Yellow and YRC has locked out employees, bankruptcy proceedings start this week.
Yikes!!!!
Wow. Come to think of it I haven't seen one of their LTL's in the industrial park our yard is located in. All the other big names run daily.
20,000 Union teamsters and another 13,000 management or so. 1,000 in their offices in Kansas City got let go friday. Just read a chart showing current rates down 20-50% from a year ago for freight. Pandemic prices didn't hold. Also yellow still owes Uncle Sam for a $700 million load it got as a "vital" business/ bailout a couple years ago.
National average just for operating expenses as of a month ago were hovering at $1.68 to $1.72 per mile. In order for a company to survive they need to see $2.50 a mile. Labor is the biggest cost then fuel tires rate fifth inline. With all the LTL freight going on it's not hard to see what's happening.
Also just read there is 8-10% excess capacity in the LTL market something I didn't know either. By product of a cooling economy I guess.
LTL?
Less than Truckload Load
This is the chart I saw posted. Just shows some year over year figures from DAT load board.
Palleted loads with a lift gate usually, although I've shipped small skid steer attachments as well. Ordered track pads and hardware from Atlanta for our 321 several years ago and came LTL.
With rates as high as those have been, people have cut back on long distance shipped items. 70% of it is dry cartage.
LTL covers anything-frozen, dry cartage, flatbed. The old BS term was backhaul for owner operators.
Is a hot shot service considered an LTL? I have a friend of mine that runs one nationwide out of Oklahoma
Yeah I guess it would be but I'm no trucker.
Hotshot is and isn't LTL, is generally Emergency or Special needs immediate delivery loads. LTL means there are dozens or more single ship loads in one haul, a manhole cover or a few small valves, a pallet of boxed small parts or a engine on a skid.
They say Yellow is worth more dead than alive, with their realestate holdings. 300 terminals located in expensive places.
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It’s going to leave a scar. Supposedly 1.1 billion in rolling stock. What’s that going to do?
When CF & PIE went under same thing only on a smaller scale because of land values at the time. * Hauling produce was in many cases was LTL with all the pickups & drops to mom & pop produce outlets. Called a mixer load. Normally the only straight full loads went to chain grocery. A truck could have as many as 12 pickups in California.
For the trucks everyone in construction can buy a cheap OTR and convert to dump. Just think of how many yellow and blue dumps will be running around. Problem is the maintenance on those was getting short changed towards the end.
You are probably correct. Lots of home-owners will be asking us how to install hitch plates to their newly acquired, worn out Yellow tractors. To go with their old giant excavators.
Trucks in most cases are a evil necessity, open the hood in the morning dump a sack full of money under there-shut the hood and drive on. Repeat the next day.
Think of all the homeless shelters those trailers will make dispersed in the finer neighborhoods.
I could add an addition to my place, cheap.
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If they survive a restructuring bankruptcy it'll be a stock to watch. Pennies to buy in with a dollar upswing potential.
I just submitted my MCS-150 biannual report to FMCSA this weekend, so I feel like I’m making an important contribution to the 13 million registered commercial trucks in our industry. Sitting on the back porch, overlooking the homestead and trying to wrap up month end accounting. **** posting with my HEF friends and dreading the 5:30am flight to Deadhorse in the morning. Got some work lined up in the oil patch. Going to bring my sidekick, Ziptie, with me.
That's good your helping with keeping the statistics of evil necessities.
I've been watching the writing on the wall for a couple weeks. I heard the operators are losing their pensions as well. I remember CF, Yellow and TNT/Holland had a big footprint here on the southside of Chicago. Left a huge hole when CF folded and the others scaled back. Some properties particularly Yellows yard off 294 @ 103rd st remains vacant to this day. This is gonna be ugly with a lot more collateral damage, I think.
I’m surprised to see that YRC has four terminals in this state. I think they probably share space with someone else. I’ll have to check that out further.
If, you are some big multinational. Most of the people that post and read these posts would get eaten alive trying to make any money on a deal like that. Most of us don't have the lawyer/accountant power to swing a deal like that. Remember Braniff? "No one will allow an airline to go under." We bought with money we were going to spend in Reno (about $200) Braniff stock at a nickle a share. At least in Reno they gave you free drinks while at the tables. Braniff took our $200, burped and didn't even say excuse me. It was just gone. With no free drinks.
Here is the severance package.
Geez---Trucking is a carney bum game always has been. The other buzzard freight companies were there johnny on the spot to take over any major accounts. Every trucking company owner/ manager thinks they have the sharpest pencils plus will tell you so by either having a zipped mouth or running it. Cutting freight rates right now to horn in on territory will happen/already has happened. Shippers are not going to hesitate to find other freighters. I've spent years around this business watched as they come and go, the bigger the company the bigger the truck wreck that ensues. Freight companies are in a constant battle with shippers especially contract carriers, contract means nothing. I remember in the early 80's trucks were deadheaded to California from PNW, couldn't get a load going south, covered fuel was about all. Freight & Trucking is a racket, Jimmy wasn't in it for the little guy-played the game wrong ended up in a 55 gal drum filled with concrete. Like one owner of a brokerage told me years ago--Only the Crooked Survive.
Most of the stuff that i am sorting through at my Dads place came from Yellow freight . In KC they had a place were they sold stuff that got damaged in shipping. Years ago he would go there on Friday and bid on stuff. He had several buddys that did the same . The bad thing was about 75% of this stuff he bought he never was able to sell . Through Dad i got to know several guys that bought this stuff all of them had a bunch of stuff that they stored for years thinking someone would want it.
I don't know anything about truck freight but I'm working on an advanced business degree from the school of hard knocks. My studies so far suggest the ratio between revenue generators and overhead is way out of whack.
Can see the price of van trailers going in the commode.
LOL. I can buy the stock on my Ameritrade account just like anyone else... It's currently at $1.
One LTL driver said it to me, trucking companies are all "conniving"....one pallet shipped across the state, direct to the company, $1000 and good luck if they smash it. Call a broker and get the same pallet shipped with the same co., $250, still good luck if they smash it. YRC was a frequent caller to my business and always the same driver. He stopped by to say goodbye on Thursday. Said he was not going back into trucking, would stick it out to the end (I guess that was Fri for him) then go write a book or find other work.
Just saw some talking heads, apparently the competition that is going to step in uses outside help for line haul, Yellow did it internally, so that might be a little boost for the independents that have been struggling lately.
One manager for every two workers doesn't sound necessary to you? With 5 people in every meeting, that means nothing is ever anyone's fault. A 700 million dollar loan takes a while to burn through. Can't just give it to the workers, need a couple vice presidents and HR, and community outreach, and a diversity program for someone's brother in law to run. Those VP's got to have someone to manage to earn that 13 weeks severance.
IML was as bad in 82.
Allot of freighters have done that for years, Skimming is the name of the game-ever since there was a Autocar truck. Below is a few plates displayed at P.I.E. headquarters in Cal in 1956. I like picking on the business I worked in for so many years. Like I told one jacka$$ truck company owner {you want me to lie for you- then you better let me know when it's ok to lie to you}. CAN'T SKIRT THAT ONE. A dispatcher main job is to be able to lie with a smile. When walking into dispatch-dispatchers keep an eye on the hallways to clam-up pronto. Before drug testing came along there wasn't a dispatcher/brokerage that didn't have a bag of pills in their desk drawer to hand out. It's one of the big reasons for E-Log, years back it was expected you cheat your paper logs, if you didn't you got shelved. Just hard facts like it or not.
Gee Mr Peabody, where are we gonna take the wayback machine to next?
I like hearing about the days of yore. I was just a young fella, polishing chrome, washing trucks, checking air pressures and getting in everyone’s way. Before deregulation and drug testing. Little brown bottles of toothpicks, black moly and multiple log books.
If you listened to Mr. Peabody closely, you would always hear; "if you ignore history, you will repeat it." Just a cartoon version of George Santayana. A couple of decades from now, people will have forgotton Yellow and another LTL corporation will repeat the process. Just like Yellow did after Time DC and all the others.
There's ton's in the wayback machine-just in time freight didn't make it any better. It didn't take 24 hrs to figure manipulation of E-log. The cell and GPS tracking turned it into the biggest micro managed mess-hurry up and wait every load is a priority [got to get there emergency] "mama is at the drive-up window pounding on the steering wheel because they are out of fries and she wants her mega bag of fries now not five minutes from now. The industry did it to it's self, the big shippers/receivers all have access to a freight companies gps tracking, which relates to detention fees on late deliveries, then turn around and take there good time about reloading-dog eat dog.
1980 Eagle Division IML pushed the guy I had on my truck to a point of exhaustion. I tried to fill in as he was hospitalized and damn near ended up there myself. Standing in the SLC office with five other indy’s we sat a dispatcher on his heels so hard he was getting a nosebleed and threatening to call cops. Was trying to convince himself we could round trip SLC to Denver and back in a 16 hour period including offload reload, actually tried to explain how to doctor logs to do it, the final straw was Spokane to Tucson, wanted Three rounds a week. Miles, Hours, On duty time meant nothing as the dispatchers were getting kickbacks from shippers.
The whole point of this is it's one of the few jobs that require looking the other way. Every driver is a Sargent Shultz. The ones who say they never bent the hell out of the rules-PEW.
Can we go back to the days when gals had big boobs and long legs Now days it's mostly big legs and long boobs
And don't forget, NO PENIS!!!!
That went out in the 80's and iced mocha's took over.
That syndrome goes with posing the fancy big nosed 4x4 also.
Can we go back to the days we don't have to moderate every thread?
yes
I used proper english. No slang, nothing vulgar.
Never said you did. If ya'll want to talk about penis's, boobs or legs there are other avenues out there on the 'net and have at it. Last time I checked it didn't have anything to do with heavy equipment.
There a lot to do with heavy equipment when your talking about boobs
Can attest to a great deal of them in Operating seats!!