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.
As shipping rates fall, many who started trucking companies during the pandemic, like Arnesha Barron, are facing financial hardship. Discover their stories.
Arnesha Barron, a single mother of three, leveraged the surge in shipping rates during the Covid-19 pandemic to start her own trucking company, making up to $20,000 a month in profit. However, as shipping rates have plummeted over the past year, Barron and thousands of other trucking operators have struggled financially. Approximately 15,000 trucking companies, primarily single-truck owner-operators, have shut down since October 2022, and it's estimated another 2,000 may need to exit the market to balance supply and demand.
Barron's monthly profits fell drastically from $20,000 in March 2022 to just over $3,300 by July of the same year due to soaring fuel prices and decreased demand. Unable to cover her family's expenses and loan payments for her truck, Barron had to surrender her truck, losing her $4,000 down payment and incurring a $7,000 penalty for returning the vehicle.
The increased demand for drivers in 2020 and 2021, driven by Americans spending stimulus checks and a booming housing market, enticed many into the trucking industry. However, as consumer spending has shifted and demand decreased, the industry now faces a precarious situation.
Source: NBC News
Many new truckers joined the industry during the pandemic to take advantage of high rates and demand. Today, the landscape has changed. Read more in @nbcnews from @spettypi: https://t.co/UvU44IeaPc
— DAT Freight & Analytics (@datfreightteam) July 5, 2023
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.
CtrlChain carriers cut admin time by 95%, process paperwork 80% faster, and get paid 4x quicker. See what’s new in 2024—and what’s coming next in 2025!
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