Mack Trucks and Volvo discuss performance of their remote software update systems; Uber Freight is using autonomous trucks in Arizona; air cargo was up 8% in January YOY; the 3,000th Neopanamax container ship transited the Panama Canal; intensifying freight flows are driving oil demand.
Asian shippers are siding with the Notorious B.I.G.’s declaration of regional loyalty from the 1997 hit “Goin’ Back to Cali”: “If I got to choose a coast, I got to choose the East.” The expansion of the Panama Canal that doubled its capacity has started shifting freight to east coast ports, which have invested billions in dredging, construction, and equipment purchases to take advantage of the increased flow.
Volkswagen has continued to increase its stake in Navistar following its initial buy-in in 2016. The company purchased approximately $10 million worth of shares in July through five transactions, according to documents filed with the SEC.
After five days, the port truckers strike in Los Angeles and Long Beach came to an end on Friday with striking truckers delivering a petition with 10,000 signatures on it to LA Mayor Eric Garcetti and Long Beach Mayor Robert Garcia.
FedEx said it was victimized by the massive cyber attack on Friday that hit businesses in an estimated 100 countries. Also, more venture capital money is flowing into trucking and 3-D printers may be altering the movement of freight in the near future.
