News Briefs - Feb. 12
The Latest Headlines:
- USF Logistics Expands to Offer Ocean Services
- Forward Air Boosts Quarterly Earnings
- IEA Predicts Summer Fuel Shortage in U.S.
- Dana Slashes Net Loss in 4Q
- Crude Oil Closes Higher After Bin Laden Tape Surfaces
- AAA Indicates Potential Gas Price Gouging
- Pilot Air Freight Increases 4Q Shipments
- FTC Ends Waiting Period on Pilot Purchase of Williams
- Forward Air Boosts Quarterly Earnings
USF Logistics Expands to Offer Ocean Services
USF Logistics Services Inc., a subsidiary of USFreightways Corp., said Wednesday that it has launched a new ocean service to handle domestic ocean freight forwarding.With its new offering, USF Logistics said it will be consolidating fright in major cities or near ports for shipment to the U.S. including Puerto Rico, U.S. Virgin Islands, Hawaii and Guam.
The company named Edward Devany as vice president of ocean services.
(Click here for the full press release.)
Forward Air Boosts Quarterly Earnings
Contract airfreight carrier Forward Air Corp. said Wednesday that in the fourth quarter it had net income of $6.8 million or 31 cents per share, up from the $4.6 million or 21 cents a share it earned in same quarter the previous year.The Greeneville, Tenn.-based company generated revenues of $59.4 million in the final quarter of 2002, up $2.9 million from its revenue total in 2001.
The company said it earned $21.6 million or 98 cents per share in the full year ended Dec. 31, 2002 – up from the $19.9 million or 89 cents a share the company generated in the year before.
Forward Air is ranked No. 67 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.)
IEA Predicts Summer Fuel Shortage in U.S.
The International Energy Agency said that reduced inventories of gasoline now, could lead to fuel shortages during the peak summer driving season, Bloomberg reported Wednesday.In its monthly report, the Paris-based IEA said that even as current inventories of gasoline and other fuels fall, U.S. refineries may process less fuel in February than they did in January because of maintenance, Bloomberg reported.
That maintenance, IEA said, may lead to fuel shortages this summer, especially if the continued cold weather forces refiners to focus their efforts on production of home heating oil and other distillates like diesel fuel.
In its weekly inventory report, the Energy Department said last week that supplies of gasoline were 3.4% lower than they were at the same point last year, Bloomberg reported.
Gasoline, while not the primary fuel for most trucking companies, is still important to some segments of the industry. Transport Topics
Dana Slashes Net Loss in 4Q
Parts maker Dana Corp. said Wednesday that it narrowed its fourth-quarter net loss to $9 million or 6 cents per share from the $298 million or $2.01 per share it lost in the same quarter in 2001.During the final quarter of 2002, Dana said its sales increased by $100 million to $2.3 billion from the $2.2 billion it reported in fourth quarter of 2001.
For all of 2002, Dana said it had a net loss of $182 million or $1.22 per share, in the previous year, the Toledo, Ohio-based company said it lost $298 million or $2.01 a share. Transport Topics
(Click here for the full press release.)
Crude Oil Closes Higher After Bin Laden Tape Surfaces
The price of crude oil closed higher Tuesday after a new recording that apparently featured Osama bin Laden providing his support to Iraq if there is a war surfaced, Bloomberg reported.Threats of terrorism and war in the Middle East have helped hold oil prices near two-year highs. Crude oil is often distilled down to diesel fuel and gasoline.
At the close of business Tuesday, the price of crude oil had risen to $35.65 a barrel on the New York Mercantile Exchange, Bloomberg said.
Analysts told Bloomberg that the price may rise to $36 by the end of trading Wednesday and to $40 in the near future. Transport Topics
AAA Indicates Potential Gas Price Gouging
AAA said that recent jumps in gasoline prices have been unjustified and that oil companies may be “close to” gouging customers, USA Today reported Wednesday.Gasoline prices rose 8 cents a gallon to $1.607 on Monday the Department of Energy reported.
Gasoline, while not the primary fuel for trucking is important to the industry. Transport Topics
Pilot Air Freight Increases 4Q Shipments
Pilot Air Freight, a transportation and logistics services provider, said that in the fourth quarter of 2002 it handled 181,282 shipments, up 16% from the same quarter the previous year.The Lima, Pa.-based company said it generated $60.7 million in the final quarter of 2002.
For all of 2002, the company said it delivered 658,317 shipments, up 10% from 2001. For the full year, Pilot Air Freight said it had sales of $216.9 million, up 3% from the previous year. Transport Topics
(Click here for the full press release.)
FTC Ends Waiting Period on Pilot Purchase of Williams
Marathon Ashland Petroleum LLC said Monday that its travel center operation, Pilot Travel Centers LLC has been advised by the Federal Trade Commission that the waiting period for its purchase of 60 travel centers from Williams TravelCenters Inc. had been ended early.Pilot Travel Centers, based in Knoxville, Tenn., is half-owned by Marathon Ashland and already has 229 locations in 37 states.
The combined operation would have about 12,500 employees at 289 locations, the company said. Transport Topics
(Click here for the full press release.)
