Welcome to the WHAT THE TRUCK?!? Newsletter presented by Tai Software. In this issue, top freight stories of the year so far; FreightWaves’ founder for DOT secretary; and more.
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The top stories on FreightWaves, according to you
Methodology — Earlier this week I got together with FreightWaves’ editorial team to find out which stories FreightWaves’ readers read the most. Based on over 34 million clicks this year on the site, some very clear topics emerged.
Then I polled my audience of readers and listeners (roughly 150,000 subscribers/followers across platforms) in all fields of logistics to find out what they thought. Here are the top stories of 2024 so far, according to you.
Endless freight recession/carrier bankruptcies
Across all social media polls we did, this brutal freight market got over half the votes. In addition, five of the top 10 stories on FreightWaves.com were bankruptcy-related.
“The Carrier Details Total Trucking Authorities is down 10,460 since the beginning of the year, but it tends to skew high because of the amount of time it takes for an authority to be revoked” – Freightonomics’ Tony Mulvey
While we haven’t had a shocking shutdown the size of Yellow like we did in 2023, the sheer volume of shutdowns has taken its toll on both the finances and psyche of the industry … and unfortunately, it hasn’t put enough of a dent in capacity to make up the difference.
“This has been the longest and most severe downturn of the transportation market in the modern era. The recessive environment appears to be waning but at an incredibly slow pace. Rarely does the market turn quietly.” – Freightonomics’ Zach Strickland
Some of the most read shutdowns were:
Midwest Transport Inc. – “An Illinois-based trucking and logistics company, which contracted with the U.S. Postal Service to haul mail, has notified over 650 employees, including more than 480 drivers, that the carrier is ceasing operations, according to sources familiar with the closure.”
Tony’s Express – “The formerly family-owned company, Tony’s Express, headquartered in Fontana, had 87 drivers and 42 power units at the time of its closure, according to the Federal Motor Carrier Safety Administration’s SAFER website. The company also had around 10 linehaul drivers, who were owner-operators.”
U.S. Logistics Solutions – “About 2,000 truck drivers, warehouse and dockworkers, and office personnel of Humble, Texas-based U.S. Logistics Solutions (USLS), formerly Forward Air Solutions, say they were blindsided late Thursday when they were notified via conference calls or by text messages that the company was ceasing operations and that they would not receive paychecks Friday.”
“In September 2024, 237 freight brokerages went inactive, bringing the total number of active freight brokerages down to 25,979. Year over year, the number of freight brokerages has dropped by -11.8% and -16.7% compared to two years ago.” – Brush Pass Research’s Kevin Hill
It wasn’t just carriers that were getting crushed in the market either. According to data from Brush Pass Research’s Kevin Hill, there are 11.8% fewer freight brokerages than there were a year ago.
Ask the author – Since bankruptcies are Clarissa Hawes’ beat, she has covered nearly every one of these major stories for FreightWaves. I asked her what she has noticed about this year compared to others. Here’s what she had to say:
“We’ve seen a lot of midsize and smaller trucking companies file for bankruptcy in 2024. Some carriers that haul specialized freight have been able to survive during this brutal freight recession, while some companies that haul dry van freight have filed for bankruptcy liquidation because the spot rates are so low.”
The other top stories?
Hurricane Helene – The devastating generational storm that took over 200 lives and washed out main trucking corridors like I-26 and I-40 hit big with readers. They were concerned with both the market impact and how the logistics industry has stepped up to provide aid.
Baltimore bridge collapse – In March, the MV Dali, a 984-foot-long container vessel, crashed into the Francis Scott Key Bridge in Baltimore, killing six construction workers and shutting down a huge trade route. While cleanup is still ongoing, the owners of the Dali have agreed to pay $102 million in cleanup costs.
Red Sea conflict – The Red Sea conflict and Houthi attacks have been going on since last November. A new study reports, “Houthi rebels are extorting as much as $2 billion a year from shipping lines in exchange for not attacking their vessels in the Red Sea and Gulf of Aden.”
These attacks have rerouted global trade as shippers and carriers elect to go around the Cape of Good Hope in Africa. This diversion adds 10-14 days to transit and burns significantly more fuel.
FreightWaves
Swift trailer fire – Last year we had the “TQL Pay Me My $8,000” trailer. This year we have the Swift trailer fire. According to FreightWaves, “Prosecutors said Michigan trucker Viorel Pricop set fire to Swift Transportation trailers after the company helped law enforcement bring federal charges against him.”
What’s your pick for story of the year? Email me your answer. Also, what do you think the story of 2025 will be? My early leader has to be Trump and tariffs.
FreightWaves’ founder and CEO announces bid for DOT secretary on WHAT THE TRUCK?!?
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Rise of the rest – On Wednesday’s episode of WHAT THE TRUCK?!?, FreightWaves CEO and founder Craig Fuller tossed his hat in the ring for the position of Department of Transportation secretary. Considering the massive impact memes and podcasts had on this election, who can blame him for making the announcement on mine? Full disclosure, Vice President elect JD Vance was an early investor in FreightWaves’.
With Trump in, Pete Buttigieg is most certainly on the outs. Now, Fuller wants to jump in his grave while the dirt is still warm.
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Fuller says, “Transportation policy is going to be profoundly impacted and will need to be front and center to the reconfiguration of the global supply chain. … We need to have folks running this who understand how changes will impact the freight economy.”
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He also tweeted out an early look at some of his platform, which includes going after the large shipping lines over their control of sea trade.
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Now that Fuller has the podcast out of the way, he is calling on the memers to help get him to the final stage of the process. He tweeted, “Serious people of freight – we need to meme the DOT. What you got?” Send your best memes here.
Friday on WHAT THE TRUCK?!?
Amazon top toy seller tell-all: Molson Hart – Friday live on WHAT THE TRUCK?!?, I’m joined by Amazon top toy seller, Molson Hart. We’re talking about peak season shipping; selling on Amazon; and appearing on Tucker Carlson; and we will learn how the International Longshoremen’s Association port strike nearly killed him.
Reliance Partners’ Thom Albrecht is coming on with some clarity following the election. Now that we know who has won, how will freight move forward? We’ll learn about Albrecht’s 2025 freight and capacity outlook post-election.
Plus, all the latest headlines, trends and viral weirdness since our last show.
Catch new shows live at noon EDT Mondays, Wednesdays and Fridays on FreightWaves LinkedIn, Facebook, X or YouTube, or on demand by looking up WHAT THE TRUCK?!? on your favorite podcast player and at 5 p.m. Eastern on SiriusXM’s Road Dog Trucking Channel 146.
Party in the USA
Stars and stripes – WTT + the red, white and blue equals the new you. Head on over to WTTGear.com to get our newest merch! Use code WTTFans for 10% off.
Driver shortage debate at F3
As I wrote last week, FreightWaves’ Craig Fuller challenged the Owner-Operator Independent Drivers Association and the American Trucking Associations to debate on the driver shortage at our annual F3 conference in November.
Despite a substantial bounty put up for the charity of the winner’s choosing, the ATA has pulled a Kamala Harris on Joe Rogan: It won’t show up.
That’s OK, though. Instead we’re going to see OOIDA’s Lewie Pugh debate Clarendon Capital’s John Larkin on the subject.
But wait, there’s more. I have been added to the session as the special guest referee tasked with keeping order during the verbal brouhaha.
What are my qualifications, you may ask? I have 14 years of operations, sales and marketing experience in logistics from the other side of the desk. In addition, I have seven years of experience covering this industry in the media. Back in high school, I was a menace on the Lincoln-Douglas debate circuit.
Oh, and I’m currently reading wrestling legend and former WWE referee Earl Hebner’s autobiography.
Get your tickets to the logistics event of the year, F3, right here. (That’s my discount link.)
Now on demand
Will President Trump make freight great again? (Featuring Craig Fuller)
Election eve; drivers surveyed on HOS; is supply chain AI overhyped?
Thanks for reading, and feel free to forward this to a friend.
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Don’t be a stranger,
Dooner
The post Story of the year … so far appeared first on FreightWaves.
