Financial distress in the trucking and logistics sector over the last three years has forced thousands of shipping companies to cease operations in the Great Freight Recession.
About 88,000 trucking companies and 8,000 freight brokerage firms went out of business in 2023, data from Freight Caviar revealed.
The trucking sector reported a net loss of about 10,000 carriers in the first half of 2024, according to TruckInfo.net.
