More than 100 transport companies were placed into liquidation in 2024, according to the January Credit Indicator from Centrix.

The report showed 131 companies from the sector were placed into liquidation in 2024 compared to 73 in 2023 – representing a 79% year-on-year rise.

“As we round out the first month of 2025, it’s evident Kiwi households and businesses are ready for more financial stability against a backdrop of global uncertainty and a challenging local environment,” said Keith McLaughlin, Centrix managing director.

There are more than 17,000 registered companies in the transport, postal, and warehousing sector.

The increase in liquidations highlights the challenges the sector is facing due to higher costs and reduced demand across the economy, the report said.

For Kiwi businesses, the festive season remained taxing as business credit defaults and liquidations continued to put stress on sectors across the country.

Road freight, postal/courier and delivery services have experienced increasing volumes of company insolvencies and credit defaults in recent months.

Business credit defaults remained high year-on-year in December, with construction credit defaults remaining high (+40% year-on-year) alongside the transport sector (+36% year-on-year).

“While many were waiting for relief, at this stage it’s unclear what 2025 has in store for Kiwi households and businesses,” said McLaughlin.

“For anyone who is feeling the pinch post-Christmas, it’s important to get in control of your financial situation by speaking with an expert to avoid causing any long-term damage to your financial health.”