Plus: LAPD busts a $3.9M cargo theft ring, Nuvocargo and UPS expand in North America, U.S. moves to ease rules for self-driving trucks, Funny Freight Friday, and more.
Funny Freight Friday: Same thing.
The market’s brutal, sure, but for freight agents with the right tools, it’s prime hunting season. Here’s how they’re making it work.
Yellow Corp. defers contributions, risking a Teamsters strike. The move is an attempt to conserve liquidity while securing additional financing.
Yellow Corp., a truckload carrier, may face a potential strike by its Teamsters workforce as the company has deferred its required contributions for June and July, to preserve liquidity while seeking additional financing. The deferrals, worth approximately $50 million, impact pension and healthcare payments for workers covered by Central States Funds. Despite possessing over $100 million in cash, Yellow’s attempt to defer payments is causing unrest among its workers and may lead to a strike if payments aren't made promptly.
Source: FreightWaves
I think the chances of an agreement between UPS and the Teamsters is far more likely than one between Yellow and the Teamsters.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 19, 2023
The Teamsters need UPS as much as UPS needs the Teamsters. Unfortunately, it looks like the Teamsters have already written Yellow off.
Today we sat down with Karolina Plecha, a truck driver living in Norway. She shares insights on life on the road, the future of electric vehicles, and what she does to prepare for unpredictable weather conditions.
Is this trucker a criminal or just a hustler trying to stay in the game? It depends on how you look at it.
Nikola Corporation, once valued at $30 billion and hailed as the future of EV trucking, has filed for Chapter 11 bankruptcy. The company’s stock plummeted 40% today, marking a staggering 99% decline from its 2020 peak of $1,977 per share to just $0.45.
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