newly acquired Paack, which operates a dense delivery network in Spain and Portugal, presenting a single brand identity to the market.

Ceva Logistics, a top-five global logistics company by gross revenue and part of Marseilles, France-based CMA CGM Group, acquired Paack in early August to expand its last-mile delivery business in Europe. It acquired Colis Privé, which also operates in Belgium and Luxembourg, in 2022. 

The unified Paack brand will be rolled out progressively to customers and partners beginning in January, Ceva said in a news release. When the tentative deal was first announced last summer, the expectation was that Colis Privé would absorb Paack.

The combined business delivers 150 million parcels annually through a network of 17,000 out-of-home delivery points — 8,000 each in France and Spain, and 1,500 in Belgium. Paack has about 490 employees. It also operates six urban delivery stations in France. The couriers also deliver to individual residences. 

Uniting the Colis Privé and PAACK networks will simplify delivery management for e-commerce retailers operating across multiple European markets and provide a more consistent delivery experience for local and international packages, Ceva said. 

One of Paack’s strong points is its sophisticated technology suite. Ceva previously said 

Paack’s technology will immediately enhance Colis Privé’s capabilities in end-to-end parcel planning, real-time tracking, precise time-slot management, advanced reporting, integrated returns management and route optimization that minimizes delays.  

Why It Matters: The e-commerce logistics sector in Europe is in a period of consolidation as companies look to expand delivery footprints and quickly access new markets to support the fast-growing online shopping market. Research firm ECDB estimates the e-commerce revenue in Europe will grow 36% in the second half of the decade, surpassing $1 trillion in 2029. Online retail sales are projected to grow 8.6% this year, on par with global growth. Portugal is the seventh fastest growing market at 9.1%. 

Europe’s e-commerce market is enabled by a strong and expanding digital infrastructure, high internet penetration and a steadily growing base of online shoppers, ECDB said in a white paper this year. The online share of total retail sales in Europe is 18.2%, which is below the global average of 25%, and will increase to 18.7% by 2027.

The Paack-Colvis Privé combination fits with CMA CGM’s strategy of becoming an integrated, end-to-end logistics service provider, relying on a mix of its own air, ocean, truck, and parcel delivery assets, as well as third-party transportation providers. Having its own e-commerce logistics network allows Ceva Logistics to better control the delivery experience for B2C retailers from origin to customer.

Click here for more FreightWaves/American Shipper stories by Eric Kulisch.

Write to Eric Kulisch at ekulisch@freightwaves.com.

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Werner Enterprises issues Q3 profit warning

a rearview of a Werner trailer parked at a truckstop

Werner Enterprises issued adjusted earnings-per-share guidance of 15 to 16 cents for the third quarter on Monday, which was significantly below the current consensus estimate of 36 cents. The company flagged 18 cents in cumulative cost headwinds from elevated diesel fuel prices, higher driver recruitment and retention expenses, and a reserve adjustment for prior insurance claims.

The company also forecast revenue of $946 million to $951 million for the period, which was only slightly lower than analysts’ expectation for $953.6 million. The news release didn’t provide any update to the company’s prior guidance around tractor counts or pricing.

Werner’s (NASDAQ: WERN) prior guidance for the quarter called for a 10% to 13% year-over-year increase in revenue per total mile at its one-way fleet. The metric was 10% higher y/y in the second quarter, with truck utilization improving 16% y/y. The outlook also called for revenue per truck per week at its dedicated fleet (80% of the TL network) to increase by 3% to 5% y/y for the full year.

Truckload fuel surcharges operate on a one-week lag. Diesel prices were up sequentially in nine of the 13 weeks of the third quarter. By month, retail diesel prices dipped 1% sequentially in July, but increased 10% sequentially in August and another 15% in September. The near-term headwind will become an earnings tailwind when prices revert.

J.B. Hunt Transport Services (NASDAQ: JBHT) issued a similar warning at an investor conference in mid-September. Its actual third-quarter results, reported last week, came in slightly better than feared. Management from the multimodal transportation provider said it is typical to incur meaningful cost increases in the early part of an upcycle, but that it remains bullish on its ability to price freight above inflation and restore margins.

SONAR: Outbound Tender Rejection Index (OTRI.USA) for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line). A proxy for truck capacity, the tender rejection index shows the number of loads being rejected by carriers. Current tender rejections show a tight truckload market. To learn more about SONAR, click here.
SONAR: Van Contract Rate Per Mile Index (VCRPM1.USA) for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line). The index shows a 7-day moving average of the initial reporting of dry van contract rates without fuel or accessorial charges.

Werner executives said in August that they were unfazed by the post-July 4 slowdown, chalking it up to a normal seasonal lull heading into peak season. They pointed to the TL industry’s capacity correction, aimed at removing unsafe and non-compliant drivers, as the primary catalyst for the outlook. The supply-side reduction has allowed Werner and other carriers to meaningfully raise rates this year for the first time following a nearly four-year downturn.

Werner said in September that demand among its discount-retail and food-and-beverage customers remained level from the second quarter into the third quarter, and that it was seeing elevated minibid activity at its one-way fleet.

Werner will report third-quarter results on Oct. 27 after the market closes.

Shares of WERN were down 1.1% at 10:21 a.m. EDT on Monday compared to the S&P 500, which was up 0.7%. The stock is off 31% since a mid-July peak.

Why it matters? The update shows the significant cost pressures carriers are currently facing—specifically rising diesel fuel prices and higher driver recruitment and retention expenses. It signals that the industry’s recovery following a multi-year downturn will not be linear, and that while carriers are raising rates, profitability is still being squeezed by early-upcycle cost inflation.

More FreightWaves articles by Todd Maiden:

DHL Group boosts guidance on expectations for strong peak season

Aerial view of a yellow DHL warehouse building.

DHL Group revised upward its profit forecast for 2026, pointing to ongoing earnings strength at its express division and expectations of a “robust” peak shipping season that coincides with holiday sales.

The global logistics giant said Friday it now expects earnings before interest and taxes to exceed 7 billion euros (equivalent to $7.8 billion), topping its earlier outlook for $7.3 billion from core operations.

DHL Group (XETRA: DHL) also raised its full-year projection for free cash flow to $3.6 billion from $3.37 billion earlier. Capital expenditures are expected to rise to about $4 billion, up from about $3.4 billion to $3.7 billion as DHL invests in projects for further growth.

The company announced last week, for example, that it plans to invest $450 million to expand capabilities in Central and Eastern Europe by 2030. 

Why It Matters: DHL is one of the largest third-party logistics providers in the world and a barometer of market conditions.

Group EBIT during the third quarter reached $1.92 billion, up 16% year over year and above the consensus estimate by analysts. DHL Express led the way with adjusted operating profit increasing 49.5% to $1.16 billion on the strength of higher yield, continued cost efficiencies and a more disciplined approach towards accepting heavy airfreight, which commands higher rates, over lightweight shipments transported by the company’s in-house airline. Heavyweight air has been a point of emphasis for the company this year. The tight air freight market also boosted results.

DHL Global Forwarding also performed well, generating EBIT of $292 million, up a third from the prior year, excluding small one-time effects in 2025. Earnings at DHL Supply Chain, the contract logistics unit, increased 7.9% to $337 million on an adjusted basis.

DHL eCommerce had adjusted operating profit of $56.2 million, down from $198 million in the third quarter of 2025. The prior year benefitted from a one-time $138.2 million gain.

Operating profit at Post & Parcel Germany declined 32% to $168.5 million.

Full third-quarter results are scheduled to be released on Nov. 5. Bank of America rates DHL stock as a buy.

DHL earmarks $450M for Eastern Europe logistics expansion

Amerijet to repair aging 767 freighter aircraft damaged in hard landing

A blue-tailed Amerijet cargo jet moves on the ground at an airport.

Miami-based cargo airline Amerijet International plans to repair a 36-year-old Boeing 767-300 converted freighter aircraft that suffered fuselage damage from a hard landing in Guatemala City last month, CEO Joe Mozzali said.

The aircraft’s age left many speculating that it wasn’t worth fixing and would be scrapped for parts, but Mozzali said Amerijet’s insurance company will cover the cost of the repair because it is less expensive than paying a claim for an aircraft declared totally damaged. 

In reality, even badly damaged freighter aircraft are too valuable to part with because of the current shortage of widebody freighters, supply chain challenges that are slowing passenger-to-freighter conversions and limited feedstock caused by passenger airlines holding longer onto aircraft because engine-quality problems are slowing delivery of new aircraft, according to air cargo experts.

Amerijet has hired a local repair station to conduct a temporary repair in Guatemala City and will then ferry the aircraft to a maintenance facility for a longer-term repair, Mozzali told FreightWaves in an email exchange. It is uncertain when the plane will be ready to return to service.

The Amerijet aircraft departed Miami on Sept. 6 and landed hard on its nose gear first, resulting in buckle damage to the top of the fuselage, according to The Aviation Herald and photos on social media. The aircraft has remained grounded at Guatemala City International Airport since the incident. 

Aviation safety experts say “skin buckling” can occur when the structure beneath the skin, including ribs and load-bearing beams, is distorted or bent. The stress from a hard landing could transfer through the landing gear to the landing gear fittings to the wing, and then carry through to the fuselage structure.

The damaged 786-300 was built for Qantas Airlines in November 1990. The plane is owned by Cargo Aircraft Management, the leasing arm of Wilmington, Ohio-based Air Transport Services Group, which converted it to carry main deck cargo in 2016. 

Amerijet has 11 B767-300s in its fleet. Mozzali said N373CM has been operating as a spare and being out of service hasn’t impacted Amerijet’s scheduled transportation or charter services. Amerijet is operating two freighters for United Parcel Service to help the parcel logistics giant with extra demand during peak shipping season, which runs until late December.

Click here for more FreightWaves/American Shipper stories by Eric Kulisch.

Write to Eric Kulisch at ekulisch@freightwaves.com.

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Box truck carrier’s pivots show new fleets must know costs

Two white box trucks on a highway, illustrating box truck carrier TLA Group’s move to over-the-road freight

Telly Arnold founded TLA Group LLC, a Houston-based carrier that has run non-CDL box trucks for about three years. In that time the company has rented a truck, co-owned one, financed its own, hauled final-mile appliance deliveries and moved over the road. Her advice to new owners, drawn from each of those stops, comes down to two habits: know every line item behind your cost per mile, and change course quickly when a business model stops paying.

She came to trucking with a bachelor’s degree in accounting, a master’s degree in business and more than 20 years in corporate America. She is also a small business trainer at the University of Houston Small Business Development Center. She runs StraightConnect, a platform aimed at new box truck owners, and co-hosts a podcast, “The Box Truck Hustle,” with Sharif Brooks.

Arnold started TLA Group to create opportunities for her son, and she planned to run it alongside a full-time job. Her business partner, Sharif Brooks, who has more than 20 years in trucking and a CDL, would drive.

“I thought it was something easy I could do while I work full-time and that you can make a lot of money,” Arnold said in an interview with FreightWaves. “I kind of just watched what he did and I saw his work ethic and I was like, I got a driver. I got the business sense. Let’s start a trucking business.”

Three tries at a truck and the bills that followed

Getting a truck on the road took three tries, and the first was a rental. “We heard that you can rent a truck and then you don’t really have the commitment, but you do not know about how much it costs to rent a truck,” Arnold said.

A 50-50 ownership split on a truck with another party came next. “That was a disaster,” she said. The third try was a financed truck of its own, and a truck note came with it.

The biggest surprise was the expenses, and they started the day the company’s motor carrier authority went active. The first insurance deposit ran $4,000 to $5,000 against a monthly premium of about $2500. “That was alarming,” Arnold said. “Was not expecting that whatsoever.”

Then came renewal. “Also, finding out that even though you renew your insurance, that big deposit does not go away,” she said. “I didn’t realize that every time you renew your commercial policy, you’re having to pay a deposit every single time.”

The largest bill she named was a repair. The company’s first major mechanical breakdown cost about $10,000. Of everything on her list, including the deposit and the truck note, the repair bills are the ones she singles out.

“The mechanical bills — not maintenance, the mechanical bills,” she said. “When your truck breaks down, how expensive that is.”

Final-mile lessons

Finding freight came next, and the load board turned out to be the easy part. “People say when your MC becomes active, you can immediately start booking loads on the load board. That is very true. However, there’s not a lot of brokers that like to work with new authority,” Arnold said.

TLA Group sat for a month before it went looking for white-glove work, the appliance and furniture deliveries that new box truck owners are told pay $5,000 to $6,000 a week. “That’s not true,” she said. The company landed local carrier work first, then moved into appliance delivery after Hurricane Beryl made landfall in Texas in July 2024. That is where it learned what claims cost.

“People tell you about the claims, but they don’t really go into deep details about the claims and how do you survive the claims and what can you do to prevent the claims so your check is not being pinched away,” Arnold said.

Her rule for anyone doing that work is documentation at every handoff: a photo of every side of the box at the warehouse, another once it is on the truck and another at the customer’s house, because damage can be concealed inside the packaging. TLA Group learned that on its first day.

“We were new. We didn’t know. We didn’t take pictures,” she said. “And so if you don’t have the pictures to support that this refrigerator, as an example, was damaged before we even did anything, you’re going to get hit with a claim. There’s no ifs or buts about it.”

Customer surveys carried their own risk. On one install, a stove scratched the inside of a customer’s door. Because the crew worked as contractors, TLA Group was responsible for the damage, and Arnold moved fast to keep a claim off the company’s insurance.

“I called a contractor within 24 hours to go out there, repair it, exact paint. I called him, I followed up, I did all the steps, great customer service, and he did a horrible survey on us,” she said. “And because he did a horrible survey on us, I didn’t get a route the next day.”

Over the road, from a phone

TLA Group left appliance delivery for over-the-road freight in February 2025. “We learned that we have to pivot really fast because when you sit in something too long and you’re seeing that is not a good business model for you, it’s best to make those changes quick instead of just drowning,” Arnold said.

Over the road works much the same for a box truck as for a semi, she said. The carrier searches a load board and decides how far out it will run, 500 miles or 1,000. Out of Houston, TLA Group prefers freight headed to the Midwest, where the truck bounces between loads. A load booked on Friday may deliver on Monday.

“We’re booking loads off the load boards like Truckstop, DAT. We have to have a pallet jack, straps. Sometimes we got to have PPE. It just really depends what’s on the load board at that time,” she said.

Her partner drove the first truck, and he drives the only truck TLA Group runs today. In between, when the company added a second truck, it hired drivers and kept one truck local. “Hiring drivers was another obstacle that I did not see, which is hiring drivers who are qualified to drive non-CDL because the box truck you don’t need a CDL, but you need that CDL knowledge, hours of service, post-trip, pre-trip, making sure you strap down the freight so we don’t get any type of claims,” Arnold said.

The company dispatches its own loads, and Arnold is moving into AI dispatch tools to shorten the search. She uses two: Truckstop’s AVA, a voice assistant the load board launched in July, and FleetWorks, which builds AI dispatch agents.

“Like on Truckstop, they have a tool called AVA where you could talk to AVA and tell her what you’re looking for,” she said. “And then there’s another company called FleetWorks that they’ll email us and say, ‘Hey, where are you looking? Where’s your truck at?’ And then we’ll tell them how much we can hold, what region we like to go.”

“What I like now is everything I do is on my phone,” Arnold said. “Book a load, factor it, everything is on my phone. I generally rarely have to go to my computer.”

Knowing the numbers

Arnold recently sat down with someone to go through every expense TLA Group carries. She already knew her cost per mile. Now she is learning what each line item inside it pays for.

“So when you’re negotiating, you’re knowing that if your rate per mile is $2 a mile, this is covering everything that is helping your truck to stay operational,” she said.

Fuel is the line that swings. “If the fuel fluctuates, it is going to hit you, but you still need to know your numbers,” Arnold said. TLA Group splits its fueling between two cards because one drafts its account on Friday and the other on Tuesday, and both carry discounts.

“All I can say is we’ve been used to struggling already, so we just come up with a game plan,” she said.

Cost-per-mile math also decides when to add a truck. Arnold would not put a second truck on a very young authority unless overhead stopped at insurance, fuel, driver pay and a dispatcher. Before an owner scales, she wants a bookkeeper keeping clean books and reports the owner can read.

“Before you jump into that second truck, know your numbers. It’s very important for you to know your numbers,” she said.

Drivers shape the insurance bill too. Safety violations affect it, she said, and turnover can make a small carrier look risky. “When I went from one truck to two trucks, drivers in and out, in and out, in and out, you look kind of high risk,” Arnold said.

After a year of stability with her partner driving, the company’s latest renewal came in “a lot better,” though Arnold is not sure the stability was why. “Maybe we’ll see next year,” she said. “It may go up three times the amount.”

A second truck is on the plan for 2027 or 2028. “I think we’re ready to scale. Our MC is aged. We built a good reputation,” Arnold said.

The numbers are where Arnold parts ways with the advice new owners find online. “There are a lot of social media gurus who are out here selling people pipe dreams,” she said. “They concentrate on revenue but you can make six figures in revenue and you need to look at your bottom line.”

She built StraightConnect in response. The platform features verified industry voices, and her podcast brings on dispatchers, box truck carriers and factoring companies to explain what to expect. Being in the industry taught her that trucking “is more than just moving freight,” she said.

“People are really out here struggling for information and you don’t know who’s really trying to just sell you a course or if they’re really just trying to help you,” Arnold said. “This is why I created my podcast and also why I created the platform StraightConnect because I looked for it and never could find it.”

The Shift From Owning Trucks To Subscribing To Them, And What It Means For Fleet Finance

The trucking industry has fallen in love with two phrases that get tossed around in conference rooms and press releases without anyone stopping to explain them, and if you have heard the terms truck as a service and driver as a service and nodded along while quietly wondering what they actually mean for the money coming out of your account every month, you are not alone, because at a recent candid session with Daimler Truck and Daimler Truck Financial Services leadership, these concepts got pulled apart in a way that finally makes them concrete for a working carrier.

Both ideas come down to the same underlying shift. For as long as most of us have been in this business, buying a truck meant buying a truck, then arranging financing as a separate step, then paying for maintenance, insurance, and everything else out of your own pocket as those bills came due. The model now being pushed by the manufacturers flips that. Instead of a truck plus a stack of separate costs, you get a service, a single arrangement that folds many of those costs into one predictable payment. Understanding how that works, and where the catch is, matters whether you run one truck or a hundred.

What Truck As A Service Actually Is

Strip away the buzzword and truck as a service is bundling. It is the manufacturer taking the pieces you used to buy and manage separately, financing or leasing, scheduled maintenance, repair contracts, insurance, telematics, extended warranty, and the eventual resale or residual value of the equipment, and wrapping them together into one monthly rate.

Stephan Unger, who chairs Daimler Truck Financial Services, framed the company’s own evolution exactly this way, describing a shift from being a pure financing company into an integrated solutions company. The logic he laid out is that customers increasingly want ease of doing business. The fewer separate vendors, invoices, and decisions a carrier has to juggle, the more time it can spend actually moving freight, and bringing all of those services together into a single rate is the advantage the manufacturer is selling.

The most complete version of this is full-service leasing and rental, where you are not really buying the truck at all, you are paying to have a working truck available. Unger pointed to a Daimler unit in Europe called Charterway that runs more than 6,000 trucks for customers on short-term and long-term rental, with the pitch being that the customer concentrates on moving goods while the provider takes care of the machine and everything around it. The selling point that lands hardest is uptime. In that model, if a truck goes down, the provider hands you a replacement from the rental fleet so you can keep your commitments to your own customers. In North America, Daimler delivers that kind of full-service leasing through partnerships with Penske and Ryder rather than running the fleet itself, while the rest of the bundle comes through the manufacturer side.

Daimler is not a small player making a small bet here. The financial services arm operates in 21 countries with more than 30 billion euros in assets under management and leans on an A credit rating, so when the manufacturer talks about bundling the whole lifecycle of a truck, it has the balance sheet to back the offer.

What Driver As A Service Means

Driver as a service is the newer and stranger of the two, and it exists because of autonomous trucks. When the driver is no longer a person in the seat but a software system guiding the truck, the question becomes how you pay for that software, and the answer taking shape is a subscription.

Daimler described a model where the revenue streams are deliberately separated. You buy or finance the truck and the chassis the way you always have, and then the virtual driver, the autonomous system that actually does the driving, comes as a per-mile software-as-a-service charge layered on top. In other words, the truck is a capital purchase and the driving is a running subscription billed by the mile.

The company’s autonomous program centers on a redundant Freightliner Cascadia paired with a virtual driver from its subsidiary Torc Robotics, and leadership said it expects to get the driver out on a first route by the end of this year, building toward commercialization at scale around 2028. For financing, Daimler said it is prepared to structure around whatever shape that autonomous model ultimately takes. The point for carriers is that driver as a service is not a far-off abstraction. It is a payment model being designed right now, and it splits the cost of a truck into owning the metal and renting the capability.

The Ownership Question Nobody Wants To Answer

Here is where it gets philosophical, and where a reporter in the room cut straight to the heart of it by asking, if all these services are bundled into the financial contract, what does a customer actually own, and do they even have an interest in owning?

The honest answer from Daimler’s leaders was that it depends on what you choose, and that flexibility is the whole point. Unger described a menu of states, from straightforward financing where you own the truck, to leasing, to arrangements more common in Europe, with service elements added into the contract according to what the customer prefers. Kevin Bangston, who leads the financial services arm in North America as president and CEO of Daimler Truck Financial Services USA LLC, was clear that a fleet can still decide what suits it best. You can own the equipment and make monthly installments over three years, then sell and remarket it yourself. You can take an operating lease with its own financial advantages and run it for a period. Or you can layer the full ecosystem on top in whatever combination serves your cash flow and flexibility.

Importantly, Bangston said North America has not seen a fundamental shift out of ownership and into leasing, no dramatic change in the mix at this moment, just more interest in the bundling concept. So the picture is not that ownership is dying. It is that the options around it are widening, and the manufacturer is increasingly happy to sell you access to a working truck rather than only the truck itself.

One force quietly pushing carriers toward these models is residual-value uncertainty, especially with battery-electric trucks. Nobody is fully sure what a used electric truck will be worth in a few years because the battery is the big unknown. Unger noted that Daimler is willing to take on that residual risk because its battery management systems and the data it collects give it a read on the health of the truck and its battery that an individual owner does not have. When the resale value is murky, letting the manufacturer carry that risk through a lease or bundle starts to look more attractive, which is exactly why these as-a-service models tend to grow fastest around new and uncertain technology.

The Real Trade-Off For A Small Carrier

None of this is free, and the trade is straightforward once you see it. Bundling buys predictability. One monthly rate that covers the truck, the maintenance, the insurance, and the warranty means fewer surprises, and when cash flow is tight, an unexpected major repair that would otherwise sink a month becomes someone else’s problem to absorb. For an operation running thin, that certainty has real value.

What you give up is the upside of ownership. When you own the truck outright and maintain it well, you capture the resale value yourself, you build equity, and a paid-off truck becomes a margin machine. Hand the lifecycle to a provider and you trade that equity and that upside for convenience and predictability. Neither choice is automatically right. The answer depends on your breakeven, your cash position, and how much you value a steady number over a shot at the upside. The one mistake is signing into a bundle because it sounds modern without running it against what owning would actually cost and return over the same years.

Why It Matters

The move from owning trucks to subscribing to them is not a marketing trend, it is a restructuring of how capital, risk, and cost sit on a fleet’s books, shifting maintenance, insurance, warranty, and residual exposure off the operator and into a single recurring rate the manufacturer controls. For any leader responsible for fleet economics, the decision is no longer just which truck to buy but how much of the lifecycle to own versus rent, and getting that balance right against total cost of ownership and residual risk, especially as electric and autonomous equipment make resale values harder to predict, is becoming one of the more consequential financial calls a fleet makes.

This article is based on a panel discussion with Daimler Truck and Daimler Truck Financial Services leadership at the DTFS North American headquarters in Charlotte, North Carolina, featuring Eva Scherer, CFO of Daimler Truck Holding AG, Stephan Unger, chairman of Daimler Truck Financial Services, and Kevin Bangston, president and CEO of Daimler Truck Financial Services USA LLC. Figures and forward-looking statements are as presented by the executives.

California trucking owner pleads guilty in $2.1M identity theft scheme

A California trucking company owner pleaded guilty to a $2.1 million fraud scheme involving nearly 100 stolen identities. Hasan Korkmaz, 45, of Las Vegas, operated San Diego Logistics Group Inc. in Santee, California. Federal prosecutors detailed how he processed fraudulent credit card transactions through several businesses, including his trucking operation. Individual charges reached $18,500, ultimately causing more than $2,103,000 in losses across two banks.

Korkmaz admitted to all 18 counts involving bank fraud, money laundering and aggravated identity theft on October 15. The operation ran during 2022 and 2023, using personal information belonging to real individuals. Prosecutors traced proceeds into financial accounts he controlled in Turkey. Korkmaz remained overseas for approximately 18 months before returning to the United States, where authorities arrested him in June 2025.

How the credit card scheme worked

Korkmaz obtained names, birth dates, Social Security numbers and other identifying information to open numerous fraudulent credit card accounts. Prosecutors described the operation as a credit card “bust-out” scheme. The method involves establishing accounts under stolen identities and exhausting available credit without intending to repay the balances. He also submitted checks from nonexistent accounts or those lacking sufficient funds, temporarily restoring credit limits for additional purchases.

San Diego Logistics Group was among the businesses that processed the fraudulent credit card charges. Some individual transactions reached $18,500. Prosecutors did not identify the services associated with those payments. Court filings cited in the DOJ announcement do not establish whether the transactions involved actual freight shipments.

Federal records reveal trucking company’s operating history

Federal Motor Carrier Safety Administration records identify San Diego Logistics Group Inc. under USDOT 3210732 and MC 1002578. The company reported three trucks, five CDL drivers and 2,948,000 miles traveled in 2022. Its registered cargo categories included general freight, refrigerated food, fresh produce, meat and U.S. mail. The figures came from the carrier’s November 2023 MCS-150 filing.

Divided among three trucks, the reported mileage equals approximately 983,000 miles per truck in one year. The American Transportation Research Institute reported an industry average of 78,863 miles per truck in 2022. That makes San Diego Logistics Group’s reported mileage more than 12 times the industry average. An inaccurate mileage filing or a larger fleet operating during 2022 could explain the discrepancy.

Neither explanation has been confirmed, and the mileage figures come from the carrier’s own filings. Its registered cargo categories also do not independently establish completed freight deliveries. For brokers, discrepancies like this highlight why carrier verification must go beyond checking operating authority. Federal records do not establish whether the mileage discrepancy had any connection to Korkmaz’s criminal conduct.

FMCSA granted the company’s common carrier authority on December 6, 2021. The agency initiated six involuntary revocation proceedings during 2022 and 2023, subsequently discontinuing each one. FMCSA commonly starts these proceedings when required insurance coverage lapses and may discontinue them after carriers restore compliance. Available records do not establish what triggered each action against San Diego Logistics Group.

Regulators ultimately revoked the company’s common carrier authority on January 2, 2024. Its current registration profile lists both common and broker authority as inactive. Insurance records show previous cancellations and no active primary liability coverage. Federal filings do not establish any connection between those regulatory issues and Korkmaz’s criminal conduct.

Sentencing scheduled for January

The indictment included 12 bank fraud counts, two money laundering charges and four aggravated identity theft offenses. Bank fraud carries a maximum sentence of 30 years per count. Money laundering carries up to 10 years per count under 18 U.S.C. Section 1957. Aggravated identity theft requires a mandatory consecutive two-year prison term. These statutory penalties do not establish the sentence Korkmaz will ultimately receive.

U.S. District Judge James E. Simmons Jr. scheduled sentencing for January 8, 2027, at 9 a.m. Assistant U.S. Attorney Kevin Mokhtari and Special Assistant U.S. Attorney Katherine Rookard are prosecuting case 25-cr-1405-JES. The Justice Department has not identified the banks or explained how Korkmaz obtained the victims’ information.

Why It Matters

A registered trucking company became part of a financial fraud operation that caused more than $2.1 million in losses. The case highlights the importance of examining company ownership, operating authority and financial activity when evaluating transportation businesses.

Click here for more articles on cargo theft and freight fraud by Phil Brink.

25 charged after drug ring used unsuspecting truckers to haul cocaine from California to Florida – FreightWaves

Nebraska deputies recover $250K stolen copper load 50 miles past Iowa destination – FreightWaves

Freight Fraud Awareness Day returns as strategic cargo theft reshapes trucking – FreightWaves

Borderlands Mexico: US trucking crackdown raises concerns over freight disruptions 

Borderlands Mexico is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week in Borderlands Mexico: US trucking crackdown raises concerns over freight disruptions; M2 Global Logistics launches in Houston; and Cutter & Buck opens new distribution center in Texas.

US trucking crackdown raises concerns over freight disruptions

Stricter enforcement of U.S. trucking regulations is raising concerns about potential disruptions to cross-border freight, as American and Mexican transportation leaders warn that efforts to crack down on illegal operations must not create new obstacles for legitimate carriers.

The concerns emerged during two panel discussions at the International Road Transport Union’s (IRU) North American Transportation Forum, held during the 2026 National Convention of Mexico’s National Chamber of Freight Transportation (CANACAR) in Cancún.

Representatives from the American Trucking Associations (ATA), U.S. Customs and Border Protection (CBP), Werner Enterprises and CANACAR discussed increased scrutiny of cabotage violations, B-1 visas, English-language proficiency requirements and commercial driver qualifications.

While participants generally supported stronger enforcement, several cautioned that inconsistent application of the rules could create delays, restrict driver availability and complicate freight movement between the United States and Mexico.

U.S. trucking executives back tougher enforcement

Derek Leathers, chairman and CEO of Werner Enterprises, said stronger enforcement is necessary to prevent foreign drivers from illegally transporting domestic freight within the U.S.

Under federal cabotage restrictions, foreign drivers may transport qualifying international shipments into and out of the United States but generally cannot haul domestic freight between two U.S. locations.

Leathers supported federal efforts to address the misuse of B-1 business visitor visas by drivers performing unauthorized domestic trucking operations.

He also welcomed increased enforcement by the Federal Motor Carrier Safety Administration (FMCSA) of English-language proficiency requirements, emphasizing the importance of drivers being able to communicate with law enforcement and other personnel while operating in the U.S.

The Trump administration has intensified enforcement of English-language proficiency standards for commercial drivers, alongside efforts to tighten oversight of driver licensing and training.

Leathers’ comments reflect growing support among U.S. trucking executives for stricter enforcement against carriers and drivers operating outside federal requirements.

However, the discussions also highlighted concerns that increased scrutiny could affect compliant Mexican carriers engaged in legitimate international freight transportation.

ATA economist calls for fair enforcement

ATA Chief Economist Bob Costello emphasized the need for consistent and proportionate enforcement, particularly as cross-border freight activity continues to recover.

Costello said North American cross-border trade rebounded in 2026 following a slight decline in 2025, underscoring the importance of maintaining efficient transportation links between the U.S., Mexico and Canada.

According to Mexican transportation publication Revista Transportes y Turismo, Costello also raised concerns that some U.S. enforcement personnel may not fully understand the complexities of cabotage regulations.

The potential for inconsistent interpretations could create uncertainty for Mexican carriers operating legally in the U.S.

Costello called for continued cooperation among transportation associations, regulators and industry representatives to ensure that enforcement efforts target violations without unnecessarily disrupting legitimate freight movements.

Mexican carriers warn of border delays

CANACAR President Augusto Ramos Melo acknowledged the importance of combating illegal cabotage but warned that intensified border enforcement could create additional delays and operational challenges for Mexican trucking companies.

Ramos called for closer coordination among transportation companies, customs officials and other supply chain participants to improve border efficiency.

His concerns come as Mexican carriers navigate tighter scrutiny of driver documentation, visa eligibility and compliance with U.S. transportation regulations.

For carriers operating across the southern border, additional inspections and documentation requirements can complicate driver scheduling, equipment positioning and delivery times.

Martin Rojas, IRU’s senior adviser for the Americas, moderated the discussions and emphasized the importance of balancing regulatory enforcement with the need to maintain an adequate supply of qualified drivers.

The discussions highlighted the challenge facing policymakers: strengthening compliance without undermining the transportation capacity needed to support North American trade.

CBP outlines new border initiatives

Liliana Flores, CBP’s port director at Del Rio, Texas, said the agency is working to improve how it processes trade information while expanding initiatives aimed at strengthening cargo security, according to Revista Transportes y Turismo.

Flores discussed developments involving the Customs Trade Partnership Against Terrorism (CTPAT), a voluntary public-private partnership designed to strengthen international supply chain security.

Flores encouraged Mexican trucking companies to participate in CTPAT and CBP’s Electronic Export Manifest pilot program.

The pilot’s testing period is scheduled to conclude Oct. 23, with information collected during the program intended to help CBP refine its systems ahead of broader implementation.

The initiatives are intended to improve security and the exchange of shipment information, although carriers continue to face increased scrutiny of cross-border operations.

Visa requirements and driver shortages

The second panel examined how regulatory changes are affecting drivers and transportation companies.

Justen Thomas, a representative of the U.S. Consulate General, advised drivers applying for or renewing B-1 visas to prepare thoroughly for consular interviews.

Thomas said English-language proficiency is among several factors that can influence visa decisions.

B-1 visas are commonly used by eligible Mexican commercial drivers transporting international freight into the United States. However, those visas do not authorize drivers to perform domestic cabotage operations.

IRU Goods Transport Council President Iro Doumani offered a European perspective, describing how coordinated regulatory systems and digitalization can help balance enforcement with efficient international freight transportation.

Doumani also noted that driver shortages remain a challenge for transportation operators, even in regions with more integrated cross-border systems.

The panelists agreed that closer cooperation among regulators, customs agencies and trucking companies would be necessary to maintain efficient freight movement while strengthening compliance.

M2 Global Logistics launches in Houston with 830,000-square-foot facility

Meiborg Companies and Morales Capital Group have partnered to launch M2 Global Logistics, a new third-party logistics provider anchored by an 830,000-square-foot industrial campus near downtown Houston.

The companies announced the venture Thursday, saying the new logistics platform will combine Meiborg’s trucking and warehousing operations with Morales Capital Group’s international trade and investment capabilities.

The 27-acre Houston campus will provide access to major freight corridors, intermodal hubs and port connections. The facility is expected to begin operations in the coming months, with additional market expansion planned.

“This partnership evolves a proven regional operation into a truly global 3PL brand,” said Zach Meiborg, CEO of Meiborg Companies, in a statement.

Founded in 1981 and headquartered in Rockford, Illinois, Meiborg operates more than 550 trucks and manages over 4 million square feet of warehouse space across Illinois and Texas.

M2 Global Logistics plans to offer domestic trucking, international freight services, customs-related logistics, warehousing, fulfillment and distribution under one platform.

The new company will be led by Zach Meiborg, Nick Gibbons and James Cooper, alongside executives from Morales Capital Group.

Cutter & Buck opens new distribution center in Texas

Apparel company Cutter & Buck has opened a new distribution center in Grand Prairie, Texas, expanding its fulfillment network to better serve customers across the central and southern U.S.

The facility, which opened Oct. 7, is the company’s fourth distribution center in North America and will stock sportswear from Cutter & Buck, Clique and Craft, according to a company announcement.

Located in the Dallas-Fort Worth metroplex, the distribution center will provide additional inventory capacity and support faster order fulfillment for customers nationwide.

The facility offers weekday UPS and FedEx pickups, along with local customer pickup services and the company’s Share Ship order fulfillment program.

Cutter & Buck also plans to introduce in-house embroidery and heat-transfer services at the facility during the first quarter of 2027. The company said the operation is currently undergoing testing, with capacity expected to increase over the coming months.

Why it matters: Stricter trucking enforcement could complicate driver availability and border operations, adding uncertainty for carriers and shippers moving freight between the United States and Mexico.

More FreightWaves articles by Noi Mahoney:

No signs of truckload capacity recovering

Chart of the Week: Accepted SONAR Tender Volume Index, SONAR Tender Rejection Index  SONAR: ASTVI.USA, STRI.USA

The truckload market is heading into the holidays with almost no slack. The Accepted SONAR Truckload Volume Index (ASTVI), which measures only the loads carriers accept, has fallen more than 4% over the past four weeks to 9,518. That’s its lowest level outside a holiday week since January. Normally, a drop like that would give carriers room to breathe. Instead, the national rejection rate (STRI) has barely moved and is holding near 13.9%.

A year ago, the market entered peak season with rejections under 6%, and the ASTVI was roughly 2% higher. That suggests the market has regained little, if any, efficiency over the past year.

Fewer accepted loads after 11 months of elevated rates is not what many expected. In the early phase of COVID, carriers appeared to hit their limit with the ASTVI around 11,500 in the fall of 2020. Rejection rates were near 25%, a sign that demand was well beyond what carriers could handle.

By the spring of 2021, carriers were accepting more than 10% more loads, even with rejection rates still elevated. That market was certainly tighter than today’s. Even so, most would expect accepted volumes to have improved by now after months of elevated rates.

A supply-led cycle

The two cycles differ in several ways. The biggest difference is that the COVID cycle was driven more by rising demand than by falling supply. Tender volumes rose nearly 50% year over year from September 2019 to September 2020, and accepted volumes rose 20%. That surge quickly used up all the slack in what had been an oversupplied market.

The current cycle seemed to appear almost out of nowhere. It first showed up during the 2025 holiday season, when rejection rates and spot rates ran well above the previous three years. Many still questioned it, because trucking demand was actually weaker.

Winter Storm Fern in late January was the second catalyst. It pushed tender rejections and spot rates higher, and neither has meaningfully retreated since. Again, demand wasn’t the driver; limited capacity was.

Barriers to entry

The other major difference from the last inflationary cycle is that barriers to entry are much higher now. English language proficiency enforcement, stricter rules on non-domiciled CDLs and tougher immigration policies are keeping a large pool of potential drivers out of the industry.

The Montgomery v. Caribe ruling has an indirect effect on drivers, because brokers are now less likely to use carriers with poor safety records. As of this past summer, close to 2% of carriers with substandard safety scores had been removed from service, according to GenLogs. 

Rising costs

Diesel prices have spiked at times, making it hard for smaller carriers to manage cash flow.

Retail diesel prices are up 73% year over year. Dry van spot rates are up a still-impressive 43%, but they haven’t kept pace with fuel over the past few months. That gap squeezes carrier profitability, a pressure that was largely missing in the COVID era, when diesel prices actually fell in 2020.

Carriers that made it through the difficult stretch from mid-2022 to late last year are hesitant to invest in growth. Borrowing costs are much higher, and the low-cost government lending that helped carriers during COVID isn’t available. Supply always moves more slowly than demand, and it now faces more headwinds than in any recent cycle. Even with economic concerns, transportation procurement teams should prepare for a market that stays tighter for longer, into 2027.

About the Chart of the Week

The FreightWaves Chart of the Week is a chart selection from SONAR that provides an interesting data point to describe the state of the freight markets. A chart is chosen from thousands of potential charts on SONAR to help participants visualize the freight market in real time. Each week a Market Expert will post a chart, along with commentary, live on the front page. After that, the Chart of the Week will be archived on FreightWaves.com for future reference.

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