Squeeze on US truck capacity and lack of drivers keeps rates high
With tender rejections at record highs, shippers are seeing contract rates follow the upward momentum ...
MARKETWATCH reports:
Shares of trucking company YRC Worldwide YRCW, +74.59% rocketed 75% in premarket trade Wednesday, after the company said it expects to receive a $700 million CARES Act loan from the U.S. Treasury. “YRCW and its operating companies Holland, New Penn, Reddaway, and YRC Freight have been significantly impacted by the COVID-19 pandemic,” the company said in a statement. The companies employ 30,000 drivers, including 24,000 members of the Teamsters union, it said. The company will use the funds from the bailout plan ...
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