Inside: FedEx's market triumph, the controversy at Yellow Corp, Waabi and Uber Freight's decade deal, and the hammer comes down on PPP loan-scamming trucker.
As 2023 seasonal hiring gets underway, some retailers are cutting back on workers while others are hiring more.
Analysis of TuSimple's challenges in the autonomous trucking industry and FedEx's impressive financial performance surpassing expectations.
Trucking firm Big J Express has filed for bankruptcy amid a significant drop in revenue and debt overhang.
Norcross, Georgia-based trucking company Big J Express has filed for Chapter 7 bankruptcy following a significant drop in revenue this year. The firm listed its assets and liabilities as between $1 million and $10 million, and cited up to 49 creditors. Big J Express' revenue dropped from nearly $6.1 million in 2022 and $5.6 million in 2021 to around $1.5 million until its filing date of July 14, 2023. The bankruptcy filing revealed that the company owes over $2 million to Volvo Financial Services and nearly $1.1 million to Amur Equipment Finance Inc.
Source: FreightWaves
Trucking is headed for the worst year of bankruptcies since 2008. This is one reason why many are forecasting that we've hit bottom in freight rates. As capacity exits, supply should tighten and rates should begin to increase. https://t.co/88nJbo315x
— Benjamin Gordon 🇺🇦🚚✈️ (@benjaminhgordon) July 17, 2023
Key trends in freight and shipping market of June 2023, with insights into spot market, carrier capacity, LTL sector and cross-border shipping.
Molson Coors, recognized as 2023's Shipper of Choice, excels in supply chain management, shipping 13M barrels of beverages annually.
Tornado damages Pfizer plant in North Carolina, affecting 50,000 pallets of medication and potentially impacting nationwide supply.
The US labor market is showing signs of stabilization as the rate of voluntary job quitting approaches pre-pandemic levels and employers implement better retention strategies.
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