Overland Park,KS,USA -The Kansas City Star, by MARK DAVIS & STEVE ROSEN -Mar. 23, 2011: -- Pensions for many of the 14,000 employees of YRC Worldwide Inc. covered by the Central States pension fund will be reduced because of the company’s financial difficulties, a bulletin to its union workers said... YRC has gotten multiple concessions from its union workers to help the company survive financially while it restructures its debts. Those include allowing the company to defer, reduce and skip various payments to the Central States Southeast and Southwest Areas Pension Fund... In total, the fund expects to receive $1.3 billion less than originally planned under the collective bargaining agreement that expires March 2015... To make up the difference, Central States has eliminated provisions that allow a worker to collect normal benefits if they’d met certain age and years of employment requirements, called “25 and out” and “30 and out” benefits... This week’s hiring spurt is good news for YRC, which is negotiating details on additional concessions from lenders and its Teamsters union workers in an effort to stay afloat and avoid bankruptcy... (Photo: YRC Headquarters in Overland Park, Kansas)
* Indiana - Trustees still sorting through Eastern Livestock’s financial collapse
New Albany,IND,USA -Land Line Magazine, by Clarissa Kell-Holland -March 24, 2011: -- Bankruptcy trustees for Eastern Livestock and East-West Trucking agree that it’s still too early to tell if truckers will be paid for loads they hauled for one of the largest cattle brokerages, which abruptly collapsed in November 2010... Just days before the company’s shutdown, Eastern Livestock of New Albany, IN, apparently sent out $130 million in worthless checks to more than 740 cattle sellers. Truckers hauling cattle for Eastern and East-West also received bad checks from them during that same time period... In his blog about the bankruptcy, Eastern Livestock bankruptcy trustee James Knauer that in the 90 days prior to Eastern Livestock filing for bankruptcy, Eastern issued more than $630 million to various companies, including $365 million worth of checks to Thomas Gibson... He added that they are in the process of analyzing which checks and deposits were legitimate, but that “complicated bank fraud and check-kiting scheme employed by Eastern Livestock to defraud Fifth Third of millions of dollars” ... Knauer said Fifth Third Bank is the senior lender with a lien on most of Eastern’s assets... (Photo from easternlivestock: EASTERN LIVESTOCK CO's, one of the largest cattle brokerage)
* North Dakota - Lawmakers approve bills covering truck issues
Bismarck,ND,USA -Land Line Magazine, by Keith Goble -March 24, 2011: -- Two North Dakota bills that address trucking issues are nearing the governor’s desk. One bill covers medical certification requirements while another bill addresses excess size or weight vehicles... Truckers who run interstate and are self-certified would be limited to intrastate operation only. CDL holders operating interstate must submit a copy of their medical certificate to the state DOT... House lawmakers amended the bill to specify that once a trucker provides current medical certification a license upgrade would be made without retesting... Also included in the bill is a provision to outlaw truckers’ use of text messaging devices while at the wheel. CB radios would be exempt from the ban... Affected vehicles would be allowed to move from one state in the region to, or through, another state or states in the region under a single-trip permit... (Photo from irapl.altervista.org: Dump trucks loaded with clay staged in Valley City, North Dakota)
* Illinois - Caterpillar Eyes Sale of Logistics Business
Downers Grove,ILL,USA -The Journal of Commerce Online, by William B. Cassidy -Mar 23, 2011: -- Global manufacturer considers spinning off growing 3PL segment... Earthmoving equipment giant Caterpillar is looking to sell its expanding third-party logistics business, a part of $2.2 billion Caterpillar Logistics Services... The $42 billion manufacturer said it is examining a "range of strategic options" for its 3PL business, excluding its internal logistics and distribution operations... Caterpillar plans to focus on growth opportunities in its core business, said Steve Larson, chairman and president of Cat Logistics and a Caterpillar vice president... Caterpillar said its internal manufacturing logistics and transportation operations and brand parts distribution network are not part of the strategic review... (Photo from Caterpillar Logistics)
* Ohio - Biggest LTL Carriers Outpace Market in 2010. LTL's 'billionaires' increase revenue 16 percent, compared with 9.1 percent average
Wilmington,OH,USA -The Journal of Commerce Online, by William B. Cassidy -Marr 24, 2011: -- The biggest less-than-truckload carriers got bigger in 2010, with the number of LTL trucking companies with more than $1 billion in revenue climbing to nine... R+L Carriers of Wilmington, Ohio, rejoined LTL's "billion-dollar club" in 2010, increasing its LTL revenue 12.2 percent, according to SJ Consulting Group estimates... R+L fell below the billion-dollar revenue mark during the 2009 recession... As a group, the billion-dollar club increased its LTL revenue 16 percent from 2009, outperforming the top 25 LTL trucking companies ranked by SJ Consulting... FedEx Freight, Con-way Freight and YRC, the national arm of YRC Worldwide, were the three largest LTL carriers, ranked in that order by LTL revenue...
* Illinois - Brandt Truck Line Shuts Down
Bloomington,Ill,USA -The Journal of Commerce Onlin, by William B. Cassidy -Mar 24, 2011: -- Midwest LTL carrier closed doors March 22 after 88 years. Brandt Truck Line, Bloomington, Ill., shut its doors March 22 after 88 years in business. The company offered no explanation for the shutdown... Brandt operated 95 tractors, according to Federal Motor Carrier Safety Administration records. It had a conditional safety rating as of March 2010... The trucking company's Compliance, Safety and Accountability scores were all within acceptable thresholds, according to data from FMCSA's Web site... Founded in 1923, Brandt Truck Line originally hauled kerosene using teams of mules and wagons, according to The Pantagraph newspaper in Bloomington... (Photo from hankstruckpictures, by Stanley Houghton: A Brandt's truck)
* Wiscosin - Schneider Increases Van Owner-Operator Compensation
Green Bay,WIS,USA -Truckinginfo -25 March 2011: -- Schneider National is increasing compensation for its van owner-operators by $0.05 per mile. Under the new lease, owner-operators will earn $0.95 per mile (up to $1.65/mile with short haul premiums) plus fuel surcharge. Schneider owner-operators will earn $0.92 per mile and an additional $0.03 per mile in a quarterly performance premium... Schneider will continue to offer its van owner-operators a choice of lease options: Percent of Revenue or Mileage-Based. Owner-operators with a percent-of-revenue lease select loads directly from Schneider's freight pool, no agents involved. Access is available 24/7 and owner-operators can view available freight days in advance and pre-assign loads for enhanced trip planning. Revenue opportunities for Schneider owner-operators are $800+ per day...Labels: trucking industry news USA
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