Economy

OnlinePoker

(5,720 posts) Fri Jul 12, 2019, 03:16 PM Jul 2019

Fifth major trucking company of the year shut down

Breaking News: 400-truck LTL carrier suddenly shuts down (with video)

Sources reached out to FreightWaves on the afternoon of July 11 to report that less-than-truckload (LTL) carrier LME has suddenly and abruptly shut its doors, notifying shippers they were ceasing operations.

LME is a regional LTL carrier, based in Minnesota, that operates throughout the Midwest. According to the company’s website, LME has terminals in 30 locations across the U.S. and through interline agreements services all of North America. The site also lists some of the carrier’s major accounts, including 3M, John Deere, Osram Sylvania, Brake Parts and Toro.

The company claimed that the team included “over 600 men and women.” Saferwatch lists the company having 382 power units and 1,228 trailers, with 424 truck drivers.

https://www.freightwaves.com/news/breaking-news-400-truck-ltl-carrier-suddenly-shuts-down

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Sounds, from the video, like the company management was union-busting shit.

3 replies

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Fifth major trucking company of the year shut down (Original Post) OnlinePoker Jul 2019 OP

Not good, Wellstone ruled Jul 2019 #1

my trucking friend who has many contacts says rates are down to 1.30 a mile soryang Jul 2019 #2

Thanks to deregulation of the trucking industry. Who do we thank demosincebirth Jul 2019 #3

Wellstone ruled

(34,661 posts)

1. Not good,

Reply to OnlinePoker (Original post)

Fri Jul 12, 2019, 03:25 PM

Jul 2019

this was a great Teamster Shop. Knew there was a couple of Non Union Mega Trucking Companies offering below cost rates in order to break this company. Another hit to our already stretched Pension Plan.

soryang

(3,299 posts)

2. my trucking friend who has many contacts says rates are down to 1.30 a mile

Reply to OnlinePoker (Original post)

Fri Jul 12, 2019, 04:35 PM

Jul 2019

loads are way down, independent truckers are not doing well in general right now. They can't make money with rates this low. Brokers books for contracts are in decline, and truckers don't have much if any bargaining leverage.

This is consistent with the downturn in manufacturing reported by Roubini recently. Obviously, the spreading trade war trump started isn't helping matters at all.

In addition to the trade war with China, and the sanctions on Iran specifically cited by Roubini as responsible for a downtown in international trade, we now have a new trade war threatening between Japan and South Korea, which will also affect international supply chains.

This time of year isn't usually strong anyway. If trade disputes aren't resolved in a timely fashion, the recovery in transportation volume expected in the fall may be weakened.

demosincebirth

(12,537 posts)

3. Thanks to deregulation of the trucking industry. Who do we thank

Reply to OnlinePoker (Original post)

Fri Jul 12, 2019, 06:26 PM

Jul 2019

For that?

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