COVID, oil glut behind many small trucking companies’ bankruptcies in 2020
As the demand for essential goods soared amid the COVID-19 pandemic, larger trucking companies were able to pivot faster than smaller fleets that didn’t have the necessary equipment, finances or drivers. 3,485 10 minutes read The COVID-19 pandemic, an oil glut and legal issues forced small-business carriers to cease operations or file for bankruptcy protection in 2020. Photo: Jim Allen/FreightWaves
In 2020, the U.S. trucking industry was turned on its head by a pandemic and an oil glut that forced many small fleets and owner-operators to file for bankruptcy protection.
According to the American Trucking Associations, 97% of U.S. trucking companies operate fewer than 20 trucks, and 91% have six or fewer.
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FreightWaves Haul of Fame: St. Johnsbury Trucking proudly served the Northeast for more than 70 years A St.Johnsbury Trucking tractor-trailer. (Photo: Gary Morton Collection)
St. Johnsbury Trucking was formed by brothers Harry and Milton (Mickey) Zabarksy in 1920 in St. Johnsbury, Vermont. Even earlier (1918), Maurice, the youngest brother, helped their father convert a roadster into a truck and began hauling area farmers’ milk to market.
As the company became more established, Harry and Mickey began hauling farmers’ milk and meat to Boston by truck, while the bulk of these commodities were shipped by rail. The company became a household name in 1927 following one of Vermont’s worst floods. The Zabarksy brothers branched out and hauled mail and household goods to service those affected by the flood after the railroad tracks and trestles had been washed away.