Random LTL Rants (all are welcomed)

I can vouch for that lol. I see y’all’s trucks on wreckers multiple times a week as I’m running my route and sometimes on my commute to and from work.

 

I wouldn’t even leave the yard with a coolant leak... Don’t put your CDL on the line with this company.

 

Aren't you so happy to work for a union company where you can't be screwed over..?

 

Honestly, I don't get all this garbage, union or not.

Our job, as drivers, is to get the freight where it needs to be, safe, legal and on time. If the world worked the way we were told, one would think our bosses would be on board with that.

Yet, it seems that we're stymied at every turn, by the people who should be supporting us.

What's This Foolishness?

 

don't you work for a YRC company still/again?

 

YRC is in deep ####, deeper than their usual ####.

oh, you can't say that word here. umm deep doodoo

from freightwaves.com (about a month ago)

pointing to a 23.9% year-over-year decline in LTL volumes for YRC during the month of April, significantly worse than competitors like Old Dominion Freight Line (NASDAQ: ODFL), ArcBest Corp. (NASDAQ: ARCB) and Saia Inc. (NASDAQ: SAIA) that recorded declines of 15.3%, 14% and 13%, respectively, during the month.

Also troubling are recent notices that the company has fallen behind on its commitments.


In a Friday letter to local unions with YRC members, the Central States Health and Welfare Fund noted that YRC was delinquent paying health contributions owed for the month of March and that the carrier advised them that it would be unable to make these payments in April and May. The fund estimates the three-month period will result in a nearly $75 million delinquency, in addition to the more than $48 million already owed by YRC to the pension fund from a prior debt restructuring.


Previously, YRC received a grace period for health and welfare and pension fund contributions to its union employees. The original grace period was for March contributions to be paid in April, but International Brotherhood of Teamsters management warned in a letter to the rank and file that additional extensions may be sought.


The company remains in perpetual turnaround mode, the latest referred to as a “multi-year enterprise transformation strategy,” that includes asset utilization initiatives, migrating all of its separate operating units onto the same technology platform, reporting all five brands on a consolidated basis, favorable work rules following the 2019 labor contract implementation, shuttering terminals, closing New Penn’s headquarters, debt restructuring, headcount reductions, a hiring freeze and suspension of short-term incentives.


Ross’ thoughts on the transformation: “A main result of COVID-19, in our view, has been to act as an accelerant on trends (that may have been moving too slowly) — essentially pressing ‘fast forward’ on life for both aging individuals and aging companies in poor health. YRC certainly fits into the ‘vulnerable population’ category, as it has been lumbering around with multiple preexisting conditions that made it vulnerable to shocks for years now.”


Ross sees the second quarter as “make or break” for the carrier and questions the company’s survival.


“At this point, we believe it’s dependent on two things: a) U.S. government assistance in the form of a grant to cover payroll, health care, and/or other expenses, and b) how quickly volume returns as the economy reopens this month. If we don’t get any good news in the next 30 days, we would not be surprised to see a wind down of operations on or before July 4th weekend.”