Ryder System, Inc. declared a regular quarterly cash dividend of $1.01 per share of common stock, payable December 18, 2026 to shareholders of record on November 23, 2026. The board's action marks Ryder's 201st consecutive quarterly cash dividend, a streak that represents 50 years of uninterrupted dividend payments. Ryder System is a nearly $13 billion provider of outsourced logistics and transportation services across the United States, Canada, and Mexico, managing approximately 240,000 commercial vehicles, operating nearly 800 maintenance locations, and running approximately 320 warehouses totaling more than 100 million square feet.
C.H. Robinson's proposed $5.8 billion acquisition of RXO is priced at roughly 42 times EBITDA, a steep premium in an industry where comparable companies typically trade between 8 and 13 times EBITDA, and the deal's credibility rests almost entirely on a pledge to deliver $300 million in cost savings within two years. The transaction, which still requires regulatory clearance and an RXO shareholder vote, would give the combined entity approximately 20% of the brokered freight market, though the company frames its competitive footprint in broader terms, saying it holds only single-digit share of the overall transportation market. Matthew Leffler, known in freight circles as the Armchair Attorney, said antitrust risk is minimal but cautioned that the financial math deserves scrutiny, noting that RXO is still integrating its Coyote acquisition and that almost every merger of this size sees no one hit those numbers. If the deal collapses, either party faces a $185 million breakup fee, significant though modest compared to the roughly $2 billion breakup fee attached to the proposed Union Pacific-Norfolk Southern transaction, and because the deal is structured as a stock deal, all existing legal liabilities, including ongoing litigation tied to catastrophic accidents involving motor carriers, transfer to C.H. Robinson upon close. Leffler also highlighted trailer networks as an underappreciated driver of these mergers, with RXO and C.H. Robinson each building pools of drop-and-hook trailers sometimes numbering 3,000 to 4,000 units, while ITS Logistics, recently acquired by Echo Global Logistics, operates a fleet of 8,000 trailers. He expects C.H. Robinson to file a motion to dismiss a separate RICO lawsuit against the company in the coming weeks, and panelists noted that brokers ranked roughly 20 to 50 by size could be the next wave of merger activity.
CHRW · Capital · Neutral C.H. Robinson is the acquirer in the proposed $5.8B RXO deal priced at ~42x EBITDA, with credibility resting on $300M cost savings and $185M breakup fee.
CHRW · Regulation · Negative As a stock deal, all existing legal liabilities including ongoing catastrophic-accident litigation transfer to C.H. Robinson upon close.
RXO · Capital · Neutral RXO is the target of the $5.8B acquisition at a steep ~42x EBITDA premium, still subject to shareholder vote and regulatory clearance.
Ryder Opens Two New Used Truck Centers in Northern New Jersey
Ryder System announced the launch of two new used truck centers in Newark and North Bergen, New Jersey, expanding its used commercial vehicle sales network in the Northeast. Ryder relocated its Kearny used vehicle center to a larger facility at 474 Wilson Avenue in Newark, offering direct access to the Port of Newark, Interstate 95 and Newark Liberty International Airport. The company also opened a new used truck sales center at 6214 Tonnelle Avenue in North Bergen, its first location south of the George Washington Bridge, along the U.S. Route 1-9 corridor near New York City. Eric Upchurch, vice president of vehicle sales at Ryder, said northern New Jersey is one of the most important transportation markets in North America and a natural fit for expanding the used vehicle sales network. Both locations support the Ryder Vehicle Assurance Program, which offers a complimentary 60-day limited warranty on eligible DOT Verified used vehicles through year-end.
R · Demand · Positive Ryder expanded its used commercial vehicle sales network with two new centers in northern New Jersey, growing its used truck sales footprint.
RXO Fair Value Rises to US$26.23 After C.H. Robinson Deal
RXO's fair value estimate has edged up to about US$26.23 per share from a prior US$24.47, as Wall Street recalibrates around the agreed US$30.25 per share acquisition price tied to C.H. Robinson. Several firms, including Citi, Wells Fargo, JPMorgan and Truist, lifted their RXO price targets to around US$30 following the C.H. Robinson offer, which now anchors much of the valuation debate. Wells Fargo and BofA see meaningful synergy potential in the combination, with BofA pointing to a US$300m synergy target and C.H. Robinson's track record of productivity improvements, while Truist cites tighter truckload capacity and resilient pricing across truckload and LTL. On the bearish side, BofA removed its rating on RXO after the deal announcement, saying the stock is no longer trading on fundamentals, and TD Cowen and Susquehanna have previously flagged broker liability and insurance cost risk for RXO and other large truckload brokers. The updated model also raised the revenue growth assumption to about 9.84% from about 9.67%, lifted the net profit margin assumption to about 2.57% from about 2.34%, trimmed the future P/E assumption to about 27.1x from about 27.8x, and adjusted the discount rate to about 8.54% from about 8.63%.
RXO · Capital · Positive RXO's fair value estimate rose to about US$26.23 and multiple firms lifted price targets to ~US$30 after the C.H. Robinson deal offer.
CHRW · Capital · Positive RXO's agreed US$30.25/share acquisition of C.H. Robinson anchors valuation, with BofA citing a US$300m synergy target and C.H. Robinson's productivity track record.
C.H. Robinson to Acquire RXO in $5.8 Billion Stock-and-Cash Deal
C.H. Robinson has agreed to acquire RXO Inc. in a stock-and-cash transaction with an implied value of $5.8 billion. Under the deal, RXO stockholders will receive $17.25 in cash and 0.0856 shares of CHRW common stock for each RXO share, implying total consideration of $30.25 per share, a 27% premium to RXO's 90-day volume-weighted average price and a 29% premium to its closing price on Oct. 2, 2026. RXO stockholders may instead elect all-cash or all-stock consideration, subject to proration provisions designed to keep roughly 57% of the aggregate consideration in cash and 43% in CHRW shares, and they will own almost 11% of the combined company after closing. MFN Partners LP, which owns approximately 17% of RXO, has agreed to vote its shares in favor of the transaction, and both boards have unanimously approved the deal, which is expected to close in the first half of 2027. C.H. Robinson plans to fund the cash portion with new debt financing and has secured a fully underwritten bridge financing commitment from Morgan Stanley Senior Funding, Inc., and it expects the combined company to carry an enterprise value of over $25 billion. The company targets nearly $300 million in net run-rate cost synergies within two years of closing and projects the deal will be accretive to adjusted earnings per share within nine months of closing, with mid-teens adjusted earnings per share accretion in 2028.
CHRW · Capital · Positive C.H. Robinson is acquiring RXO in a $5.8B stock-and-cash deal expected to be accretive to adjusted EPS within nine months and mid-teens accretive in 2028.
RXO · Capital · Positive RXO shareholders receive $30.25 per share, a 29% premium to its closing price, in the agreed acquisition by C.H. Robinson.
MFN Partners LP · Capital · Positive MFN Partners, owning ~17% of RXO, agreed to vote its shares in favor of the transaction, helping secure the deal.
Morgan Stanley Senior Funding, Inc. · Capital · Neutral Morgan Stanley Senior Funding provided a fully underwritten bridge financing commitment for the cash portion; impact on the firm is unclear.
Ryder Opens Two New Jersey Used Truck Centers in Northeast Push
Ryder System, Inc. is expanding its used commercial vehicle network in northern New Jersey, one of North America's busiest freight markets, with two investments. The company relocated its Kearny used vehicle center to a larger facility at 474 Wilson Avenue in Newark, N.J., placing it near the Port of Newark, Interstate 95, and Newark Liberty International Airport, and opened a new used truck sales center at 6214 Tonnelle Avenue in North Bergen, N.J., its first used vehicle sales location south of the George Washington Bridge. Eric Upchurch, vice president of vehicle sales at Ryder, said northern New Jersey is one of the most important transportation markets in North America and a natural fit for expanding the used vehicle sales network. Both locations support the Ryder Vehicle Assurance Program, which includes a free 60-day limited warranty available through year-end on eligible DOT Verified used vehicles. Ryder System, Inc. is a nearly $13 billion provider of outsourced logistics and transportation services that manages approximately 240,000 commercial vehicles and operates nearly 800 maintenance locations.
R · Demand · Positive Ryder expanded its used commercial vehicle network with two new New Jersey sales centers, growing its used truck sales footprint in a key freight market.
Schneider Electric to Buy PTC for $22.6 Billion; C.H. Robinson to Acquire RXO for $5.8 Billion
Schneider Electric agreed to acquire PTC Inc. in a $22.6 billion all-cash transaction, sending PTC shares up 33.5%. Separately, C.H. Robinson Worldwide agreed to acquire RXO, Inc. for $5.8 billion in cash and stock, lifting RXO shares 22.5%. Cerebras Systems shares rose 9.1% after OpenAI CEO Sam Altman said the two companies are working closely together to improve AI processing speed. Ventas, Inc. shares fell 3.2% as the real estate sector ranked among the session's biggest decliners, weighing on shares across the group.
MPJ expects Q3 2026 container volume to surge 30%, reaffirms full-year revenue growth target of 18% to 1,264 million baht
MPJ Logistics Public Company Limited, or MPJ, expects container turnover volume in the third quarter of 2026 to increase by approximately 30% compared with the same period last year, driven mainly by its container yard business on rising demand for services at the Laem Chabang 1 and Laem Chabang 2 projects and the OM Lat Krabang project, while the OM Laem Chabang project maintained container volume close to last year's level. Chief Executive Officer Jeerask Manatrakul said that MPJ currently has total service area of more than 100 rai, covering the Laem Chabang area and ICD Lat Krabang, and plans to expand its container yard in the Laem Chabang zone by an additional 28 rai to accommodate growing workloads. In addition to the container yard business, the land transport business is benefiting from adjustments to the fuel surcharge, while the international freight forwarding business is likely to grow in line with an expanding customer base and rising shipment volume. MPJ is maintaining its 2026 revenue target of 18% growth, reaching 1,264 million baht.
MPJ.BK · Demand · Positive MPJ expects Q3 2026 container volume to surge ~30% on rising demand for its container yard services at Laem Chabang and Lat Krabang projects.
C.H. Robinson to Acquire RXO for $5.8 Billion in Largest Truck Brokerage Deal
C.H. Robinson announced Monday it will acquire RXO in a deal valued at approximately $5.8 billion in enterprise value, combining the No. 1 and No. 3 truck brokerages in the country in the largest truck brokerage merger in history. RXO shareholders will receive $17.25 per share in cash plus roughly 0.0909 shares of C.H. Robinson stock per RXO share, or they may elect an all-cash option valued at $30.25 per share. The headline driver of the deal is $300 million in projected run-rate cost synergies, which C.H. Robinson committed to achieving within two years; at C.H. Robinson's trailing price-to-earnings ratio of 26, that implies roughly $7.8 billion in value, more than the $5.8 billion enterprise price tag. RXO had posted ten consecutive quarters of net losses and its stock had fallen below $11 as recently as last November, while C.H. Robinson, under CEO Dave Bozeman, holds an investment-grade credit rating approximately two notches above the cutoff at both Moody's and S&P, and ratings agencies indicated the combined entity would maintain that rating. RXO shares surged more than 16% in the days before the official announcement, a move that coincided with a short interest position equal to roughly 10% of the company's float.
MPJ Appoints Lalitphan Piriyaphan as Board Chair, Effective Immediately
MPJ Logistics Public Company Limited, or MPJ, informed the Stock Exchange of Thailand that its Board of Directors meeting on October 5, 2026 resolved to appoint Ms. Lalitphan Piriyaphan as Chairman of the Board, Independent Director, and Audit Committee member, effective from October 5, 2026 onward. The appointment follows the conclusion of Mr. Tawee Srichainak's tenure as Chairman of the Board, Independent Director, and Audit Committee member as of September 30, 2026, due to his resignation before the completion of his term for personal reasons. Mr. Tawee had held the position since August 23, 2022. Following the change, the Audit Committee structure comprises Mrs. Warangkana Pojsirisilp as Chair of the Audit Committee, Mr. Soonthorn Chantrapraphawej as Audit Committee member, and Ms. Lalitphan Piriyaphan as Audit Committee member. The company confirmed that the Audit Committee members meet the qualifications and scope of duties and responsibilities in accordance with the Stock Exchange's criteria.
MPJ.BK · Regulation · Neutral Board appoints Lalitphan Piriyaphan as Chairman, Independent Director, and Audit Committee member following Tawee Srichainak's resignation; a governance/compliance change with no clear financial impact.
C.H. Robinson Worldwide announced on Monday that it struck a stock-and-cash deal to acquire RXO Inc. for an implied value of $5.8B, creating a combined company with an enterprise value of over $25B. Under the merger agreement, RXO stockholders may elect to receive either $17.25 in cash and 0.0856 shares of C.H. Robinson common stock, an all-cash consideration of $30.25 per share, or an all-stock consideration of 0.1992 shares of C.H. Robinson common stock, and are expected to own 11% of the combined company upon close. C.H. Robinson expects to realize approximately $300M of net run-rate cost synergies within two years post-close by applying its Lean AI operating model across RXO's business, and will integrate RXO primarily into its NAST division. CEO Dave Bozeman called the transaction a natural next step in the company's transformation toward a more scaled, resilient North American third-party logistics provider. Shares of RXO shot up 17.7% in premarket trading, while C.H. Robinson traded flat.
CHRW · Capital · Positive C.H. Robinson struck a $5.8B stock-and-cash deal to acquire RXO, expecting ~$300M of net run-rate cost synergies within two years.
RXO · Capital · Positive RXO is being acquired by C.H. Robinson at an implied $5.8B value, with shareholders receiving cash and/or C.H. Robinson stock.
MPJ expects container turnover to surge 30% in Q3 2026, plans to expand container yard by 28 rai
MPJ Logistics, or MPJ, expects container turnover volume in the third quarter of 2026 to rise about 30% compared with the same period last year, driven by growing demand for its services, particularly from the Laem Chabang 1 and Laem Chabang 2 projects and the OM Lat Krabang project. Meanwhile, the OM Laem Chabang project maintained container volumes close to last year's level. MPJ currently has more than 100 rai of service area covering the Laem Chabang area and ICD Lat Krabang, and plans to expand its container yard in the Laem Chabang zone by another 28 rai to accommodate growing volumes and increase its service capacity for shipping lines. Chief Executive Officer Jeerasak Manatrakul said the company meets with shipping lines every week to assess container volumes and prepare space in advance, and that its own fleet of tractor trucks helps manage transport scheduling and reduce reliance on external vehicles. For the third-quarter 2026 outlook, the company expects growth from the same period last year, with the container yard business as the main driver, while the land transport business benefits from adjustments to fuel surcharges and the international freight management business grows along with its customer base and cargo volumes. MPJ is maintaining its 2026 revenue target of an 18% increase to 1,264 million baht.
MPJ.BK · Capital · Positive Plans to expand its Laem Chabang container yard by 28 rai to boost service capacity, supporting its 18% 2026 revenue growth target.
MPJ.BK · Demand · Positive Expects container turnover volume to rise ~30% in Q3 2026 on growing demand from Laem Chabang and OM Lat Krabang projects.
MPJ expects Q3 container throughput to jump 30%, plans to buy 28 more rai at Laem Chabang
MPJ Logistics Public Company Limited, or MPJ, expects container throughput passing through its systems in the third quarter of 2026 to rise about 30% from the same period a year earlier, driven by demand for services at the Laem Chabang 1 and Laem Chabang 2 project sites and the OM Lat Krabang project, according to Chief Executive Officer Jeerasak Manatakul. MPJ currently operates more than 100 rai of container yard space in total, both at Laem Chabang Port and at the container X-ray inspection and release station, or ICD Lat Krabang, and plans to invest in expanding its container yard in the Laem Chabang zone by another 28 rai to handle volume from leading shipping lines. The company meets with shipping lines every week to plan space and resources in advance. It is maintaining its target of 18% growth in total revenue for 2026, or about 1.264 billion baht, with the container yard business as its main engine, while the land transport business is getting a boost from adjustments to fuel surcharge rates and the international freight forwarding business is growing on a larger base of new customers and rising volumes.
MPJ.BK · Demand · Positive Expects Q3 container throughput to jump ~30% on demand at its Laem Chabang and Lat Krabang sites, with 18% revenue growth target.
MPJ expects Q3 container turnover to grow 30%, expands yard by 28 rai, targets 2026 revenue of 1,264 million baht
Jeerasak Manatrakul, Chief Executive Officer of MPJ Logistics Public Company Limited, or MPJ, disclosed that the company expects container turnover volume in the third quarter of 2026 to increase by approximately 30% compared with the same period last year, driven by the Laem Chabang 1 and Laem Chabang 2 projects and the OM Lat Krabang project, which have benefited from the expansion of service areas in the recent period. Meanwhile, the OM Laem Chabang project continues to maintain container volume at a level close to last year. Currently, MPJ has total service area of more than 100 rai, covering strategic locations around Laem Chabang and ICD Lat Krabang, and plans to expand its container yard in the Laem Chabang zone by an additional 28 rai to accommodate the increasing workload. For the operating results trend in the third quarter of 2026, the company expects growth from the same period last year, with the container yard business as the main driver, while the land transport business benefits from fuel surcharge adjustments and the freight forwarder business is likely to grow in line with customer base expansion. The company maintains its target of 18% revenue growth in 2026, reaching 1,264 million baht.
MPJ.BK · Demand · Positive MPJ expects Q3 container turnover to grow ~30% on Laem Chabang 1/2 and OM Lat Krabang projects, with 2026 revenue target of 1,264 million baht.
MPJ.BK · Supply · Positive MPJ plans to expand its Laem Chabang container yard by an additional 28 rai to accommodate increasing workload.
MPJ expects container turnover to grow 30% in Q3 2026, targets 2026 revenue of 1.264 billion baht
Jeerask Manatrakul, Chief Executive Officer of MPJ Logistics Public Company Limited, or MPJ, disclosed that the company expects container turnover volume in the third quarter of 2026 to increase by approximately 30% compared with the same period last year, driven by the expansion of its service areas, particularly the Laem Chabang 1 and Laem Chabang 2 projects and the OM Lat Krabang project, while the OM Laem Chabang project maintained container volume close to last year's level. Currently, MPJ has a total service area of more than 100 rai, covering the Laem Chabang area and ICD Lat Krabang, and plans to expand its container yard in the Laem Chabang zone by an additional 28 rai to accommodate growing workloads and enhance its service capacity for shipping lines. As for the operating performance trend in the third quarter of 2026, the company expects growth compared with the same period last year, with the container yard business as the main driver, while the land transport business benefits from adjustments to fuel surcharges and the international freight management business is likely to grow in line with the expansion of its customer base. MPJ also maintains its 2026 revenue target of an 18% increase, reaching 1.264 billion baht.
MPJ.BK · Demand · Positive MPJ expects Q3 2026 container turnover to grow ~30% on expanded service areas (Laem Chabang 1/2, OM Lat Krabang) and maintains 2026 revenue target of 1.264 billion baht.
MPJ expects Q3/2026 container turnover volume to surge 30%, driving 2026 revenue up 18% to 1,264 million baht
MPJ Logistics Public Company Limited, or MPJ, expects container turnover volume in the third quarter of 2026 to rise about 30% from the same period last year, driven by growing demand for its services, particularly the Laem Chabang 1 and Laem Chabang 2 projects and the OM Lat Krabang project, while the OM Laem Chabang project is maintaining container volume close to last year's level. Chief Executive Officer Jeerasak Manatrakul said the company currently has more than 100 rai of service area covering the Laem Chabang area and ICD Lat Krabang, along with its own fleet of tractor heads, and plans to expand its container yard in the Laem Chabang zone by another 28 rai to accommodate growing volumes. For the third-quarter 2026 outlook, the company expects growth from the same period last year, with the container yard business as the main driver, while the land transport business benefits from fuel surcharge adjustments and the international freight management business grows with its customer base and volume. MPJ is maintaining its 2026 revenue target of an 18% increase to 1,264 million baht.
MPJ.BK · Demand · Positive MPJ expects Q3/2026 container turnover volume to surge ~30% on growing demand for its Laem Chabang and ICD Lat Krabang services, driving 2026 revenue up 18% to 1,264 million baht.
Cambiar Opportunity Fund Holds FedEx Freight Spinoff FDXF After Q2 2026 Addition
Cambiar Opportunity Fund is retaining FedEx Freight Holding Company, Inc. (NYSE:FDXF), the pure-play less-than-truckload spinoff from FedEx Corporation, as one of two new spinoff positions added in the second quarter of 2026, according to the fund's Q2 2026 investor letter. The fund said it anticipates holding both new spinoff issues, FedEx Freight and Honeywell Aerospace, as well as their parent companies, rather than selling them as is typical for smaller spinoffs. FedEx Freight is the largest pure-play less-than-truckload transport company and has the potential for margin improvement as volumes in its key verticals improve, the letter stated. FDXF closed at $109.38 on September 30, 2026, giving it a $16.35 billion market capitalization, after a roughly 27.47% three-month pullback, and it has traded within a 52-week range of $107.67 to $200.00. The Cambiar Opportunity Fund gained 11.58% in the quarter but lagged the Russell 1000 Value Index's 13.87% gain, reflecting an underweight in technology, while 54 hedge fund portfolios held FDXF at the end of the second quarter.
FDXF · Capital · Positive Cambiar Opportunity Fund is retaining its FDXF spinoff position, citing potential margin improvement as key vertical volumes recover.
Old Dominion Freight Line Announces 4.9% General Rate Increase Effective Oct. 5
Old Dominion Freight Line has announced a 4.9% general rate increase effective Oct. 5, 2026. The increase applies to rates under the company's existing tariffs, with the actual impact varying by shipment lanes, distance and customer-specific pricing, and a nominal increase in minimum charges will also affect customers using intrastate and cross-border services. Old Dominion said the increase is intended to offset higher expenses related to real estate, equipment, technology, and employee wages and benefits, while the company continues to invest in its service network and technology systems. The carrier's shares have gained 22.8% over the past year, underperforming the Transportation - Truck industry's 34.9% rise, and ODFL currently carries a Zacks Rank #2 (Buy).
Armlogi Fiscal 2026 Revenue Slips 2.4% to $185.8 Million as Warehousing Services Jump 21.9%
Armlogi Holding Corp. reported fiscal 2026 total revenue of $185.8 million, down 2.4% from $190.4 million a year earlier, as a 21.9% increase in warehousing services revenue to $77.1 million was offset by a 14.5% decline in transportation services revenue to $108.6 million. Warehousing services rose to 41.5% of total revenue from 33.2%, while transportation services fell to $108.6 million from $127.0 million. The company posted a gross profit of $0.4 million, or 0.2% of revenue, compared with a gross loss of $3.0 million, or negative 1.6% of revenue, in fiscal 2025, and its net loss widened to $20.9 million, or $(0.47) per basic and diluted share, from $15.3 million, or $(0.37) per share. Armlogi fully settled its convertible notes, reducing the outstanding balance to nil from $5.3 million, and cut total liabilities by $22.4 million to $122.7 million, while cash, cash equivalents, and restricted cash totaled $6.5 million at June 30, 2026, down from $13.6 million. Chairman and Chief Executive Officer Aidy Chou said the company's fiscal 2027 priorities are to raise utilization across its eleven-warehouse network, execute its cost-optimization plan, and put in place the capital structure the business needs to complete its transition.
J.B. Hunt Warns Fuel, Driver and Claims Costs Will Cut Q3 Earnings 5% to 10%
J.B. Hunt Transport Services warned that third-quarter earnings could fall 5% to 10% quarter over quarter as record diesel prices, higher driver costs and rising claims hit at once, sending its shares down 13% on September 16 in the worst single day since the company went public in 1983. National diesel prices linked to the war in Iran hit a record $6.31 a gallon, up more than 70% year over year, with California prices already above $8, and finance chief Brad Delco called the swings some of the most radical and abnormal he has seen. The company expects about $25 million more in driver-related spending in the third quarter than in the second as it recruits and trains drivers, and it also faces higher claims as medical expenses rise, so falling diesel prices would remove only part of the pressure. J.B. Hunt's fuel surcharges and intermodal network are built for this kind of shock but adjust with a lag, and the company reported 10% intermodal volume growth and a 58% increase in intermodal operating income in the second quarter, partly tied to customers seeking relief from fuel costs. Hedge fund count in the stock fell to 43 in the second quarter of 2026 from 45 in the first, even as position value rose to $2.63 billion from $2.02 billion, while fellow carrier Knight-Swift saw its holder count grow to 69 from 53.
Old Dominion Freight Line Announces 4.9% General Rate Increase
Old Dominion Freight Line announced on September 21 a 4.9% general rate increase effective October 5, 2026, applying to rates under three specified tariffs, with customer-level changes varying by shipment lane and distance and minimum charges rising modestly. The increase is intended to offset pressure from real estate, equipment, technology, wages and benefits, though the company did not quantify the share of revenue affected or project the resulting revenue contribution. For July and August combined, less-than-truckload revenue per hundredweight excluding fuel surcharges rose 4.8% year over year, and second-quarter revenue increased 10.4% to approximately $1.55 billion while the operating ratio improved to 70.1% from 74.6%, a figure that benefited from $17.2 million of net gains on property and equipment disposals. August shipments per day declined 2.4% year over year and tons per day fell 0.9%, a demand backdrop that preceded the October increase. Insider Monkey's database showed 52 hedge funds holding the stock at the end of 2Q2026, up from 51 funds three months earlier.
Haiqi Group Restructures to Cash Acquisition of Hainan Tourism Duty Free Control; Announcement Cites Major Obstacles
Haiqi Group released a major asset restructuring progress announcement after market close on September 24, proposing to acquire control of Hainan Tourism Investment Duty Free Goods Company after divesting the Huating project, through cash and/or asset payment. This transaction does not involve issuing shares or raising supporting funds. The company's original plan was to issue shares to Hainan Tourism Investment and pay cash to purchase all equity of Hainan Tourism Duty Free and raise supporting funds. On September 2, 2024, the board of directors approved a major adjustment proposal, and the specific asset scope still requires further negotiation between the parties. The announcement cited Hainan Tourism Investment's Corporate Bond Annual Report 2025, showing that the duty free business segment accumulated a loss of 340 million yuan in 2025, including a loss of 146 million yuan in offshore duty free business, a loss of 194 million yuan in the Hainan Tourism Super Body taxed commercial project, and a loss of 146 million yuan for the target company after excluding the Huating project. The company cautioned that, affected by intense competition in the domestic duty free market and slowing consumer demand, there is significant uncertainty over whether the target company's future performance can improve, major obstacles exist in advancing this restructuring, and there is significant uncertainty over whether the transaction can ultimately be completed. Haiqi Group achieved operating revenue of 281 million yuan in the first half of 2026, down 22.46 percent year on year, with net profit attributable to shareholders of the listed company at negative 44.6476 million yuan, a loss widening 60.74 percent year on year.
603069.CG · Capital · Negative Haiqi's restructuring to acquire control of Hainan Tourism Duty Free faces major obstacles and significant completion uncertainty, while its H1 2026 revenue fell 22.46% and net loss widened 60.74%.
海旅免税 · Demand · Negative The target duty free company posted a 146 million yuan loss in 2025 amid intense domestic duty free competition and slowing consumer demand, with significant uncertainty over future performance improvement.
海南省旅游投资发展有限公司 · Capital · Negative Hainan Tourism Investment's duty free segment accumulated a 340 million yuan loss in 2025, including 146 million yuan in offshore duty free, per its Corporate Bond Annual Report 2025.
Old Dominion Freight Line Q2 Revenue Rises 10.4% to $1.55 Billion, Beats Estimates
Old Dominion Freight Line reported second-quarter revenues of $1.55 billion, up 10.4% year on year and 0.7% above analysts' expectations, as the 15 ground transportation stocks tracked by the report collectively beat consensus revenue estimates by 1.7%. The company also beat analysts' EPS estimates, with President and Chief Executive Officer Marty Freeman noting a 30.0% increase in operating income, earnings per diluted share matching the previous Company record set in the third quarter of 2022, 99% on-time service and a claims ratio of 0.1%. Old Dominion shares are down 21.3% since reporting and trade at $178.10, while the group's share prices are down 9.5% on average since the latest earnings results. Among peers, RXO posted the best quarter with revenues of $1.77 billion, up 25% year on year and 7.9% above expectations, while Werner was the weakest, reporting revenues of $933.9 million, up 24% and in line with expectations but with a significant miss on EPS. Hertz reported revenues of $2.40 billion, up 9.7% and 4.9% above expectations, and Schneider reported revenues of $1.57 billion, up 10.4% and 3.9% above expectations.
Hainan Haiqi Transportation Group hits major obstacle in restructuring to acquire Hainan Tourism Investment Duty Free, target posts 340 million yuan loss in 2025
Hainan Haiqi Transportation Group announced on the evening of September 24 that its major asset restructuring to acquire control of Hainan Tourism Investment Duty Free Products Co., Ltd. through cash and/or assets faces a major obstacle, and there is significant uncertainty over whether it can ultimately be completed. Under the deal, Haiqi Transportation Group would pay cash and/or assets to Hainan Tourism Investment Group Co., Ltd. to acquire control of Hainan Tourism Investment Duty Free after the Huating project is carved out. The transaction does not involve issuing shares or raising matching funds, and the specific asset scope still needs to be further negotiated by both parties. This plan is already a downgraded version of the restructuring. The company originally planned to issue shares to Hainan Tourism Investment and pay cash to buy all equity in Hainan Tourism Investment Duty Free while raising matching funds. On September 2, 2024, the board approved major adjustments to the original plan, after which the restructuring shifted to a cash acquisition model. Since October 2024, the company has issued more than twenty restructuring progress announcements, and the matter has still not been completed after more than two years. The announcement shows that the core issue behind the major obstacle is the target asset's continued losses. According to the annual corporate bond report disclosed by Hainan Tourism Investment, its duty-free business segment posted a cumulative loss of 340 million yuan in 2025, including a loss of 146 million yuan in offshore duty-free business and a loss of 194 million yuan in the Hainan Tourism Investment Super Body taxable commercial project. After excluding the Huating project, which has ceased operations, the target company still lost 146 million yuan in 2025. Haiqi Transportation Group said that due to fierce competition in the domestic duty-free market, slowing consumer demand and other factors, there remains considerable uncertainty over whether the target company's performance can improve after excluding the Huating project, and on that basis it judges that the restructuring faces a major obstacle.
603069.CG · Capital · Negative Its major asset restructuring to acquire Hainan Tourism Investment Duty Free faces a major obstacle with significant uncertainty over completion.
海南旅投免税品有限公司 · Capital · Negative The duty-free target's continued losses (340 million yuan in 2025) are the core obstacle to the restructuring.
海旅免税 · Capital · Negative The duty-free target's continued losses (340 million yuan in 2025) are the core obstacle to the restructuring.
海南省旅游投资发展有限公司 · Capital · Negative Its duty-free business segment posted a cumulative loss of 340 million yuan in 2025, undermining the planned asset sale to Haiqi.
海南省旅游投资集团有限公司 · Capital · Negative Its duty-free business segment posted a cumulative loss of 340 million yuan in 2025, undermining the planned asset sale to Haiqi.
GPSC Joins Hands with KHNP to Sign MOU for SMR Nuclear Power Plant Study
Global Power Synergy Public Company Limited, or GPSC, has signed a memorandum of understanding with Korea Hydro & Nuclear Power, or KHNP, to study the feasibility of developing small modular reactor nuclear power plants, or SMRs. Sirimet Leepagorn, President and Acting Chief Operating Officer of GPSC, signed together with Il-kyoung Choi, Executive Vice President of KHNP, a company in the KEPCO group and South Korea's sole nuclear power plant operator, with more than 31 GW of generating capacity and full-cycle expertise in both EPC and O&M. This collaboration opens the way for GPSC to study SMR technology, the production of clean electricity and steam, as well as approaches to joint investment. Both parties plan to extend into the O&M business for SMRs and to develop personnel and knowledge through a technical working group, laying the groundwork to support the nuclear energy business over the long term. Meanwhile, SAWAD announced an interim dividend of 0.35 baht per share, totaling 581.53 million baht, from its first-half operating results, with an XD date of October 6, 2026, a record date of October 7, and dividend payment on October 21, 2026. Quick Transformation Public Company Limited, or QUICK, is preparing to hold the QUICK IPO Press Conference & Retail Investor Roadshow on September 28, 2026, to offer 32 million IPO shares for listing on the Market for Alternative Investment in the technology sector. And MPJ Logistics Public Company Limited, or MPJ, has opened a heavy container deposit service. Chief Executive Officer Jirasak Manatrakul said this is a strategy to increase the efficiency of using existing assets, supporting the revenue target for 2026 of 1.264 billion baht, a growth of 18%.
GPSC.BK · Technology · Positive GPSC signed an MOU with KHNP to study feasibility of developing SMR nuclear power plants, opening access to SMR technology and clean electricity/steam.
MPJ.BK · Demand · Positive MPJ Logistics opened a heavy container deposit service to improve asset efficiency and support its 2026 revenue growth target.
SAWAD.BK · Capital · Positive SAWAD announced an interim dividend of 0.35 baht per share totaling 581.53 million baht from first-half results.
Quick Transformation Public Company Limited · Capital · Positive QUICK is preparing an IPO press conference and retail investor roadshow to offer 32 million IPO shares for listing on the MAI.
MPJ launches heavy container deposit service, targets 2026 revenue of 1,264 million baht
MPJ Logistics Public Company Limited, or MPJ, has launched a new service, heavy container deposit, to maximise the efficiency of its existing space, or asset utilisation. Chief Executive Officer Jeerasak Manatrakul said the company has already invested in specialised tools and equipment for moving and storing heavy containers, in order to increase speed and safety in operations and to raise container management standards to a more comprehensive level. The new service is one of its strategies to build on existing resources to create added value, alongside expanding into new customer groups and adding revenue channels from existing assets. MPJ is confident the service will drive operating results in the second half of 2026 to continued growth and support its 2026 revenue target of 1,264 million baht, or 18% growth, in line with plan.
MPJ.BK · Demand · Positive MPJ launched a new heavy container deposit service, adding revenue channels from existing assets and targeting 18% revenue growth to 1,264 million baht in 2026.
RXO Warns Diesel Costs Could Push More Truck Capacity Out in Q4
Rising diesel prices could force more truck capacity out of the freight market in the fourth quarter, according to Corey Klujsza, VP of Pricing and Procurement at RXO. Spot linehaul rates are running more than 40% above year-ago levels, yet the average carrier's operating margin remains far below where it stood at the peak of the last upcycle, leaving the market vulnerable to higher rate volatility. Klujsza said the freight market started Q3 with spot rates inching towards all-time highs around the Fourth of July before cooling, partly due to mini-bid activity that re-rated contract lanes and pulled volume away from the spot market rather than reflecting a genuine demand collapse. He said shippers that took on underpriced lanes in Q1 and Q2 are now being forced to reset those rates, narrowing the spot-to-contract premium, and he expects full 2027 contract bids to reflect double-digit year-over-year increases. One data point offering optimism: the Cass Freight Shipment Index posted its first year-over-year positive print in roughly 40 to 42 months in August, which Klujsza said could indicate shippers are being forced outside dedicated and private fleets, a development that would benefit brokers and spot carriers.
RXO · Supply · Neutral RXO's own VP warns rising diesel costs could push more truck capacity out of the freight market, tightening supply and raising rate volatility, which cuts both ways for the broker.
TFI International adds investment banker Steve Mayer to board
TFI International is adding financial executive Steve Mayer to its board of directors, the company announced last week. Mayer, who has over 30 years of investment banking experience, is currently president of Greenhill Canada and vice chairman of parent company Greenhill & Co., which Mizuho Financial Group acquired in 2023, and has previously worked for Goldman Sachs, Morgan Stanley, and Scotia Capital. Chairman, President and CEO Alain Bédard said Mayer's Canadian-U.S. knowledge and capital markets and M&A expertise will prove valuable as TFI International strives to further enhance shareholder value. The board currently consists of nine members, and Mayer's term is effective Oct. 29, bringing the board to 10 members; he will be part of the slate of board candidates in the April election. TFI, which includes LTL carrier TForce Freight, has been integrating M&A deals in recent years, including the flatbed and specialized carrier Daseke in 2024.
TFII · Capital · Neutral TFI adds investment banker Steve Mayer to its board, citing his capital markets and M&A expertise to enhance shareholder value.
MPJ launches heavy container storage service, targeting 18% revenue growth in 2026
MPJ Logistics, or MPJ, has launched a heavy container storage service aimed at maximising the efficiency of its existing space. The company has already invested in specialised machinery and equipment for moving and storing heavy containers to improve speed and safety in its operations. MPJ Chief Executive Officer Jeerasak Manatrakul said the new service will enhance its ability to provide full-service logistics, accommodate a wider range of customer needs, and serve as one of its key strategies to add value to existing resources while expanding its customer base. The company is confident the service will be another driver of continued growth in its performance in the second half of 2026, supporting its 2026 revenue target of 1.264 billion baht, or 18% growth as planned.
MPJ launches heavy container storage service, targets 18% revenue growth in 2026
MPJ Logistics Public Company Limited, or MPJ, has launched heavy container storage as a new service, having already invested in the purchase of specialised machinery and equipment for moving and storing heavy containers in order to make the service faster and safer. Chief Executive Officer Jeerasak Manatrakul said the service is one of the company's strategies to make the most of its existing space and expand its customer base into new groups. The company is confident the new service will drive performance in the second half of 2026 to continued growth and support its 2026 revenue target of 1,264 million baht, or 18% growth as planned.
MPJ.BK · Demand · Positive MPJ launched heavy container storage service to expand its customer base and drive 2026 revenue growth to 1,264 million baht.
MPJ launches heavy container storage service, targeting 18% revenue growth in 2026 to 1.264 billion baht
MPJ Logistics, or MPJ, has launched a new service, "heavy container storage," to maximise the efficiency of its existing space. Chief Executive Officer Jeerasak Manatrakul said the company has already invested in specialised tools and equipment for moving and storing heavy containers, in order to improve speed and safety in its operations. The service is one of its key strategies to add value to existing resources while expanding its base into new customer groups. MPJ is confident the new service will drive its performance in the second half of 2026 and support its 2026 revenue target of 1.264 billion baht, or 18% growth, in line with its plan.
MPJ launches heavy container storage service, targets 18% revenue growth in 2026 to 1.264 billion baht
MPJ Logistics Public Company Limited, or MPJ, has launched heavy container storage as a new service, having already invested in specialised machinery and equipment for moving and storing heavy containers in order to increase speed and safety in its operations. Chief Executive Officer Jeerasak Manatrakul said the launch of this service is part of a strategy to enhance the efficiency of existing assets, aiming to generate additional revenue from existing space and infrastructure while expanding opportunities into new customer groups that specifically need heavy container storage services. The company estimates that the service will be another factor supporting its operating results in the second half of 2026 and is confident it will drive 2026 revenue to its target of 1.264 billion baht, an increase of 18% from the previous year.
MPJ.BK · Demand · Positive MPJ launched heavy container storage service, targeting new customer groups and 18% revenue growth to 1.264 billion baht in 2026.
MPJ launches heavy container storage service, targeting 18% revenue growth in 2026
MPJ Logistics Public Company Limited, or MPJ, has launched heavy container storage as a new service. Chief Executive Officer Jeerask Manatrakul said the move extends the business to maximise the use of existing space, or asset utilisation, while raising its capacity to provide full-service logistics. The company has already invested in specialised equipment for moving and storing heavy containers to improve speed and safety in its operations. The launch is one of its key strategies to turn existing resources into added value and expand into new customer groups. MPJ is confident the new service will drive performance in the second half of 2026 for continued growth and support its 2026 revenue target of 1,264 million baht, or 18% growth, in line with plan.
MPJ.BK · Demand · Positive MPJ launched a new heavy container storage service to expand into new customer groups and drive H2 2026 growth toward its 18% revenue target.
MPJ launches heavy container storage service, targeting 18% revenue growth in 2026 to 1.264 billion baht
MPJ Logistics, or MPJ, has launched a heavy container storage service, making maximum use of its existing space, and has already invested in specialised equipment for moving and storing heavy containers to improve speed and safety in its services. Chief Executive Officer Jeerasak Manatrakul said the new service is one of the company's strategies to add value to existing resources and expand its customer base into new groups. The company is confident the service will drive performance in the second half of 2026 for continued growth and support its 2026 revenue target of 1.264 billion baht, or 18% growth as planned.
MPJ.BK · Demand · Positive MPJ launched a heavy container storage service to expand its customer base and drive revenue growth toward its 1.264 billion baht 2026 target.
Old Dominion Freight Line Implements 4.9% October LTL Rate Increase
Old Dominion Freight Line has implemented a 4.9% general rate increase on select LTL and related tariffs, a move aimed at offsetting cost pressures and funding investments in real estate, equipment, technology, and competitive wages. The rate increase comes alongside upward earnings estimate revisions and a favorable Zacks Rank, reinforcing the company's pricing power even as weak LTL tons per day and elevated operating ratios pose near-term risks. Old Dominion leadership is also expected to address pricing, capacity, and cost trends with institutional investors at Morgan Stanley's 14th Annual Laguna Conference. The company's investment narrative projects $7.1 billion in revenue and $1.6 billion in earnings by 2029, yielding a $229.50 fair value that implies 31% upside to its current price. Some of the lowest ranked analysts assume revenue of about US$6.6 billion and earnings near US$1.5 billion by 2029, leaving open whether the rate hike eases their margin worries or deepens concerns that weaker tonnage and underused capacity will blunt the benefit of higher pricing.
ASAP keeps 2026 sales target at 14,500 units, plans to sell 2,000 used cars worth 800 million baht
Songwit Thitipunya, Chief Executive Officer of Synergetic Auto Performance Public Company Limited, or ASAP, said the company expects its business to improve further in the fourth quarter of 2026, driven by clearly growing demand for electric vehicles as oil prices remain high, together with the contribution of new models. In 2026, the company is maintaining its sales growth target of about 79% from the previous year, reaching roughly 14,500 units, supported by newly launched models such as the NEVO Q05, a fully electric B-segment SUV produced in Thailand with a starting price of about 599,000 baht. After the first half of 2026, the company had revenue of about 6.52 billion baht and expects full-year 2026 revenue to grow 70% from the previous year. On the issue of the Ministry of Finance preparing to consider adjusting the excise tax structure for fully imported electric vehicles, the company views that it is unlikely to affect the EV business of the Changan brand, since this automaker already has a production plant in Thailand in Rayong province under the name CHANGAN Automobile Rayong Factory, which officially ended production in 2025. In its used car distribution business, the company plans to sell an additional approximately 2,000 vehicles whose contracts expire in 2026, comprising gasoline and hybrid cars with no EVs, at an average value of about 400,000 baht per vehicle, or about 800 million baht in total. In addition, the company is expanding its business through Evante Company Limited, or Evante, in which ASAP holds a 51% stake, by expanding the distribution of Maxus commercial electric vehicles, and aims to increase this brand's branches to 12 in 2027 from 3 currently, namely Bangna, Ram Intra and Chonburi.
ASAP.BK · Capital · Positive Company expects full-year 2026 revenue to grow 70% after H1 revenue of ~6.52 billion baht, plus plans to sell ~2,000 used cars worth ~800 million baht.
ASAP.BK · Demand · Positive ASAP maintains its 2026 sales target of ~14,500 units, citing growing EV demand and new models like the NEVO Q05.
J.B. Hunt Falls 13% as $6.45 Diesel Outpaces Intermodal Surcharges
J.B. Hunt Transport Services shares plunged 13% after CFO Brad Delco warned at a mid-September industrials conference that third-quarter earnings would fall versus the second quarter on driver-related expenses and a fuel headwind as diesel pushed past six dollars a gallon. The stock fell 13.39% over that week, from $270.45 to $234.25, while the S&P 500 slipped 0.34%, leaving shares at $234.25 against a Wall Street consensus price target of $298.48. Delco called the moves some of the most radical and abnormal fuel-price swings in company history, describing a timing mismatch because intermodal fuel surcharges reset with a lag, and said the gap closes in the fourth quarter; Bloomberg cited a national diesel average of $6.45 a gallon. Rivals repriced the same squeeze faster: Old Dominion Freight Line improved its operating ratio 450 basis points to 70.1% as LTL revenue per hundredweight rose 15.2%, and XPO posted an 18.4% adjusted EBITDA margin with revenue per shipment including fuel surcharges up 11.9%. Intermodal chief Darren Field said the price gap versus highway is wider than normal because rates are six to ten months old and expects new bids to close it, while CEO Shelley Simpson said she anticipates all businesses will see improved pricing opportunities. The ratings mix stands at 2 Strong Buy, 12 Buy, 8 Hold, 2 Sell and 0 Strong Sell, and shares remain up 74.84% over one year against the S&P 500's 15.01%.
JBHT · Supply · Negative Diesel above $6.45/gallon creates a fuel headwind as intermodal surcharges reset with a lag, cutting Q3 earnings versus Q2.
ODFL · Pricing · Positive Old Dominion repriced the fuel squeeze faster, improving its operating ratio 450bp to 70.1% as LTL revenue per hundredweight rose 15.2%.
XPO · Pricing · Positive XPO posted an 18.4% adjusted EBITDA margin with revenue per shipment including fuel surcharges up 11.9%, repricing the fuel squeeze faster.
Old Dominion Pulls Forward 4.9% GRI as LTL Carriers Accelerate Rate Hikes
Old Dominion Freight Line announced Monday a 4.9% general rate increase to various tariff codes effective Oct. 5, one month earlier than last year's hike, which was itself moved up by a month. The percentage represents an expected average of adjustments to base rates across different lanes and weight classes, used to offset cost inflation and fund capex projects; last year's GRI was also expected to average 4.9%. Greg Lawrence, vice president of pricing services, said the increase is designed to help offset continued cost pressures related to real estate, equipment, technology, and competitive wages and benefits. Other public carriers have also pulled GRIs ahead of the traditional one-year schedule: ArcBest implemented a 5.9% hike for LTL services at both business units on June 22, roughly six weeks ahead of the one-year anniversary of last year's increase, while Saia implemented a 7.1% general rate increase on July 6, 120 basis points higher and 3 months earlier than last year. The increases come as the Institute for Supply Management's Manufacturing PMI remained in expansion territory for an eighth consecutive month in August at 54.6, just 100 bps below a four-year high set in July, with the new orders subindex at 53.7.
ODFL · Pricing · Positive Old Dominion announced a 4.9% general rate increase effective Oct. 5, a month earlier than last year, to offset cost inflation.
ARCB · Pricing · Positive ArcBest implemented a 5.9% LTL general rate increase on June 22, roughly six weeks ahead of last year's schedule, boosting its own service prices.
SAIA · Pricing · Positive Saia implemented a 7.1% general rate increase on July 6, 120 bps higher and three months earlier than last year.
Record U.S. Diesel Prices Hit Transport Stocks and Threaten Inflation
U.S. diesel prices climbed to $6.51 a gallon on Sunday, according to AAA, pushing transport stocks lower and sending fuel costs rippling through freight, food, and consumer goods markets, with the national average up more than 40 cents in the past week alone. J.B. Hunt Transport Services stock shed more than 13% last Wednesday after finance chief Brad Delco warned at a Morgan Stanley industry conference that the company's earnings would fall between 5% and 10% from the second to the third quarter due to fuel costs, describing the swings as some of the most radical and abnormal he had ever seen and noting record diesel costs were creating at least a $10 million headwind for the company. The Energy Information Administration put the national on-highway diesel average at $6.285 a gallon as of September 14, up 32 cents from the prior week and $2.55 higher than a year earlier, while California's statewide average stood at $8.039 a gallon and national prices have risen $2.759 over the past two years. The surge stems from two overlapping supply disruptions: conflict between the U.S. and Iran has restricted tanker traffic through the Strait of Hormuz, and Ukrainian drone strikes on Russian refining infrastructure have compounded those losses, with Moscow banning diesel exports. Mark Wolfe, executive director of the National Energy Assistance Directors Association, warned that households dependent on heating oil, concentrated in the Northeast, could face bills as much as 31% higher this winter if diesel prices hold at current levels, and Iowa Sen. Chuck Grassley called on President Donald Trump over the weekend to impose an embargo on U.S. diesel exports, an idea Senate Majority Leader John Thune said he was open to examining while Interior Secretary Doug Burgum expressed doubt it would lower prices.
Diesel at all-time high of 644 threatens company earnings, JB Hunt warns
Diesel prices have hit an all-time high of 644 and gasoline is about 10 cents off its May peak, raising the question of whether energy costs will start shocking company earnings. JB Hunt warned earlier this week that its bottom line is being hit by the swift rise in diesel prices, saying it expects a quarter-to-quarter profit decline of 5 to 10 percent because pricing cannot be adjusted quickly enough. PNC Asset Management Group CIO Amanda Agati said she does not expect energy costs to crack the trajectory of earnings growth, noting positive revisions coming into the end of the third quarter remain positive and largely broad-based. Agati said companies are scrambling to hedge in this environment and that margins have been impressive for years, but warned that if energy prices remain elevated a year from now, the story would be very different. The discussion comes as diesel sits just pennies away from an adjusted inflation record.
JBHT · Supply · Negative JB Hunt warned its bottom line is being hit by the swift rise in diesel prices, expecting a 5-10% quarter-to-quarter profit decline because pricing cannot be adjusted quickly enough.
HEATOIL · Supply · Positive Diesel (heating oil) sits at an all-time high of 644 and just pennies from an adjusted inflation record, reflecting tight distillate supply supporting heating oil futures.
GASOLINE · Supply · Positive Gasoline is noted as about 10 cents off its May peak amid elevated energy costs, reflecting tight refined-product supply supporting RBOB gasoline futures.
United States
Canada
Mexico
