During the first month of 2020, we talked about the first challenges that are coming to the trucking industry as well as rising positivity among truckers and companies. But the industry is constantly moving, shifting and changing and important trucking news is always plenty to explore and be aware of. Therefore, let’s end the month of January strong with the top 5 most impactful and intriguing trucking news that recently seen daylight.
A global leader in the manufacture, customer support and design of high-quality premium trucks PACCAR recently recorded a class 8 truck order slowdown on the fourth-quarter of 2019. However, the story of its parent company of Kenworth and Peterbilt trucks and the total revenue for the whole of 2019 is completely different.
Among many other trucking news circling, PACCAR showcased record-breaking revenues of $25.60 billion which is up to 9% from the 2018 numbers of $23.50 billion.
The revenue for the last quarter had a slight downgrade which did not affect the overall success for the year 2019 and trucking news like these only shows how truck manufacturing is not slowing down.
Forbes – one of the most iconic magazines on the planet composed its annual list of most successful and admired companies on the planet. All based on a survey of more than 3,000 executives, analysts, and directors.
As Apple topped the list for the 13th straight year followed by Amazon and Microsoft in the top 3, trucking-related companies have also taken the list quite by storm!
Federal Express, a multinational delivery service based in Memphis, Tennesse takes the highest rank (15th) among trucking companies. Other more familiar companies include Paccar, Volvo, XP Logistics and more.
One of the biggest shutdowns this year so far is without a doubt the Flatbed carrier TK Transport from Clute, Texas. According to various reports and trucking news – the decision to cease operations came due to rising insurance costs, government regulations and weak spot market.
The company assured that the truck drivers will be paid and not left stranded on the road while trying to close the business the right way.
They also added that a list of companies hiring in the area will be provided for drivers and pointed out a need for the trucking industry to shift to a real-time payment system such as those like UPS, FedEx or Amazon.
We already saw one Californian law all over the trucking news recently when it posed a threat to thousands of truck drivers and the trucking industry in California as a whole. As that law has been halted, a new one appears.
It took effect just now in January and it will require all trucks and buses to have engine models of at least 2010. Tens of thousands of notices are already issued for trucks with expiring registrations while thousands are known to be already noncompliant with the regulations and can’t be registered.
Approximate numbers for overall measures are said to be 420,000 heavy-duty trucks and around 80,000 of them could not meet the new requirements. All of this is due to California and Los Angeles ranking number one on the list of most-polluted cities and areas in the US.
Coronavirus news and updates are everywhere, and now the impact is reaching carriers across the globe. Our more-than-ever interconnected world and logistics might crumble and spark a new crisis.
World Health Organization could declare an international health emergency in the upcoming days and various carriers are already shutting down flights across North America and Europe.
For now, the trucking industry in the US is operating as always but that could change if the trend continues in the same direction with the same or even greater acceleration.
poladminJanuary 24, 20202:19 pmPositivity Boost for US Trucking Industry & Truck Drivers in 4 Steps!
US trucking industry is always balancing between the good and the bad, the challenges and new achievements. And while the first indications showed us that 2020 might be a challenging year for both truck drivers and the US trucking industry, it is always important to remain positive and optimistic. And it seems that towards the end of the first month of the year this is the trend that’s happening. Let’s welcome the positivity boost for the US trucking industry and truck drivers in 4 easy steps!
We simply have to start with California’s AB5 law and how truck drivers achieved major victory recently. The controversial law received heavy criticism due to its threats to more than 70,000 truckers by reclassifying them as employees of minimum wage rather than self-employed independent contractors.
The law received an opposition from California Trucking Association which filled out a federal lawsuit in its efforts to stop the law.
And on January 16, a federal judge halted the procedure of the law indefinitely until further notice which could extend for months or even years while the battle for AB5 will continue in court.
According to various reports, the US manufacturing sector as a whole has been struggling for some time which affects shippers and motor carriers. But recent Federal Reserve Data shows us a 0.2% increase in output by US manufacturers.
This is one of the first signs of recovery, and no one else should be happier than shippers, carriers and the US trucking industry as a whole.
More shipping means more selling for shippers which results in higher trucking rates and benefits for truck drivers. The hope for upside this year and growth in US commerce is real.
The survey which was conducted in the last quarter of 2019 has been seen to show optimism among shippers for the future.
The most optimistic ones were LTL (less-than-truckload) respondents with an expectancy of expansion and growth due to e-commerce sales.
When it comes to trucking, it was a more modest vote and actually indicated that many are expecting volume growth to slow down. However, the intermodal competitiveness improvement is expected to increase, and more than 50% of voters expect truckload growth moving towards the future in the US trucking industry.
Despite all the challenges that await, the optimistic approach was emphasized during the Highway Transportation Session at NITL 2020 Summit.
Hundreds of executives and professionals from the US trucking industry and transportation sector came together to discuss a variety of topics and challenges like truck parking, driver retention, contract rates and much more.
The tone throughout the conference was always positive, and it always highlighted what needs to be done for improvement and how to step up the game in various areas within the industry. Let’s see what 2020 has in store for all of us!