All articles tagged with #trucking
Originally Published 3 months ago — by TheStreet
Montgomery Transport, a Birmingham-based flatbed trucking company, filed for Chapter 7 bankruptcy and shut down abruptly, impacting over 1,000 employees and leaving in-transit and warehouse deliveries in limbo, with many drivers stranded and uncertain about final payments and job status.
Originally Published 5 months ago — by BBC
The trucking industry is increasingly adopting digital platforms and AI technology to improve efficiency and find work, but this shift raises concerns about falling wages, job security, and the need for better protections for drivers. While innovations like AI and driverless trucks promise energy and cost savings, they also pose potential threats to employment, highlighting a complex relationship between trucking and new technology.
Originally Published 1 year ago — by Fox Business
A viral TikTok trucker, known as "Alex the Trucking Guy," has gained a large following by showcasing his life on the road as a trucker, promoting the industry as a lucrative alternative to a traditional college degree. With over 1.5 million followers across social media platforms, he emphasizes the financial benefits and freedom of the job, highlighting the potential for a stress-free life without student loan debt. While acknowledging the downsides, such as time away from family, he sees trucking as a "golden ticket job" for young individuals, touting the high pay and company-provided housing.
Originally Published 2 years ago — by trucknews.com
TForce, the parent company of TForce Properties, has acquired two former Yellow Corp terminals in Sacramento, California, and Lexington, Kentucky, for a total of US$15.9 million. The auction of Yellow Corp's properties saw a total of 128 owned properties and two leased properties sold for a combined sum of US$1.9 billion, with XPO being the largest bidder. Other successful bidders included Estes Express Lines, Saia Motor Freight, Knight-Swift, and ArcBest.
Originally Published 2 years ago — by Reuters
Trucking company XPO Inc has won a bid to acquire 28 service centers of bankrupt Yellow Corp for $870 million. The deal, subject to court approval, is expected to add to XPO's core profit in 2024 and adjusted profit per share from continuing operations in 2025. XPO's successful bid was part of a court-supervised auction that saw nearly two dozen companies, including Estes Express Lines and Knight-Swift Transportation Holdings, win rights to purchase Yellow's assets for $1.88 billion. The U.S. Bankruptcy Court in Delaware will hold a hearing on December 12 to approve the bids.
Originally Published 2 years ago — by Fortune
Convoy Inc., a trucking startup backed by investors including Jeff Bezos and Bill Gates, is shutting down its business after failing to find an acquirer. The company, valued at $3.8 billion last year, had already reduced its staff and was running out of money. The market conditions, including a freight recession and contraction in the capital markets, hindered a potential deal. Convoy had raised over $1 billion from investors, and many of them may see their stakes go to zero. The closure reflects the challenges faced by logistics startups due to falling prices and demand for shipping, as well as a difficult market for venture capital fundraising.
Originally Published 2 years ago — by KCRA Sacramento
The California Trucking Association is suing the state's Air Resources Board over new regulations aimed at making all new trucks sold after 2045 zero-emission vehicles. The association claims that California cannot regulate trucking emissions without permission from the EPA and wants the regulations declared invalid. The push for zero-emission vehicles also extends to cars, with California approving a regulation requiring all new car sales to be zero-emissions vehicles by 2035. The state recently celebrated reaching its goal of 1.5 million zero-emissions vehicles sold, two years ahead of schedule.
Originally Published 2 years ago — by Nebraska Examiner
A federal jury has awarded a deaf man, Victor Robinson, a $36 million judgment in a discrimination case against Omaha-based trucking company Werner Enterprises. Robinson, who had obtained a "hearing exemption" from the Federal Motor Carrier Safety Administration and graduated from a Werner-owned truck driving school, was denied a job by the company due to his deafness. The U.S. Equal Employment Opportunity Commission (EEOC) filed the lawsuit on Robinson's behalf, alleging that Werner failed to accommodate his disability and violated the Americans with Disabilities Act. The jury awarded $75,000 in actual damages and $36 million in punitive damages, although the EEOC cap is $300,000. Werner is considering an appeal.
Originally Published 2 years ago — by WBAY
Yellow Corporation, a trucking company, has eliminated 261 jobs in Wisconsin, including 86 in Neenah, due to its bankruptcy. The company cited "unforeseeable business circumstances" for the lack of earlier notice, despite its long-standing financial struggles and debt. The shutdown also affected other locations in Wisconsin, resulting in a total of about 261 job losses. Yellow terminated approximately 22,000 employees nationwide and had outstanding debt of about $1.5 billion, including a loan from the federal government.
Originally Published 2 years ago — by The Wall Street Journal
The shutdown of trucking giant Yellow could potentially cost taxpayers money due to the company's participation in a federal loan program that guarantees loans to small businesses. If Yellow defaults on its loans, the government may have to step in and cover the losses, potentially burdening taxpayers.
Originally Published 2 years ago — by CNBC
U.S. trucking company Yellow, formerly known as YRC Worldwide, has ceased operations and plans to file for bankruptcy after failing to reorganize and refinance its over $1 billion debt. The Teamsters Union, representing 22,000 workers, accused Yellow of mismanagement despite worker concessions and government bailout funding. Yellow, a major player in the less-than-truckload segment, had customers including Walmart and Home Depot. The closure has raised concerns about potential disruptions to cargo shipments.
Originally Published 2 years ago — by The Wall Street Journal
Yellow, a major trucking company, is on the verge of collapse due to financial troubles. The company has been struggling with declining revenue, high debt levels, and fierce competition within the trucking industry. Yellow's precarious situation highlights the challenges faced by traditional trucking companies in an increasingly competitive and disrupted market.
Originally Published 2 years ago — by Reuters
U.S. trucking firm Yellow has reached an agreement with the Teamsters union to avert a strike by its 22,000 workers. Yellow will pay over $50 million in owed worker benefits and pension accruals within the next two weeks. The company, which specializes in less-than-truckload shipments, has faced concerns from customers about potential bankruptcy. Competitors are expected to target Yellow's customers amid a decline in freight volume. Yellow, formerly known as YRC Worldwide, received a $700 million pandemic relief loan from the U.S. government in 2020 and has not significantly repaid it. The company is seeking to refinance $1.2 billion in debt before it comes due next year.
Originally Published 2 years ago — by Barron's
Two different earnings reports from logistics providers, Knight-Swift (trucking) and CSX (railroads), both indicate a challenging economic environment. However, there is still some optimism for improvement in the future.
Originally Published 2 years ago — by CCJ
The operational costs of trucking in the US have hit a new high, with marginal costs rising 21.3% to $2.251 per mile in 2022, surpassing the $2 per mile mark for the first time in the history of the American Transportation Research Institute's operational cost report. The cost of trucking has jumped 34% since 2021, with fuel being the largest driver of the spike in operational costs. Other factors contributing to the rise include parts availability and supply chain impediments, the atypical truck market/demand, and the competitive labor environment. Despite falling rates throughout the year, average operating margins were at least 6% in all sectors.