FREIGHT MARKET

A major oil trading company is taking legal action against a historic London organization that sets shipping rates. The company claims it lost hundreds of millions of dollars because the organization’s pricing system was rigged. This legal battle is exposing how a centuries-old market still controls

ArcBest, the parent company of ABF Freight, is facing some headwinds in August. Tonnage, a key measure of shipping volume, dropped a significant 10% compared to last year. The company itself points to two main culprits: fewer shipments overall and lighter loads. Remember last year when Yellow Corp