Iranian Oil Tanker Hit off Saudi Coast
An Iranian oil tanker was hit by missiles of the coast of Saudi Arabia in the Red Sea, which continues to escalate the tension in the Middle East. The proximity of the tanker when it was attacked leads us to believe that the missile originated from Saudi Arabia’s Jeddah port. Iran believes the “cowardly attack” was from Saudi Arabia and Iran plans to respond after the facts have be studied. Saudi Arabia has not claimed responsibility for the attack, when this was written. Energy markets increased due to the news. Crude oil benchmarks rose over $1 per barrel for both West Texas Intermediate (WTI) and Brent. Diesel futures markets also rose over 3¢.
Einride Raises $25 Million to Accelerate Rollout of its Autonomous Electric Shipping Fleet
Level 5 autonomous vehicle company, Einride, received $25 million in Series A funding to expand their fully autonomous electric truck. The Sweden based company plans to use the funds to expand to the U.S. Einride’s Level 5 technology has been successfully testing in Sweden moving short distances and slow speeds – maxing out at 3 MPH. Currently, Einride has deals with multiple shipping companies and plans to have 200 trucks on the road by 2020 in Sweden. They also are partnering with Michelin to deploy trucks in France. The company still has a lot of hurdles to overcome, especially expanding in the U.S., where legislation for autonomous vehicles is lacking.
Top Energy Stories
An Iranian-owned oil tanker was struck, probably by missiles, in the Red Sea off Saudi Arabia’s coast on Friday, Iranian media said, an incident that if confirmed will stoke tension in a region rattled by attacks on tankers and oil sites since May.
The International Energy Agency downgraded its global oil demand growth forecast for the fourth time in six months on Friday, citing a global economic slowdown.
Top Freight Transportation Stories
Einride today announced it has raised $25 million to continue development of its self-driving electric shipping vehicles and begin targeting international markets.
The battery-electric version of Volvo Trucks North America’s VNR Class 8 regional hauler— dubbed the EVNR— is now slated “to go on sale at the end of 2020,” announced Peter Voorhoeve, the OEM’s president, at an Oct. 6 press conference at the American Trucking Associations’ annual Management Conference and Exhibition in San Diego.
The investment in alternative fuel vehicles will cost the company $450 million and is meant to help it meet its 2025 sustainability goals, the company said in a press release emailed to Supply Chain Dive. UPS wants to reduce its absolute greenhouse gas emissions from its global ground operations 12% by 2025, according to its most recent sustainability report.
Top Economic Stories
Trucking company payrolls contracted last month as a manufacturing slump weighed on freight demand while logistics sectors tied to e-commerce notched modest gains.
The U.S. and China said they agreed in principle on the first phase of an accord to de-escalate the trade war between the two economic powers, with the U.S. saying it would hold off on ramping up tariffs next week and China agreeing to ramp up its purchases of U.S. agricultural products.
Federal Reserve officials grew more worried when they cut interest rates last month that slowing global growth, exacerbated by the U.S.-China trade war, could sap domestic hiring and economic activity.