News Briefs - Jan. 18
- Rail Intermodal Loadings Up 0.4%
- Visteon Posts 4Q Loss
- U. of Michigan Consumer Sentiment Index Rises in January
- P.A.M. to Acquire Some Assets of East Coast Transport
- Trade Deficit Shrinks Slightly in November
- Eaton to Supply BMW Parts
- Broaddus: Economy to Recover Slowly
- Shurstad Named Pacer Stacktrain Boss
- IEA Cuts Estimate of Non-OPEC Oil Production
- UPS Seeks to Stop Doll Sales
- Visteon Posts 4Q Loss
Rail Intermodal Loadings Up 0.4%
Intermodal rail loadings rose just 0.4% for the week ended Jan. 12, the Association of American Railroads reported Friday.A total of 171,232 containers and trailers were loaded, nearly identical to 2001 totals. There were 46,065 trailers were loaded, down 7.3% from the previous year. Containers rose, however, by 3.6% to 125,167.
Intermodal is the segment of the railroad business most directly competitive with long-haul trucking, since it offers the movement of truck trailers and containers by rail for the long haul, with truck pickup and delivery at either end of the haul. Transport Topics
Visteon Posts 4Q Loss
Vehicle parts manufacturer, Visteon Corp. said Friday that it took a fourth-quarter loss of $14 million because its main customer, Ford Motor Co., reduced production in 2001.
Spun off from Ford, Visteon relies on the auto giant for much of its revenue. Currently the two companies are in a dispute over $175 million in price reductions, Bloomberg said.
Over the course of 2001, Visteon reported a loss of $118 million or 91 cents per share. In 2000, the company earned $270 million or $2.08 per share. Excluding the effect of a special charge, the company earned $408 million or $3.14 per share in 2000. Transport Topics
(Click here for the full press release.)
U. of Michigan Consumer Sentiment Index Rises in January
In a preliminary report, the University of Michigan index of consumer sentiment rose to 94.2 in January – its highest since last January, indicating that an economic recovery may be on its way, Reuters reported.When confidence is high, consumer spending, which the trucking industry relies on consumer spending for much of its revenue, is likely to rise.
In December, the final sentiment figure was 88.8. The report also showed a large jump in its expectations index, which rose to 91.7 from 82.3 in December.
The sentiment index is now up more than 12 points from the dip it took following the Sept. 11 terrorist attacks, Reuters said. Transport Topics
P.A.M. to Acquire Some Assets of East Coast Transport
Truckload carrier P.A.M. Transportation Services Inc. announced Friday that it has signed a letter of intent to acquire some assets of East Coast Transport Inc., a transportation provider.Terms of the deal were not disclosed and the transaction is subject to regulatory approvals, P.A.M. said in a statement.
Based in Tontitown, Ark., P.A.M. is ranked No. 68 on the 2000-2001 Transport Topics 100 list. Transport Topics
(Click here for the full press release.)
Trade Deficit Shrinks Slightly in November
The U.S. trade deficit narrowed in November to $27.89 billion, the Commerce Department reported Friday.Trade data is important to the trucking industry because trucks are used to carry goods to and from ports.
The trade gap was down $1.44 billion for the month from October's revised figure of $29.33 billion. Imports fell 0.8% to $106.1 billion and exports rose 0.7% $78.2 billion. Transport Topics
Eaton to Supply BMW Parts
Eaton Corp. will supply fluid hose assemblies to BMW under a $150 million contract announced Friday.Eaton is a major supplier of original equipment parts to the trucking industry.
Some of the assemblies will be part of the air conditioning and power steering systems of a new BMW vehicle to be launched in the near future. Eaton started supplying hose assemblies for other BMW models at the beginning of 2002. Transport Topics
(Click here for the press release.)
Broaddus: Economy to Recover Slowly
Alfred Broaddus, president of the Federal Reserve Bank of Richmond, said Thursday the U.S. economy will recover from its current recession at a very slow pace, news services reported.Recovery, when it comes, will benefit the trucking industry, which prospers in times of high economic activity.
e said there are clearly signs of improvement, but that he was much more cautious than many analysts who have been predicting signs of recovery in the first half of this year, the Associated Press reported.
One economic indicator Broaddus said he would be watching to gauge business spending are new orders for durable goods, specifically orders for non-defense capital goods because it strengthens the prospect that business spending is beginning to bottom. Transport Topics
Shurstad Named Pacer Stacktrain Boss
Tom Shurstad has been named president and chief executive officer of Pacer Stacktrain, it was announced Friday.Pacer Stacktrain, a unit of Pacer International, which is based in Concord, Calif., is North America's largest double-stack rail network for the distribution of both domestic and international containerized freight.
The movement of containerized freight by rail is also called intermodal, a rail service which both competes with and utilizes trucks.
Shurstad has been head of the Chicago-based Belt Railway since 1998. Transport Topics
(Click here for the press release.)
IEA Cuts Estimate of Non-OPEC Oil Production
The International Energy Agency cut its estimate Friday for oil production outside the Organization of the Petroleum Exporting Countries for 2002 by 110,000 barrels a day to 810,000, Bloomberg reported.The price of crude oil impacts the price of diesel fuel and gasoline, and is therefore of crucial importance to the trucking industry.
Crude oil prices rose more than 2% following IEA's announcement, Bloomberg said.
The 26 non-OPEC nations, which are advised by the IEA, are expected to cut 330,000 barrels a day through June. That is only two-thirds of what they had promised OPEC in return for a 1.5 million-barrel cut from the cartel. Transport Topics
UPS Seeks to Stop Doll Sales
United Parcel Service is trying to keep a doll from infringing upon its trademark, the Associated Press reported Friday.The doll in question, one of the so-called "Billy Dolls," wears a brown uniform similar to UPS' with a yellow "BPS" logo on it, which was said to stand for "Billy's Parcel Service."
The anatomically correct dolls, marketed to gay men, have been sold wearing military, law enforcement and other outfits for five years, the AP said.
Totem International Ltd., maker of the doll, agreed to stop producing them after UPS sent a letter claiming trademark infringement. A UPS spokesman said Thursday that only San Francisco e-tailer BeProud.com refused to stop selling the doll, the AP reported.
The Atlanta-based package service said the flap over the doll has nothing to do with its sexual orientation or physical attributes, but is simply a matter of trademark infringement.
UPS is No. 1 on the 2000-2001 Transport Topics 100 list. Transport Topics
