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Jevic Transportation a former YRC property
By Angela Greiling Keane
Bloomberg News
Published on Tuesday, May 20, 2008
Jevic Transportation Inc., a closely held trucking company, is shutting down as the industry grapples with record diesel fuel prices and slumping freight demand in a weakened U.S. economy.
Jevic's demise pares trucking capacity, giving competitors a chance to raise rates, said Jason Seidl, an independent transportation analyst who left Credit Suisse this year.
''Pricing weakness in the overall trucking market and skyrocketing diesel fuel prices were the two final straws that broke this camel's back,'' Seidl said. ''I expect trucking failures to pick up steam as we move through the second quarter, which should help the out-of-balance supply/demand situation.''
Jevic was driven out of business by high fuel expenses, rising insurance bills, tightening credit and the slowing economy, Chief Executive Officer David Gorman said in a letter to customers on the Delanco, N.J.-based company's Web site.
U.S. trucking companies paid $4.52 a gallon for diesel fuel Saturday, up 32 percent this year, according to motoring group AAA. They're also hauling less freight as a real estate recession curbs housing starts.
Jevic was acquired in 2006 by Boca Raton, Fla.-based Sun Capital Partners from trucking company Saia Inc.
YRC Worldwide Inc., the biggest U.S. trucker by sales, spun off Jevic and Saia in 2002 as SCS Transportation, which took the Saia name after unloading Jevic.
Jevic is a less-than-truckload carrier, hauling freight from more than one customer in each trailer. Competitors including YRC have struggled in recent quarters. YRC, parent of Roadway operations based in Akron, posted losses the past two quarters.
Jevic Transportation Inc., a closely held trucking company, is shutting down as the industry grapples with record diesel fuel prices and slumping freight demand in a weakened U.S. economy.
Get the full article here.
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