The largest trucking companies that went bankrupt in 2022 freight recession

The largest trucking bankruptcy was a Postal Service carrier

Rachel Premack and Clarissa Hawes·

It’s been a rough year for the trucking industry following the red-hot market conditions of late 2020 and 2021. 

Since the beginning of the year, spot rates have declined by 27.6%, according to the FreightWaves National Truckload Index. On the contract market, which comprises a larger chunk of the trucking industry, the rate to move a truck declined by 6% over the same period. 

The cost to run a trucking company, however, has sharply increased despite this slump in rates. The retail cost of diesel has had the most shocking uptick: 36% higher from the beginning of this year. 

But compared to the “trucking bloodbath” of 2019, the industry hasn’t seen a wave of large firms declaring bankruptcy. Trucking companies, instead, seem keen on expanding. Hiring activity, according to federal data that tracks preemployment queries for commercial drivers, has actually increased. Federal employment data reflects that trucking payrolls have increased by around 55,600 drivers, or a 3.6% increase, from January to November. 

Resilience in the trucking industry could be a result of many trucking companies being flush with cash after the recent bull run. 

Here are some of the small trucking companies that went bankrupt this year: 

• Freon Logistics, 10 drivers. 
• Navarro Trucking Group, 15 drivers.
• JCB Trucking Enterprises, 16 drivers. 
• McClellan Trucking and Duran Transfer, 21 drivers. 
• Elite Transportation, 25 drivers. 
• Rooney Trucking, 37 drivers. 
• L.W. Miller Cos., 87 drivers. 

And here are the largest trucking companies that filed for bankruptcy in 2022:

Marvin Keller Trucking, 115 drivers.

FreightWaves’ Clarissa Hawes reported that Illinois-based Marvin Keller Trucking filed for Chapter 11 bankruptcy on April 22. The company was established in 1965 and, according to a Federal Motor Carrier Safety Administration database, remains in business……more here

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