21 November 2023
The freight market is currently facing one of its worst downturns in history, not merely a reversion to the mean. This severe recession in the freight industry is attributed to an excessive buildup of capacity. Since early 2022, numerous companies, including major players like Yellow Corp. and Convoy, as well as smaller, lesser-known firms, have either gone out of business or significantly downsized, leading to widespread bankruptcies, closures, layoffs, and substantial financial and human losses.