The reduction in excess capacity may allow existing carriers to raise prices, one analyst says.
One of the most prominent names in US short-haul trucking is poised to fade away, leaving billions of dollars in business up for grabs in a weakened freight market.
The collapse of Yellow punctuates a sharp decline for the US freight market coming out of the pandemic, as shifting consumer habits have weighed on e-commerce shipments and caused industrial production to decline for a second month in June. Yet analysts and industry leaders say Yellow’s problems are due more to preexisting problems rather than industry dynamics.
Yellow’s shares nearly doubled at 2:50 p.m. in a volatile trading session Monday in New York, giving it a market value of about $72 million. The company last year had revenue of $5.2 billion. Lee Klaskow, a transportation and logistics analyst with Bloomberg Intelligence, cited Old Dominion and XPO Inc. as possible beneficiaries if they can pick up some of Yellow’s shipments.
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