The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight how the boom times don’t negate the headaches among carriers, the impact of SPACs on FreightTech and more.
The High Five
1. On the surface, all is well in trucking as a sustained period of high demand outpaces supply, driving rates ever higher. Both less-than-truckload and truckload carriers have more freight than they can handle. But the boom time environment is causing more than just headaches for many carriers. Todd Maiden with more: Strong LTL market still has some bumps in the road
2. The Teamsters union has been decertified at a California trucking company, an action that was aided by a change in labor rules undertaken by a National Labor Relations Board with a majority of former President Donald Trump supporters as board members. John Kingston with the story: Small LA-area trucking company ousts Teamsters; new rules from Trump’s NLRB aided decertification
3. Two Canadian trucking companies operating in the same Toronto site have shut down as their owner faced a mountain of debt and largely unprofitable businesses, bankruptcy court records show. Orbit Freight ceased operating in February following the shutdown of Delta Carrier. Nate Tabak has the details: 2 Canadian trucking companies close amid financial struggles.
4. Fulfillment technology platform Flowspace has announced a $31 million Series B funding round led by BuildGroup. Flowspace was founded in 2017 with a mission to enable businesses to store and deliver their products while leveraging the nationwide network of fulfillment centers partnered with the company. Grace Sharkey’s story: Flowspace raises $31M for omnichannel fulfillment
5. The world of investing has heard a lot about SPACs in just the past year. What used to be an avoided alternative to IPOs is now getting a spotlight for the advantages it brings in the current market conditions. Charley Dehoney’s viewpoint: The role SPACs play for FreightTech founders today