Daily Trucking News 9.10.16

Posted by Kevin Hill on

How 'Uber for truckers' Cargomatic burned through $15 million as it quietly pivoted away from being a tech company at all

I ran across a fascinating article this week on Business Insider.  It seems Cargomatic, one of the “Ubers of trucking” is having a difficult time.  There are a number of issues with the tech start-up, but it seems the root cause is the company has struggled scaling up in the trucking industry. 

Cargomatic has even pivoted into being your run of the mill 3PL.  Manually inputting status updates by hand, into a third party TMS system. 


Hanjin Ship Expected to Start Unloading at Long Beach Saturday

Retailers can breathe a bit easier this morning.  A US bankruptcy court has granted a reprieve to troubled shipper Hanjin.  This means its Hanjin Greece ship can now dock at Long Beach.  Its estimated the cargo value of this one ship is $14 billion dollars. 

Red Hot Junk and Massive Bond-Market Dislocations; Equity Smash Coming Up?

This article takes me back 10 years.  It was before I knew anything about finance.  I got a job for a financial publishing company in New York about the time the whole housing market came crashing down.  I didn’t know it at the time, but I was going to get a crash course on how Wall Street worked.

 Of course, it wasn’t only the housing market, it was the entire debt market. PIK (Payment in Kind) corporate bonds were all the rage.  

These corporate bonds allowed companies to add interest payments to its bond tab if it couldn't come up with your payments on time. Neat huh? 

Always be afraid when these bonds start becoming popular.  It is an excellent tell of bubbles. 



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