The Great Freight Recession has victimized hundreds of companies in the trucking industry during the first half of 2025.
Dry van truckload contract rates were unchanged year-over-year, and trucking spot rates, which shippers pay carriers for a one-time shipment, finished the first half of 2025 below last year's levels, FreightWaves reported.
Long-haul truckload demand reportedly sank by 25% in the first half of 2025, with trucking becoming more of a short-haul delivery method for the final leg of freight hauling.
Related: Beloved 159-year-old Home Depot rival closing, liquidating
Overall freight demand resulted in an unseasonal decline in April 2025, “likely presaging further deterioration in the coming months,” according to Ryder and FreightWaves' State of the Industry Report released on April 23.
The decline is unseasonal, as the beginning of the second quarter usually sees demand slowly ramp up in anticipation of summer inventories and produce deliveries, according to the report.
Economic problems, litigation led trucking companies to close
Deteriorating economic conditions and other factors, such a litigation concerns, high debt obligations, or just a need to retire from the business, have pushed companies to shut their doors.
The latter was the case for Florida-based trucking company Davis Express Inc., with 160 trucks and 140 drivers, which shut down its business permanently on April 23 after he owner of the company said he would retire and did not want to wait any longer for the business to turn around or to find a buyer.
Davis Express Inc. vital statistics:
- 140 drivers.
- 160 trucks
The founder's family also was no longer interested in continuing the business due to industry challenges, he said.
Image source: Shutterstock
Carroll Fulmer Logistics closes its business
And, now, iconic trucking and logistics company Carroll Fulmer Logistics is shutting down its operations after 58 years, claiming that the company can no longer continue because of frivolous lawsuits and the bad economy, Clermont Sun reported.
The Groveland, Fla., trucking company, which owns or rents over 400 trucks and 1,700 trailers, has faced several personal injury lawsuits, sometimes fighting six to eight at a time with claims over $250,000.
Related: Iconic retail chain shuts down its remaining stores in bankruptcy
“There are many attorneys who make it seem easy to sue a trucking company,” company partner Philip Fulmer told the Clermont Sun.
“Many of these lawsuits are bogus, meaning that no injury actually occurred, but we still have to fight them and that takes a lot of money,” Fulmer said.
Carroll Fulmer's 100 employees will receive 60 days of pay and help from the company, local businesses, and the Groveland city government to find positions with other businesses.
Carroll Fulmer Logistics vital statistics:
- 100 employees.
- 400 trucks.
- 1,700 trailers.
“I hate that it’s come to this, but we have no choice. We want to thank Groveland for years of support of our family’s business. I’m just sorry it must end,” Fulmer said.
More closings:
- Major furniture manufacturer closes down, no bankruptcy
- Iconic pizza chain’s franchisees close multiple restaurants
- Iconic retail chain closing over 100 stores in bankruptcy
The trucking company was founded by Carroll Fulmer and his wife Barbara in August 1967 in Orlando, Fla., as Fulmer Brothers Transfer and Supply, before changing its name to Carroll Fulmer & Co. in 1983, according to the company website.
Carroll Fulmer started his truck driving career in 1954 in Aiken, S.C., and eventually moved his family to Pine Island, N.Y., in 1962, before relocating to Florida to open his first trucking company.
By 1991, Fulmer began winding down his involvement in the company, handing it over to his children at age 56 and became just a consultant to the company by age 60.
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