News Briefs - April 9
The Latest Headlines:
- CF Calls Off Sale of Canadian Unit
- P.A.M. Announces Closing of McNeill Trucking Purchase
- Roadway Air Unveils Frequent-Booker Reward Program
- Crude Oil Prices Steady as Traders Watch OPEC
- Wash. House Approves Gas Tax, Trucking Fee Hikes
- P.A.M. Announces Closing of McNeill Trucking Purchase
CF Calls Off Sale of Canadian Unit
Consolidated Freightways Corp. said Wednesday that it “has exercised its right to terminate a letter of intent to sell substantially all of the assets” of its Canadian division – Canadian Freightways.John Brincko, CF’s chief executive officer, said that the bankrupt less-than-truckload carrier is currently evaluating other sale options for the Canadian Freightways.
The deal had called for CF to sell the assets of Canadian Freightways to a group made up of that division’s current management. (Click here for related coverage.)
The company had been ranked No. 12 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
(Click here for the full press release.)
P.A.M. Announces Completion of McNeill Trucking Purchase
P.A.M. Transportation Services Inc. said Wednesday that it has closed its purchase of the assets McNeill Trucking Inc.The Tontitown, Ark.-based company said that it would run the acquired assets of McNeill Trucking as a wholly owned subsidiary under the name McNeill Express Inc.
A truckload carrier, P.A.M. is ranked No. 69 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
(Click here for the full press release.)
Roadway Air Unveils Frequent-Booker Reward Program
Roadway Air said Wednesday that it is now offering some new customer service options for its airfreight shippers, most notably an incentive programs for frequent users of its Web site.Subsidiary of Roadway Corp. said that customers that use its Web site to make orders can qualify for several incentive programs based on shipping volume.
The company also unveiled a new customer care team to better connect customers to sales representatives and the Roadway Air Forwarding Center, from where users can track and make adjustment to their shipments.
Roadway is ranked No. 7 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
(Click here for the full press release.)
Crude Oil Prices Steady as Traders Watch OPEC
The price of crude oil was down slightly in early trading Wednesday as traders waited for the world’s leading oil producers to decide on whether to cut oil production, Bloomberg said.Crude oil prices had fallen rapidly since the beginning of the war in Iraq, but the Organization of Petroleum Exporting Countries has made it known they may authorize production cuts when the cartel meets on April 24, Bloomberg said.
The possibility of a production cut has stalled the decline in prices in the last two trading days. On the New York Mercantile Exchange, the price of crude oil for May delivery fell 12 cents to $27.88 a barrel.
Analysts said that a possible cut will likely be enough to keep oil prices in the high-$20-a-barrel range, Bloomberg reported. Transport Topics
Wash. House Approves Gas Tax, Trucking Fee Hikes
A plan by Democrats in the Washington state House to increase gasoline taxes and boost trucking fees to pay for highway projects, passed by a slim margin Tuesday night, the Associated Press reported.The plan would impose a vehicle tax of 0.46% and a 15% trucking surcharge, AP said. The gasoline tax hike would push the levy to 27 cents a gallon, AP reported.
Those two fee increases, along with several other taxes, would raise a $2.5 billion for highways and auto ferries, $346 million for public transportation and $257 million for passenger and freight rail projects, AP said. Transport Topics
