?? Warrants Served

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Happy Friday. In today's newsletter: A Chicago-based freight broker boasts about making $215k in one day, Lineage Logistics hits it big with an $18 billion IPO, the latest on the Ocean's 11-style freight heist, and more.

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??Question of the Day: Covenant Logistics beat market expectations with Q2 revenue of $287.5 million (up __% YoY).

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?? WHAT’S COOKIN’ IN FREIGHT

?? Freight Broker Boasts On LinkedIn. Amidst the heating broker?transparency debate, one Chicago-based freight broker has decided to stir up the pot even more among carriers and truck drivers. Jared Kreiter, former President of Brokerage at CDL 1000 and now CEO of Kreiter Transport Group, shared a story on LinkedIn about making $215,000 USD in just an hour from Walgreens loads. Timothy Dooner of FreightWaves?tweeted, "Alright, maybe broker transparency isn’t such a bad thing after all." On our Instagram page, we asked our followers what is the most money they've ever made in a day moving freight, and here are their answers.

?? Chilling Success for Lineage. Lineage Logistics, the cold storage giant, just rocked Wall Street with a mammoth $18 billion initial public offering (IPO). The largest IPO of the year. Raising $4.4 billion, their stock shot up on day one of trading, closing at $80.65. With 482 facilities across 19+ countries and 26,000 employees, Lineage is the undisputed king of the cold chain. This cash infusion will fuel expansion and tech investments, solidifying their market dominance. As they continue to grow, the burning question remains: Can this cold storage juggernaut heat up the logistics stock market?

?? Q2 Results are in for These Major Trucking Companies. Three trucking giants reveal a mixed bag in Q2 earnings. Heartland Express hits rock bottom with a 99.9% operating ratio, leaving analysts questioning recent acquisitions (Smith Transport and Contract Freighters Inc). Covenant Logistics beat market expectations with Q2 revenue of $287.5 million (up 4.7% YoY). Knight-Swift sees potential stabilization after strategic moves, including the U.S. Xpress acquisition. While Heartland struggles with debt and aging fleets, Covenant boasts revenue growth across segments. Knight-Swift optimizes operations and expands LTL presence. Murmurs of cautious optimism continue to swirl. Is this the beginning of a market turnaround or simply a pit stop on a longer journey?

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Freight Heist Update

Over the past couple of weeks, we've been covering an elaborate freight heist targeting major brokerages. The operation, dubbed an "Ocean's 11-style" scheme, involved Agility Express as the primary company behind the thefts. Over two dozen loads were reportedly hijacked, with most carriers based in the Chicagoland area.

Latest Developments

• Search Warrant Executed: According to sources, a large group of officers executed a search warrant at least one location associated with the heist.
• Recovered Shipments: On July 23, 2024, Woodridge Police Department recovered approximately 27 full or partial truckload shipments during an operation in Elk Grove Village, IL.
• Agility Express Connection: The recovered freight is believed to be connected to recent issues with motor carrier Agility Express (USDOT: 3390646 - MC: 1089634).
• Silent Suspects: Our sources report that Agility isn't answering their phones, likely due to the ongoing investigation.
• Some Loads Delivered: Interestingly, some previously stolen loads have been delivered in recent days without demands for payment.
• Key Figure Identified: Leszek Wiech has been revealed as a central figure connected to Agility Express. Records show Wiech as a contact for Agility Express Inc (MC1089634), which is still authorized for property.

Law Enforcement Response

The Woodridge Police Department is now seeking to identify the owners of the recovered freight. Detective Daniel McIntyre is leading the investigation and can be contacted at 630-719-4746 or [email protected].

What's Next?

This breakthrough in the case brings relief to many in the freight industry who have been on high alert. As the investigation unfolds, more details are likely to emerge about the extent of the operation and those involved.

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?? AROUND THE FREIGHT WEB

?? Philly Cargo Theft Crime Ring. A series of cargo thefts in Philadelphia has been linked to a sophisticated crime ring targeting freight shipments, particularly meat, authorities report.

???♂? Freight Fraud: The Perfect Crime. Freight fraud has emerged as a nearly foolproof scam, exploiting weaknesses in the logistics industry to steal goods undetected.

?? California's Truck Charging Station. A California travel center will soon host one of the nation’s first public commercial truck charging stations.

?? Tesla Q2 Profit Drop. Tesla's Q2 profits plunged over 40%, attributed to rising competition in the electric vehicle market.

?? Kroger and Albertsons Merger Halted. Kroger and Albertsons have agreed to pause their merger plans as they face legal challenges from the FTC and several states.?

?? Trucking Industry Insight. The larger a trucking company grows, the less it relies on traditional over-the-road trucking. For JBHT, half of their operations are intermodal, and a third are dedicated.

?? Truck Speed and Hours-of-Service Rules. Legal challenges are mounting against new truck speed and hours-of-service regulations, potentially reshaping industry standards.

FREIGHT MEME OF THE DAY

Also, check out:

• ???The FreightCaviar Podcast.?Listen to this week's podcast on?Spotify?&?Apple Podcasts.
• Receive 3 Months Free of?AscendTMS Premium?with reference code:?RA-FreightCaviar! Click here to learn more.