News Briefs - Feb. 18
The Latest Headlines:
- Allied Holdings Reverses 4Q Loss
- MAN AG Cutting Factory Hours
- Emery Forwarding Opens Hong Kong Facility
- Crude Oil Prices Decline After EU Decisions
- American Airlines Cargo Unit Ups Fuel Surcharge
- MAN AG Cutting Factory Hours
Allied Holdings Reverses 4Q Loss
Automobile carrier Allied Holdings Inc. said Tuesday that in the most recent fourth quarter, it earned $2.1 million or 25 cents per share, turning around a loss of $2.3 million or 28 cents a share it suffered in the same quarter in 2001.The Decatur, Ga.-based company said that in the final quarter of 2002, it generated revenue of $232.8 million, up from the $224.4 it generated in the previous fourth quarter.
Allied said for all of 2002, it had a net loss of $7.5 million in 2002, an improvement from the $39.5 million the company lost in 2001. The company’s revenues were nearly flat – with Allied claiming $898.1 million during 2002, up $1.3 million from the $896.8 million the previous year.
(Click here for the full press release.)
MAN AG Cutting Factory Hours
MAN AG, citing declining orders and sales, said Tuesday that it is cutting hours at its diesel engine factory in Augsburg, Germany, Bloomberg reported.A company spokesman told Bloomberg that about 700 employees would be affected by the move.
In a separate report, the German heavy-duty truck maker said that it is looking to possibly expand its operations in China, the Financial Times Deutchland reported. The company thinks that by expanding into China it can reduce its dependence on European sales and demand.
The Munich-based manufacturer may look for a Chinese truck maker to partner with, the paper said. Transport Topics
Emery Forwarding Opens Hong Kong Facility
Heavyweight cargo shipping company Emery Forwarding said Tuesday that its has opened a new logistics facility in Hong Kong.The company also said it would soon be changing its name to Menlo Worldwide Forwarding.
The Menlo Worldwide group of companies, including Menlo Worldwide Logistics Menlo Worldwide Technologies, Vector SCM, Menlo Worldwide Expedite! and Menlo Worldwide Trade Services, are subsidiaries of CNF Inc.
CNF Inc. is ranked No. 4 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 Decline After EU Decisions
The price of crude oil fell Tuesday morning after a series of decisions by the European Union indicated that a possible war in Iraq may be further delayed, Bloomberg said.Over the long holiday weekend in the United States, the EU said it would help protect Turkey in the event of a war in Iraq and it offered its backing to continuing inspections for weapons in the Middle Eastern country, Bloomberg said.
The price of crude oil on the New York Mercantile Exchange fell about 74 cents a barrel to $36.06 a barrel, Bloomberg said.
Price pressure also eased after reports surfaced that a strike in Nigeria was not affecting that country’s oil production, Bloomberg said. Transport Topics
American Airlines Cargo Unit Ups Fuel Surcharge
American Airlines said Feb. 14 that its cargo division increased its fuel surcharge to 6 cents a pound for U.S. domestic shipments and 15 cents a kilogram for U.S-origin international shipments.The company said that its fuel index surpassed a point for two straight weeks, prompting the increase in the surcharge.
The surcharge will go into effect on Feb. 24, the company said.
American said its jet fuel index is an average of five U.S. jet fuel spot markets and was establishing in September 2002 to assist customers in projecting their shipping costs.
Airfreight is often carried to airports on trucks, and if the added charge drives down air cargo traffic, truckers could also feel a pinch. Transport Topics
(Click here for the full press release.)
