Today’s Pickup: Shippeo lands $22 million investment for expansion

Shippeo said the funding will be used to expand its customer base; add up to 150 employees in data science, IT, sales and operations; and triple its research and development in artificial intelligence and automation.

“Working with great entrepreneurs is our core mission at NGP Capital and we are honoured to join Pierre, Lucien and the talented Shippeo team in their continued journey. The supply chain industry is ripe for increased digitization and we look forward to adding value to the company through our global model and network,” said Bo Ilsoe, partner of NGP Capital.

Did you know?

Rhode Island Gov. Gina Raimondo plans to double truck tolls in some locations as the state continues to battle the trucking industry over the legality of the tolls. Officials said the increases are necessary to compensate for fewer toll locations being installed.

Quotable:

“With key freight-generating sectors of the economy starting to mend, we are reminded that freight cycle troughs tend to last around two years. With the current cycle dating from Q4’18, we have entered the sixth quarter of what is typically an eight-quarter process. We would note that only once in the 2000s has a freight-cycle trough persisted beyond two years, 2007-2009.”

— Kenny Vieth, ACT Research president and senior analyst, on the outlook for the freight market

In other news:

Global container movement falls for 2019

Tariffs helped drive down demand for international goods in 2019, with container trade falling 1%, its worst performance since 2009. (Lloyd’s List)

Container line tests hydrogen

CMA CGM will test a hydrogen-powered vessel that uses seawater and renewable electricity in a round-the-world trip. (Seatrade Maritime News)

Nikola unveils electric pickup

Nikola Motor, already building a hydrogen-electric-powered Class 8 truck, has launched an electric pickup to compete with Tesla, Rivian and Ford. (AutoX)

Volvo hosts engineers of tomorrow

Volvo Trucks hosted STEM students at its assembly plant in Dublin, Virginia, giving the aspiring engineers a look inside the facility and insight into the types of jobs available in engineering and robotics. (WFXR)

Coronavirus muddles air cargo outlook

Airfreight volumes continue to decline because of the coronavirus, and the outlook moving forward is uncertain. (Air Cargo News)

Final thoughts

ACT Research has just put out its latest North American Commercial Vehicle Outlook, and it is loaded with good news for trucking. The outlook notes the industry is in the sixth quarter of a freight downturn and that no downturn has lasted more than eight quarters. Many of the publicly traded carriers have been saying the second half of 2020 is looking better than the first half, and experts at the Katz, Sapper, Miller 2020 Trucking Owners and Leaders Roundtable last week echoed those sentiments. For carriers that have weathered the past year-plus, it appears good times are nearly here again.

Hammer down, everyone!