Yellow Corporation – the third largest less-than-truckload (LTL) carrier in the United States – announced to its union Sunday that it will be filing for bankruptcy. Facing USD 1.3 billion in upcoming debt maturity, the nearly-century old company suspended operations the same day.

Chicago, IL. June 27, 2023 – Compass Forwarding has opened an office and warehouse in Chicago, growing the company’s footprint in one of the fastest growing logistics markets in the US. The customer service center and 16,800 sq. ft. warehouse are located in Elk Grove Village, IL – minutes from Chicago’s O’Hare International Airport and rail terminals.

Airport Issues in New York, Frankfurt, Munich Leading to Cancellations and Diversions

Labor strikes in Frankfurt and Munich coupled with a power outage at New York/JFK have led to numerous cancellations and diversions on international flights from Thursday through Friday. All Lufthansa flights operating from the airline’s hubs at Frankfurt and Munich were canceled Friday due to a strike by the Verdi trade union. Over 1,300 flights were canceled as a result.

The strike follows an IT outage at the Frankfurt airport earlier in the week that led to a stoppage of flights.

Hurricane Ian is currently striking the west coast of Florida as a Category 4 hurricane, yielding damaging winds and severe flooding. Winds of up to 150 mph (241 kmh) have been recorded, and storm surges are expecting of up to 12-18 ft in parts of the state.

Ocean Freight
Measures taken by governments, carriers, and ports have thus far failed to remedy the capacity shortage and congestion crisis. Ocean carriers have recorded record-high Q3 profits at a time that they have failed to adequately add capacity, failed to control port congestion, and raised freight rates.