The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight a potential shift in focus among SPACs, the House passing a pro-union piece of legislation and more.
The High Five
1. As the special purpose acquisition companies’ love affair with electric vehicle startups cools, infatuation backed by blank check-writing investors may blossom for self-driving truck startups. One target in the shift from electrification appears to be well-capitalized self-driving truck startup Plus. Alan Adler has the details: Are SPACS redirecting blank check love to self-driving truck startups?
2. The U.S. House of Representatives passed on Tuesday a pro-union piece of legislation that among other things would bring California’s ABC test into one federal definition of an independent contractor. The Protecting the Right to Organize Act (PRO Act) passed the House by a vote of 225-206, but it’s assumed that it won’t get 60 votes to pass the Senate. John Kingston on the news: House passes PRO Act bill that includes ABC test
3. In this chat session recap for Wednesday’s Evolve: Oil & Gas Summit, the discussion touches on whether shippers will opt for intermodal rail over trucking if diesel prices continue to skyrocket. Evolve: How higher fuel prices affect trucking and rail
4. Flatbed truckload provider Daseke announced it has favorably refinanced its term loan. The transaction lowers the outstanding balance, reduces annual interest payments and extends the maturity. The $484 million loan was paid down to $400 million with available cash on hand, and the maturity has been extended by four years, to March 2028. Todd Maiden with more: Daseke turnaround brings loan refinance
5. Canadian cross-border trucking and logistics firm Titanium Transportation Group closed 2020 firing on all cylinders, reporting record revenue Tuesday for the fourth quarter and full year on the strength of its U.S. brokerage operations. Nate Tabak with the report: Titanium sets record in Q4 with sights set on huge ’21
Five more to check out
$1,400 COVID relief checks to trigger surge in e-commerce shipments
U.S. Xpress releases its Safe Trucking Report
California fines delivery service and Amazon $6.4M for wage theft