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TRUCKING INDUSTRY NEWS * USA & Canada
* USA - Texas Allows Overweight Trucks
TX,USA -The Journal of Commerce Online, by Janet Nodar -May 21, 2009: -- Texas Governor, Rick Perry, signed legislation that will permanently allow trucks to transport overweight freight between the Port of Brownsville and Mexico... The corridor allows trucks carrying primarily break bulk steel but also other cargoes to be loaded to Mexican truck weight limits. Without the corridor, said the port’s Deputy Director, Donna Eymard, shippers would have to use two trucks instead of one and the steel Brownsville handles would move to Mexican ports... Brownsville is one of the U.S.’s largest steel ports, handling more than 2 million tons during 2008. Virtually all of the port’s import steel goes to mills in northern Mexico to be processed. After processing, some of it is then re-exported... (Photo from businessfacilities: Port of Brownsville)
* Radiant Logistics to Buy Back Stock
Bellevue,WA,USA -Transport Topics -20 May 2009: -- Radiant Logistics said that it will repurchase up to 5 million shares of its common stock through 2010... The freight forwarding and logistics firm will use its revolving credit facility and future free cash flow in addition to existing cash for the transactions, it said in a statement Monday. Radiant had 34.7 million shares outstanding as of March 31... The Bellevue, Wash. company will make purchases both in the open market and through negotiated transactions, it said. Securities laws allow the company discretion in timing, pricing and other details of stock repurchasing...
* Canada - Trimac Reports First-Quarter Loss
Canada -Transport Topics -18 May 2009: -- Canada-based transportation firm Trimac Income Fund said it lost C$700,000 in the first quarter, or 5 cents per unit, compared with a profit of C$600,000, or 2 cents, a year ago... Revenue slipped to C$64.1 million, from C$76.8 million, Trimac said in a statement. Transportation revenue fell to C$59.4 million, from C$66.6 million a year ago, the company said... The company’s Bulk Plus Logistics’ unit’s revenue fell by C$700,000, 17.9%, due primarily due to its exiting of a transload management contract in May 2008 and decreased freight brokerage volumes in Canada and the United States...* USA - Trucking firm’s parent in trouble
Lebanon,OH,USA -The Lebanon Daily News, by STEVE SNYDER -20 May 2009: -- New Penn Motor Express’ parent company is in dire financial straits, leaving the future of the South Lebanon Township trucking firm in doubt... New Penn employs more than 2,000 people and operates a fleet of more than 750 tractors and 1,700 trailers... It is “widely regarded as one of the most efficiently operated carriers in the industry,” according to a YRC statement issued Tuesday in response to questions from the Lebanon Daily News... Late last week, Kansas-based YRC Worldwide Inc. said it will ask for $1 billion in federal bailout funds... Two analysts don’t believe the nation’s largest publicly traded trucking company can survive...* USA - Elk Co. trucking firm closes
Elk County,PENN,USA -The Courier Exprerss -21 May 2009:; -- A long-established Elk County-based trucking company closed its doors at midnight Wednesday... Owner Albert A. Prechtl said multiple factors led to his decision to phase out Eagle Express Trucking, the trucking portion of his business. Those factors included the state of the national economy, slow consumer spending and stalled manufacturing activity in the local area that "really took a toll on the trucking industry."... Other factors included declining freight rates and his desire to retire. At 78, he said he felt the time is right to finally relax and spend time with family... The closure of Eagle Express Trucking will add about 120 workers to Elk County's jobless rolls...* USA - Truckers go weeks without pay; company under bankruptcy
El Paso,TX,USA -ABC/7 Anchor, by Celina Avila -May 21, 2009: -- In the midst of our nation's economic turmoil, it's impossible to imagine working without pay. But that's the harsh reality for some borderland truckers who say they've been working for weeks - essentially for free... For years Boyd Logistics -- or B-L-I trucking -- has been hiring truck drivers to deliver loads all across the country. Recently, the company filed for bankruptcy and forgot to tell everyone they do business with, including all of the drivers who say they need their money...
posted by Unknown @ 11:53 AM
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