On this episode of FreightWaves Today, Malcolm Harris and Julie Van de Kamp break down the latest developments shaping freight markets, from a nearly $1 million trading card theft and alarming truck safety violations to third-quarter earnings, rising transportation costs, and the growing shift from highways to rail. Plus, Vertical Aerospace’s Michael Cervenka explains how its Valo electric aircraft could transform time-critical cargo delivery, and Trains magazine editor Bill Stephens joins the show to discuss surging rail traffic and the outlook for railroad earnings. In this episode: Nearly $1 Million in Trading Cards Stolen From a FedEx Truck: FreightWaves Head of Fraud Media and Education Phil Brink and Highway Chief Product Officer Brendan Bailey discuss the disappearance of approximately $963,000 worth of Pokémon, sports, and other trading cards from a FedEx truck in Santa Ana, California. Investigators are working to determine when and where the theft occurred. The conversation explores why high-value collectibles are attractive targets, the cargo theft risks facing Southern California, and the security procedures carriers should follow when transporting valuable freight. Cargo Theft vs. Freight Fraud: Understanding the Risks: Brink and Bailey explain the differences between straight theft, direct theft, and strategic theft, including situations involving compromised carrier email accounts and fraudulent access to shipments. Bailey also explains how Highway’s secure rate confirmation delivery process helps protect sensitive shipment information by requiring carriers to authenticate before accessing documents, rather than relying on email inbox security. Truck Safety Inspections Reveal Serious Violations: Enforcement operations in Arizona and North Dakota uncovered hundreds of violations, including unsafe vehicles and severe equipment failures. One truck stopped in Arizona had completely inoperative trailer brakes, seven broken trailer cross members, and extensive lower-rail damage. Malcolm and Julie discuss why these findings underscore the importance of preventive maintenance, qualified drivers, and freight rates that allow carriers to invest in safety. Heartland Express Returns to Profitability: Heartland Express reported third-quarter net income of $1 million, reversing an $8.3 million loss from the same quarter a year earlier. Improved freight volumes, stronger customer pricing, and reduced industry capacity helped drive the turnaround. The company’s adjusted operating ratio improved to 97.6%, while fuel, maintenance, repair, and employee-related costs continued to pressure results. SONAR Deep Dive: Rising Rates, Rising Costs: Julie examines third-quarter earnings and freight market indicators from J.B. Hunt, Werner, and Heartland Express. Truckload carriers are gaining pricing power as capacity tightens, but higher diesel prices, driver recruitment and retention expenses, insurance claims, and equipment costs are absorbing much of the improvement. The discussion also highlights the growing cost advantage of intermodal transportation and the potential for continued road-to-rail conversion. Vertical Aerospace’s Valo Aircraft Could Change Urgent Freight Delivery: Michael Cervenka, chief commercial and strategy officer at Vertical Aerospace, explains how the Valo electric vertical takeoff and landing (eVTOL) aircraft combines helicopter-style vertical takeoff and landing with airplane-style flight. The company is targeting certification around 2028–2029, with operational service expected from 2030 onward. Potential cargo applications include time-critical medical equipment, humanitarian aid, defense logistics, and deliveries to remote locations without suitable runway infrastructure. Rail Traffic Accelerates as Intermodal Gains Momentum: Bill Stephens, editor of Trains magazine, reviews the latest Association of American Railroads traffic figures. U.S. rail traffic rose 8.5% year over year for the week, with intermodal volume surging as high diesel prices and tight truck capacity encourage shippers to move more freight by rail. Stephens also discusses rail earnings expectations, rising steel-related shipments, and the competitive dynamics among major railroads. Railroad Earnings Season Begins: With CSX, Union Pacific, and Norfolk Southern reporting third-quarter results, the show explores what investors and freight market participants should watch. The discussion covers earnings expectations, intermodal market share, fuel surcharges, rail pricing, and whether railroads can keep pace with rising operating costs. Follow the FreightWaves Today Podcast Other FreightWaves Shows Learn more about your ad choices. Visit megaphone.fm/adchoices
