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TRUCKING TROUBLES * USA - Trucking companies feel pinch from plant closures
Wausau,WI,USA -The Wausau Daily Herald, by Cara Spoto -May 18, 2009: -- When Mike Wanta first started his one-man trucking operation 17 years ago, it was a perfect way to supplement his income... The Rosholt resident was working at Steel King as a second-shift supervisor, and spent his off hours delivering company products around the state. But things started to slow down significantly last spring when the company began laying off people... Things got slower and slower, and as the new year approached, Wanta started thinking seriously about whether he should spend the $7,000 to renew his trucking license and insurance. Then he got the news Dec. 15 that he would be laid off. With no job and little to haul, Wanta pulled the truck off the road Jan. 1... Tom Howells, president of the Wisconsin Motor Carriers Association, which has about 1,100 members, isn't surprised by Wanta's story. He knows many truckers and trucking companies in the state that are having a hard time... According to the American Trucking Association, more than 3,000 trucking companies went out of business in 2008, taking seven of every 100 trucks off the road... (Photo from The Stevens Point Journal, by DOUG WOJCIK - A semi-tractor for sale sits by Jammer Trucking of Rosholt along Highway 66)* YRC Gets Reprieve
Overland Park,Kan,USA -The Journal of Commerce Online, by John Gallagher -May 18, 2009: -- YRC Worldwide’s lenders waived a $45 million second quarter earnings requirement in a move one Wall Street analyst says is evidence banks aren’t interested in shutting down the troubled carrier – for now... Analyst Ed Wolfe, of Wolfe Research, also noted he doesn’t expect the less-than-truckload market to “improve materially until either YRCW is shut down or demand materially improves.”.. YRC Chairman President and CEO William D. Zollars said that while volumes that were temporarily diverted to other carriers have started to return, it hasn’t been happening fast enough to avoid violating its covenants with lenders... (Photo courtesy YRCW - Lenders waive $45 million second quarter earnings requirement)* UPS Looking at Bailout Impact - Extending TARP to trucking industry raises questions
Atlanta,GA,USA -The Journal of Commerce Online, by John Gallagher -May 15, 2009: -- Transportation giant UPS said it’s studying the issue of federal bailouts for financially ailing trucking companies but wouldn’t comment directly on competitor YRC Worldwide’s request for $1 billion in federal aid... UPS paid $6.1 billion to pay off its pension liability in the Central States multi-employer pension fund in 2007 that covered approximately 40,000 of the company’s 240,000 employees. UPS continues to pay into a new plan set up between the company and the Teamsters union and 20 other Teamster union pension plans... One Wall Street analyst wondered, “If YRC is allowed to get $1 billion from TARP, is UPS allowed to get a $5.1 billion refund?”... (Photo from i.treehugger.com: UPS truck)
Labels: trucking troubles USA
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