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TRUCKING INDUSTRY NEWS WORLDWIDE
* USA - YRC pledges real estate to pension fund
Overland Park,KN,USA -AP / The Motley Fool -June 18, 2009: -- Trucking company YRC Worldwide Inc. on Thursday said it will pledge as collateral some real estate to a multi-employer pension plan in lieu of a planned $83 million second-quarter payment, as part of an ongoing effort to preserve cash... The company finalized the deal with Central States, Southeast and Southwest Areas Pension Fund amid growing chatter on Wall Street that the company might file for bankruptcy... YRC has laid off thousands of workers, asked existing workers to take pay cuts and made deals with creditors to stave off debt payments it couldn't make. YRC has struggled to remain competitive as the trucking industry suffers from the worst demand in decades... The agreement calls for the company to make the deferred payments to the pensions over three years beginning in January 2010...* Philippines - Manila truckers sell units as cargo volume declines
Manila,Philippines -Business Mirror, by VG Cabuag -24 June 2009: -- Truckers at the Manila North Harbor have started selling their older trucks as volume of cargo declines at its steepest level in years... The Integrated North Harbor Truckers Association said the measure was made to cut their overhead cost, since expectations of a further cargo volume decline lingers with the shipping industry... The group’s president, Salvador Tan, said most of their members sold their older trucks—with a hope of buying new units—since just parking these in their garage will reduce its market value... At the moment, cargo volume in the first five months of the year carried by the group’s members, which also include members of the Alliance of Concerned Truck Owners and Operators, declined by more than 40 percent from last year’s... PPA said ports that contributed to the decrease include Manila International Container Terminal, the country’s largest, which posted cargo decline of 430,000 metric tons or more than 11 percent for the period; while Manila South Harbor shrank by 779,000 metric tons or close to 30 percent... (Photo from .javno.com: Trucks on Manila Streets) 
Labels: trucking industry news USA
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