The US transportation giant Yellow Group suddenly announced the failure at the end of July and immediately stopped operation.This closure incident is the largest in the history of the US truck transportation industry, and it is also the most representative thrilling scene of the current wave of US companies.

Public information shows that Yellow Group was founded in 1924. It was formerly known as YRC Worldwide. It has been nearly a century to this day. It is headquartered in Nashville, Tennessee.Supply chain management, etc.Yellow has a huge team and professional driver team that can meet the transportation needs of various goods.

The group first operated the Delta and the bus passenger. In 1951, I went bankrupt and rejuvenated after being acquired. Through continuous mergers and acquisitions, especially in 2003 and 2005, they acquired two large -scale competitor companies and established them.The transportation network across the east and west coasts across the United States has become one of the best freight companies in the United States.

YELLOW has written the glory of GDP (GDP) for the United States to create more than $ 34 billion (about S $ 46 billion) for the United States within a year. It also provides nearly 60,000 jobs.10%market share.Wealth Magazine has selected it for the first and most admired enterprises for the transportation industry for three consecutive years.However, since the three -year epidemic, with the severe disconnection of the global industrial supply chain and the sharp decline in freight business, the company's operations have deteriorated, and step by step.

Although Yellow has a super volume of more than 12,000 trucks, retail giants such as Wal -Mart, Jiadebao and Uber Freight transport goods across the United States and provide transportation and logistics services to more than 800,000 customers worldwide.As high as 9.5 billion US dollars, it can be regarded as "so large that it can't fall", but due to the accumulation of various uncertain factors, the company will inevitably have a bad luck in the end.

It is worth noting that Yellow has always had close business contacts with the US Department of Defense, providing 68%of the Pentagon Building (Less than TRuckload, which refers to bulk freight transportation).

Faced with a precarious decline, the US government in Trump had spent $ 700 million in epidemic relief loans, trying to save Yellow in exchange for 30%of the shares to upgrade the team through this money.But this effort did not restore it.In order to assist YELLOW, the Ministry of Finance and the Ministry of National Defense provided loans accounted for almost all of the Federal Federal Crown Disease Relief funds for key national enterprises.To this end, the Ministry of Finance and the Ministry of National Defense were questioned by Congress. A Congress investigation team composed of two parties said that the Ministry of Finance and the Ministry of Defense "made mistakes" in 2000.mechanism.Yellow's closure has led about 30,000 employees to unemployment and also affected U.S. taxpayers.For taxpayers, the $ 700 million loan means water.

Sacrifice of high inflation

Yellow's century -old enterprise overwhelmed, it was really embarrassing.The reason is that from the perspective of the appearance: Under the epidemic, the global manufacturing output and trade volume decreased, and the downturn in consumer demand in the United States directly led to a decline in the demand for truck container transportation services.In the first quarter of this year, the import of US containers decreased by nearly 23%year -on -year, and the price index (PPI) of long -distance truck transportation services (PPI), from the highest peak in March last year to decreased by 7.3%in January this year.

Secondly, fierce market competition has led to overthrowing the industry track.Although the cost of road transportation decreases as the price of diesel is decreased, due to competitive reasons, the transportation cost of road cargo has also decreased, resulting in further compression of the profit margin of the transportation industry.Although Yellow is the transportation giant, emerging logistics companies use more advanced technology and management models to cut into logistics and transportation. In the future, they will have a good market share.

Once again, Yellow's financial situation has not been optimistic.As early as 2003 and 2005 acquisitions of large -scale competitors, the hidden dangers of financial overdraft were buried.As of the end of March this year, the company's unburreous debt repayment was about 1.5 billion US dollars, including about $ 730 million in owed to the federal government.The first quarter of the first quarter announced in May this year shows that the company's losses have reached US $ 54.6 million; as of June 30, cash and cash equivalents were only 100 million US dollars.This means that severe funding is not offset, and it is caught in a short abyss of $ 1.4 billion. It is difficult to maintain the company's normal operation of the financial dilemma.

It is not just that Yellow's customers have announced that they have suspended cooperation after learning that its financial situation is not good. They are worried that if bankruptcy occurs, the goods may be lost or stayed.The serious loss of customers has further reduced the income and exacerbated the closure process.

However, the deep -seated reasons for exploring the closure of Yellow are still the Fed's continuous interest rate hikes that cause high inflation. To put it bluntly, it is a victim of high inflation.

The logic behind

is that high inflation has promoted the rise in prices, causing transportation companies to bear huge operating pressure.In the context of inflation, employees such as drivers and other employees demand salary increase, and the cost of daily management of enterprises is also increasing, but the supply of goods in transportation companies is seriously insufficient. The actual revenue declines.As a succession.

The past monetary policy was loose, and many American companies adopted the business model of "debt operations, borrowing new and old".Now that the policy is tightened, the Fed continues to raise interest rates, and American companies eventually eat their own bad results.

Yellow's closure incident highlight the huge impact of high inflation on the economy, not only sounding the alarm in the transportation industry, but also caused people to deeply reflect on business business models.

How many Yellow is "yellow"?

The biggest wave of bankruptcy in 13 years is sweeping the United States. Well -known companies such as Yellow have bankruptcy and closure, which is not a new thing.Data from international rating agencies Moody's show that from the beginning of this year to June 15th, a total of 62 companies in the corporate bond issuer in the institutional rating system broke the contract.The tide of breach of contract directly helped the tide of closure.

Data from another international rating agency S & P show that as of June 22, 324 listed companies have submitted bankruptcy applications, which have been close to the total level of 374 copies last year in less than half a year.

Since March last year, the Fed has raised the benchmark interest rate from 0 to 5%to 5.25%, which led to increasing financing costs for American companies.

The iconic incident is that on March 11, Silicon Valley Bank suddenly announced bankruptcy.This 40 -year -old financial institution has stood up from his head to his head in less than three days.This is the largest financial institution in the United States since the financial crisis in 2008, and is also the second largest bank in American history.Some comments have pointed out that Silicon Valley Bank's thunder is "misunderstood" by the Federal Reserve, and the Fed's continuous interest rate hike is an important trigger factor. It just reveals the excessive deviation and care of the Fed's monetary policy goals.

Under the scourge of interest rate hikes, the financial industry is the first, and the manufacturing industry is difficult to escape.Like Asians, the American mattress manufacturer, Serta Simmons, has ended up. After many reorganizations and acquisitions, this year has not been able to survive and apply for bankruptcy again.

The author is a Chinese financial media column writer

Chief Analysts of Jingsu Media