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Layoffs and bankruptcies are surging in the logistics industry, signaling a shocking downturn in the freight market. This video delves into the severe recession impacting the freight transportation sector, with overcapacity and plummeting freight-hauling rates since March 2022. FreightWaves SONAR had predicted this downturn, which has now extended beyond U.S. trucking fleets to global ocean carriers, railroads, air cargo carriers, and freight forwarders. We explore the domino effect of these market conditions, leading to numerous bankruptcies, shutdowns, and layoffs across the industry, including major players like Yellow Corp. and Convoy. The video presents a compilation of FreightWaves’ coverage over the past year, highlighting the dramatic decline in the freight economy and its widespread impact. From the liquidation of Twin Express and the shutdown of SEL Supply Chain Solutions to the closure of legacy companies like Certified Freight Logistics, this video provides a comprehensive overview of the current state of freight, reflecting the financial and human toll of this downturn. #Bankruptcies #Layoffs #Transportation #GlobalEconomy #TruckingIndustry #Recession

Timestamps:
The Wild Ride of 2020 and Aftermath 0:00

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