While a majority of the trucking industry is scaling back on shipping capacities due to low demand and weak pricing throughout most of 2016, Lowell, Ark.-based J.B. Hunt Transport Services will add hundreds of trucks to its fleet in 2017, reports The Wall Street Journal.
Here are three things to know.
1. Next year, J.B. Hunt plans to add 500 to 700 trucks to its dedicated contract services business that offers supply chain solutions and manages fleets for retailers and manufacturers, according to the report. Up to 120 trucks will also be added to its truckload segment.
2. Companies like Swift Transportation, Werner Enterprises and Covenant Transportation Group all pulled hundreds of trucks from service in the third quarter of this year as a result of overcapacity and falling shipping prices, WSJ reports. However, in the same quarter, J.B. Hunt added 83 trucks to its truckload segment.
3. J.B. Hunt represents the third-largest U.S. trucking company in terms of revenue behind United Parcel Service and Fed Ex, according to research firm SJ Consulting Group. In 2015, the company recorded $6.2 billion in revenue.
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