News Briefs - May 2
- Va. to Study Additional Bridge
- Minnesota Mayors Push for Gas Tax Increase
- Federal-Mogul Cuts Costs, Narrows 1Q Loss
- Patriot Gains 89% in Second Fiscal Quarter
- Plans to Improve Long Beach Freeway May Affect Trucks
- Trucking Executives Speak Out Against I-81 Tolls
- Crude Oil Price Falls on Israeli Pullout
- Fraud Rises as More Money Is Spent on Roads
- Trailer Bridge Sees 1Q Loss Narrow
- Minnesota Mayors Push for Gas Tax Increase
Va. to Study Additional Bridge
In an effort to relieve some of the gridlock in the northern part of the state, Virginia is launching a study to explore the possibility of building another bridge over the Potomac River, the Associated Press reported this week.Virginia Gov. Mark Warner said that the $400,000 study will explore the possible construction of a "techway" bridge between his state and Maryland along the "outer loop" of the Capital Beltway, the AP said.
The bridge would provide greater access for commuters to and from Virginia's high-tech companies located largely along the Dulles toll road.
Warner told local radio station WTOP that he expects slow-growth supporters and homeowners to protest such a project, the AP said.
Minnesota Mayors Push for Gas Tax Increase
Eight mayors in Minnesota are pushing state lawmakers for an increase in transportation spending and a 5-cent-a-gallon increase in the state's gasoline tax, the Star Tribune reported Wednesday.A significant portion of commercial trucking uses gasoline and would be affected by a tax.
These mayors, along with a large business coalition, also are urging that all revenues raised by the motor vehicle sales tax be used for transportation purposes starting in 2006.
The state House has passed a transportation funding bill with no gas tax increase while the Senate passed a bill with a 6-cent-a-gallon jump. Those measures now are in a conference committee, the article said. Transport Topics
Federal-Mogul Cuts Costs, Narrows 1Q Loss
Truck and automotive parts maker Federal-Mogul Corp. reported a net loss for the first quarter on Thursday of $25.6 million, or 31 cents per share, compared with $62.2 million, or 89 cents per share, a year ago.Last fall, the Southfield, Mich.-based company filed for Chapter 11 bankruptcy, and it was able to narrow its loss by cutting costs.
Federal-Mogul said in a release that sales during the quarter were $1.3 million, down 7% from $1.5 in 2001.
"I'm very encouraged by the results we are beginning to see in our operations, especially in this difficult business environment," said Frank Macher, chairman and chief executive officer. Transport Topics
(Click here for the full press release.)
Patriot Gains 89% in Second Fiscal Quarter
Patriot Transportation Holding Inc., which operates both trucking and real estate companies, reported net income of $1.42 million, or 45 cents per share, for the second quarter of fiscal 2002, which ended March 31.The current figures are 89% above the $750,000, or 24 cents per share, reported in the second quarter of 2001.
For the first six months of the fiscal year, net income was down 3.8% with net income of $2.77 million versus $2.29 million in 2001.
The decrease, the company press release said, was a result of the closing of the company's owner-operator subsidiary, Patriot Transportation Inc., in September 2001, as well as a 7.2% decline in miles hauled by the continuing trucking operations.
The company continues to operate Florida Rock & Tank Lines Inc., a liquid and dry bulk carrier, and SunBelt Transport Inc., a flatbed carrier, as well as a real estate company. Transport Topics
(Click here for the press release.)
Plans to Improve Long Beach Freeway May Affect Trucks
The addition of two elevated truck lanes in each direction was one of a dozen options offered by government agencies for improving the Long Beach Freeway, the Los Angeles Times reported Wednesday.The freeway, or Interstate 710, is a major route for trucks hauling cargo between the ports of Los Angeles and Long Beach and distribution centers near east Los Angeles. Trucks represent about 13% of the freeway's traffic.
The ports now generate about 34,000 daily truck trips. But it is estimated that number will nearly triple by 2020 because of increased Asian trade.
Other ideas for improving the highway are carpool lanes or a high-speed rail line. The Times said simpler plans include encouraging truck drivers to shift their schedules and adding truck-only connector ramps in some locations.
Transportation experts said some of the ideas could be financed with tolls for truckers or commuters.
Local officials are expected to narrow the options to five by June before choosing the final plan next spring, the article said. Transport Topics
Trucking Executives Speak Out Against I-81 Tolls
Trucking executives and local corporations in the Shenandoah Valley area of Virginia said that a toll on trucks on Interstate 81 would put many of them out of business, the Roanoke Times reported Tuesday.Virginia is considering a plan to widen I-81 to eight lanes and place a toll on trucks to cover some of the costs.
The highway runs north-south through the western part of the state between Tennessee and West Virginia. An estimated 50,000 vehicles travel daily on the interstate and 40% of those vehicles are trucks.
Houff Transfer Inc. told state transportation officials that the company would have to pay $630,000 a year under a 20-cents-per-mile toll, in addition to the $1.2 million in license and fuel taxes it already pays to Virginia, the article said.
Other transportation companies said they would have to use local roads and avoid the highway if they are to survive. Transport Topics
Crude Oil Price Falls on Israeli Pullout
The price of crude oil slipped nearly 2% in international trading Thursday on news that Israeli forces withdrew from Palestinian leader Yasser Arafat's headquarters, Bloomberg reported.Crude oil is distilled down into, among other products, fuels like gasoline and diesel, making it important to trucking.
Israel's pullout eased fears of a supply interruption and pushed the price of oil down as much as 47 cents, or 1.9%, to $26.83 a barrel on the International Petroleum Exchange in London, Bloomberg reported. Transport Topics
Fraud Rises as More Money Is Spent on Roads
Fraud in transportation projects has tripled in the last three years, Kenneth Mead, the Department of Transportation's inspector general, said Wednesday.This corruption can cause transportation projects to take longer, which means extra traffic delays for truckers.
peaking to the House highways and transit subcommittee, he said his office recovered $43.2 million and obtained 39 indictments last year, the Associated Press reported. In 1999, $15.8 million was recovered and there were 12 indictments.
The increases in fraud match an increase in federal spending on highways, from $23 billion in 1997, to $39 billion this year.
One example cited by Mead was in Illinois, where two companies bribed a state engineer to support their claims that they had used more asphalt and other material in construction than they actually had, AP said. Transport Topics
Trailer Bridge Sees 1Q Loss Narrow
Trucking and freight transportation firm Trailer Bridge Inc. said late Wednesday that its net loss narrowed from $4.53 million in the first quarter of 2001, to $519,000 in 2002.The Jacksonville, Fla.-based company saw its total revenue dip $3.16 million to $17.48 million during the first quarter. The company was optimistic that the closure of its main competitor in the Puerto Rican shipping market would help its bottom line for the remainder of 2002.
Trailer Bridge is an integrated trucking and maritime freight handling company that operates in the United States and Puerto Rico. Transport Topics
(Click here for the full press release.)
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