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Good morning!

Welcome back to The Highway Hustle - your go-to for making sense of the trucking tangle.

Here's what's revving up today:

🚚 Bankruptcy Blues and the Layoff Lowdown: Truckin' through the industry's topsy-turvy terrain.

🔮 Future Forecast: Eyeing the road ahead in trucking – what's next on the horizon?

🛢️ Retro Ride: Throwing it back to '73 – trucking and life lessons from the oil crisis era.

Strap in, and let's roll!

⛽ Joe’s Fuel Corner

• Avg. Gas Price: $3.242 

• Avg. Deisel Price: $4.19 (down $0.052 from last week!) 

• Priciest Gas State: California ($4.80)

• Cheapest Gas State:  Mississippi ($2.74)

Q4 has been good to us this year, on the fuel side at least; Diesel lovers, you're looking at $4.19 on average, but hey, it ain’t no $5.00.

That's the fuel lowdown for now. Keep an eye on those pumps! 🚚💨

Bankruptcy Blues and the Layoff Lowdown

The trucking biz is going YAHH and WOAH like Yosemite Sam lately. 

Despite November's historical success in the trucking industry, this year paints a different picture. 

Some even describe it as a "complete disaster,” but that sounds a little hardcore for our liking. 

Freight rates, expected to improve, have instead plummeted. 

The trucking company and freight brokerage Metalark's bankruptcy shows a 40% drop in gross revenue– $60 million in gross revenue this year, a sharp decline from $103 million in 2022 and $76 million in 2021. Metalark Agency, alongside its affiliate Metalark Transport, filed for Chapter 7 bankruptcy, affecting nearly 120 employees and leaving around $800,000 in unpaid wages. Additionally, approximately 1300 trucking companies are owed almost $2.7 million. 

Metalurk isn’t the only company feeling the cold. This trend reflects a broader industry downturn affecting asset-based and brokerage operations.

Twin Express defaulted on a $19 million loan, leading to the auctioning of their equipment, including 2023 Kenworth T680 semi-trucks.

The Pittsburgh-based Elite Transit Solutions had to lay off 65 employees due to declining gross sales, which are down by 25-40% from the previous year.

Certified Freight Logistics in California, a third-generation family trucking company, announced its closure after 95 years, affecting 157 workers. 

All this in addition to our reporting on Yellow Corporation (filed for Chapter 11 bankruptcy in August, laying off over 30,000 employees), Convoy Inc. (shut down in October, citing a “massive freight recession), and Flexport's layoff of 600 workers further underscores the scale of the impact.

Let's shift gears to peek into the crystal ball– What does the road ahead hold for trucking?

Springtime Sunshine: Glimmers of Hope on the Horizon

The immediate future appears grim, with January and February predicted to be particularly challenging. 

The national average load rates for vans are around $2.7 per mile, with expectations of a further decline. 

However, there's cautious optimism for a rebound from around March to April next year. 

This period of hardship necessitates strategic planning and resilience as the industry braces for tough times ahead but remains hopeful for a recovery.

But this is The Highway Hustle– we don’t believe in doom & gloom. Drawing historical parallels can provide insightful perspectives.

Let’s take it back to 1973.

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Throwback Tuesday: Trucking Lessons from the 1973 Oil Crisis

The 1973 oil crisis created significant economic hardship for the automotive and logistics sectors– worse than where we’re at today. Companies were facing bankruptcies, layoffs, and a general market downturn. 

A sharp increase in fuel prices and shortages dramatically increased operating costs for trucking companies. 

Smaller operators, in particular, struggled to cope with these increased costs, and many were gobbled up by larger trucking firms. 

The increased costs and operational challenges led to some consolidation in the industry. 

Larger trucking companies with better resources were able to weather the crisis more effectively, sometimes acquiring smaller companies that could not survive the economic strain.

Independent truckers, or owner-operators, were especially hard hit. 

The rise in fuel prices significantly cut into their profit margins. Many found it challenging to stay in business, and some were forced to leave the industry altogether.

Those left on the road saw significant operational disruptions due to fuel rationing and shortages. Truckers often faced long lines at fuel stations, and sometimes, they couldn't get fuel at all. This disrupted delivery schedules and logistics planning, leading to delays and inefficiencies in the supply chain.

The U.S. government even stepped in to impose a national speed limit of 55 mph to reduce fuel consumption. 

The crisis prompted a greater focus on fuel efficiency within the trucking industry. This led to more fuel-efficient engines, more aerodynamic truck designs, and a more strategic approach to route planning to minimize fuel consumption.

The crisis had a lasting impact on the industry, with companies becoming more conscious of fuel costs and energy efficiency in their long-term planning. It also sparked interest in alternative fuels and technologies to reduce dependence on oil.

The automotive industry also changed as a whole. 

American automotive manufacturers like General Motors, Ford, and Chrysler, known for producing large, fuel-inefficient vehicles, faced declining sales as fuel prices soared and consumers turned towards smaller, more fuel-efficient cars.

This period marked a significant decline for the U.S. automotive industry as Japanese automakers such as Toyota, Honda, and Nissan offered more fuel-efficient models and gained a substantial foothold in the American market. 

While none of the "Big Three" American automakers went bankrupt due to the oil crisis, they experienced substantial financial and market share losses. The American manufacturers were forced to innovate internally, and despite losing market share, are still powerhouses today. 

The Silver Lining of the Open Road

The resilience born in the 1970s to overcome these challenges and emerge stronger is a great motivational example for today's trucking industry.

Automotive and logistics industries to innovate in all ways– leaner operations, better fuel efficiency, and exploring alternative energy sources. 

Post-crisis periods often present opportunities for restructuring and growth. The period after the oil crisis saw a rethinking of how the automotive and logistics industries operated, leading to long-term benefits. 

The current situation, with its financial and operational challenges, may similarly lead to a period of introspection and restructuring in the trucking industry, potentially setting the stage for future growth and stability.

Expect the best; prepare for the worst.

Tough times call upon the best and most creative versions of ourselves. 

Trucking is the heartbeat of how things move in this country. It informs policy it helps shape consumer spending habits.

We’re keeping our eyes on the road and what’s next for the industry, and we’re proud to have you onboard.

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