🍾 FreightCaviar Wrapped 2023

Good Monday morning. Today's newsletter features our 2023 FreightCaviar Wrapped, showcasing this year's most popular content. Also highlighted are the closure of Matheson Trucking, a delayed forecast for freight market recovery, and the hiring spree at Ohio's new manufacturing hubs. Don't miss blurbs on Dell's PC demand dip and FreightWaves' latest media spotlight.

🤔 Question of the Day: Which sector is at the forefront of U.S. reshoring, driving over 300,000 job announcements in 2023? Check the bottom of our newsletter for the answer.

In today's email:

• Three Freight Headlines: Matheson Trucking shuts down, freight market rebound not until late 2024, and U.S. manufacturing revival spurs hiring frenzy.
• 2023 FreightCaviar Wrapped Playlist
• Around the Freight Web: Dell observes PC demand cooling, FreightWaves hits HBO, and BYD sets sail with massive transport.
• Freight Meme of the Day

TOP LANE MOVERS POWERED BY GREENSCREENS.AI

*Greenscreens.ai, forecasts real-time truckload buy prices that are suited to each freight brokerage's purchasing power using AI and machine learning. Its engine takes into account over 130 attributes and data points in each rate forecast.

🐔 WHAT’S COOKIN’ IN FREIGHT

🚚 End of the Road for Matheson. Matheson Trucking, a long-standing Postal Service contractor, is closing down after 60 years. The company, along with its subsidiaries, faced severe challenges, including substantial contract losses and operational disputes with the U.S. Postal Service. This closure, set for January 31, results in nearly 3,500 job losses over recent months. Despite rapid growth in the last five years and attempts at mediation, ongoing financial and operational issues led to the company filing for Chapter 11 bankruptcy in 2022.

🔮 Freight Forecast: A Later Rebound. TriumphPay's Josh Bouk predicts a delayed freight market rebound by December 2024, diverging from more optimistic early 2024 expectations. His forecast is informed by TriumphPay's insights from handling nearly $50 billion in freight transactions annually. The company, likened to the "Visa of global logistics," advises brokers to tightly manage costs and margins in anticipation of this protracted recovery. Current market stagnation, with flat truckload spot rates despite increased retail sales, suggests a slower adjustment period for the industry.

🏭 Revival of American Manufacturing Brings Hiring Challenges. The U.S. manufacturing sector, contributing $2.3 trillion to the GDP, is experiencing a significant revival. All eyes are on Ohio, with Intel and Honda/LG Energy building mega plants and creating over 5,000 jobs. This growth faces challenges from a tight labor market and competition for skilled workers. Local community colleges are responding by developing specialized training programs. Wage rates vary, and Intel technicians can earn up to $90,000, putting smaller local manufacturers in a tough spot.

TOGETHER WITH RAPIDO

Rapido is a top nearshore staffing company providing logistics and supply chain talent to companies in the United States. Based in Guadalajara, Mexico, Rapido offers a unique combination of cost savings and access to a skilled workforce, making it an attractive option for American logistics businesses.

See what makes nearshoring to Mexico an attractive option for scaling a logistics company and how partnering with Rapido Solutions Group simplifies the whole process.

FreightCaviar 2023 Wrapped

As the year winds down, we're taking a moment to look back at the highlights that kept our community engaged. From insightful discussions to the humor that lightened our loads, here's what you loved most in 2023.

🎧 Top 5 FreightCaviar Podcast Episodes on YouTube

1. MigWay: From 0 to 250 Trucks: David Voronin, President and CEO of MigWay, Inc., a trucking company based in Pineville, North Carolina, shared his journey of building MigWay from scratch to 250+ trucks in this episode from February. Click here to watch.
2. How to Succeed in Trucking and Freight Brokerage in 2023 with Tim Breckenridge. Click here to watch.
3. From 0 to 250+ Reefers with Denys Paniv. Click here to watch.
4. Growing a Freight Brokerage to $765M in Revenue with Steve Cox. Click here to watch.
5. US Tour: Is Bob Going Broke? Click here to watch.

😂 Our 5 Most Liked Memes on Instagram

1. When You Ask Truckers for a Tracking Update. Click here to view.
2. When Your Parents Ask You to Explain Your Job & You Work in Logistics. Click here to view.
3. Dispatch Offices in Serbia. Click here to view.
4. When Your Customer Asks for Proof of Team Drivers. Click here to view.
5. Customer Sales Rep Vs. Carrier Sales Rep. Click here to view.

🐦 Our 5 Most Viewed Tweets on X

1. The Logistics of Conflict. Click here to view.
2. A Lookback at the History of Yellow Corp. Click here to view.
3. Sources Reveal Convoy's Shutdown. Click here to view.
4. The World's Greatest Freight Demo. Click here to view.
5. Italian Cocaine Port. Click here to view.

📝 Our 5 Most Read Blog Posts

Layoffs and closures were the news that drove major traffic to our blog this year.

1. Coyote, Knight-Swift Lay Offs. Click here to read.
2. TQL Pay Me My $8,000. Click here to read.
3. The Top 10 Largest Trucking Companies of 2023 by Revenue. Click here to read.
4. Meadow Lark Companies Ends 40-Year Legacy. Click here to read.
5. Texas Freight Brokerage Collapses After Year of Fraud, Theft. Click here to read.

We want to thank our community for your continued engagement throughout 2023. Thanks for being with us. Here's to delivering more of what you love in 2024.

GET INTEGRATED WITH OTR SOLUTIONS BROKER SERVICES

The trucking industry is crazy right now, and being a broker can be stressful. Managing your invoices, billing, collecting, carrier-base, and cashflow can feel like an impossible task, but OTR Solutions has figured out the impossible.

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AROUND THE FREIGHT WEB

📉 PC Demand Slump: Dell’s COO reported a year-over-year increase in PC business until a notable slowdown began in September, with growing customer cautiousness.

📺 FreightWaves on John Oliver's Show: FreightWaves was featured on John Oliver's Last Week Tonight, discussing BNSF railway labor and sick leave policies.

🏗️ Brad's Building Bet. Brad Jacobs, former CEO of XPO, enters building products distribution with QXO, targeting $1 billion revenue in year one and $5 billion in three years.

🚢 BYD's Shipping Leap: BYD launches its vessel, Explorer 1, to transport 7,000 vehicles globally, boosting its logistical capabilities.

🌍 Global Supply Squeeze: Disruptions in Panama and Suez canals threaten the supply chain before Christmas, potentially delaying critical shipments.

🤖 Autonomous Trucking Alliance: Torc Robotics partners with Uber Freight to use network insights for developing autonomous trucks.

FREIGHT CONFERENCES WE'RE ATTENDING

Manifest Vegas, February 5 - 7, 2024, is the world's largest global supply chain & logistics tech event, bringing together Fortune 500 global supply chain executives, logistics service providers, cutting-edge startups, venture investors, and technology leaders.  Join 4,500+ supply chain innovators to foster new strategies and relationships. Receive $200 off your ticket with our exclusive link.

FREIGHT MEME OF THE DAY

Also, check out:

• 🎧 The FreightCaviar Podcast. Listen to this week's podcast on Spotify & Apple Podcasts.
• ☕️ FreightCaviar Essentials. Purchase a FreightCaviar hoodie, long-sleeve, or mug by clicking here.
• 🎧 The Bootstrapper's Guide to Logistics is a podcast that highlights and inspires supply chain entrepreneurs, sharing their stories and building a community from the ground up.
• Want to get your brand noticed by freight brokers? FreightCaviar can help. Work with us to get your services featured in our newsletter, podcast, and more. Plus, we write great articles about what you do. Get in touch with Paul at pbj@freightcaviar.com to learn more.
• Need a TMS (Transportation Management System)? Use our referral code RA-FreightCaviar! to receive 3 months of AscendTMS Premium for free. It only takes 20 seconds to sign up and no credit card is required. Click here to learn more.

Answer: The leading sector in U.S. manufacturing reshoring efforts for 2023 is the EV battery and semiconductor chip industry.