The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, the surge in e-commerce resulted in a strong Q4 for UPS, which easily beat analysts’ estimates. Plus, the U.S. Senate confirms Pete Buttigieg as U.S. Department of Transportation secretary, and Forward Air announces a general rate increase.
Times are good
As e-commerce surged in 2020, especially heading into the holidays, UPS Inc. (NYSE: UPS) saw demand for its services rise, and that led to a stellar Q4.
Mark Solomon looks at UPS’ financial performance: UPS shreds fourth-quarter estimates as demand surged
Mayor Pete is now Secretary Pete
Former South Bend, Indiana, Mayor Pete Buttigieg was overwhelmingly confirmed as the next U.S. Department of Transportation secretary on Tuesday by the U.S. Senate.
John Gallagher has more on Mayor Pete: Pete Buttigieg confirmed as DOT secretary
Prices are following costs higher
Operating costs are rising, and carriers are responding. Forward Air (NASDAQ: FWRD) is the latest to announce a general rate increase.
Todd Maiden has more on the increase: Forward Air announces 6% general rate increase
More insight for SONAR users
Freight markets are always changing – that is why brokers, shippers, carriers, analysts and others subscribe to FreightWaves SONAR. The data platform has two new additions to further help subscribers improve their operational performance.
Scott Mall details the new indices: New contract rate per mile and ocean TEUs indices help SONAR subscribers
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Did you miss this?
SONAR’s Outbound Tender Volume Index (OTVI.USA) rose last week, breaking a multi-week decline and signaling a return of freight volumes – at least temporarily.
Seth Holm has details: Outbound tender volumes reverse, break multiweek losing streak
Hammer down, everyone,