A.M. Executive Briefing - May 24
This Morning's Headlines:
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Settlement Reached in I-95 Crash Lawsuit
Hours after a trial began in which the state of Pennsylvania was suing Samuel Coraluzzo Co. of Vineland, N.J., for violating federal trucker-rest regulations and, in turn, contributing to a severe crash that left two truckers dead, the two parties agreed on a settlement.Samuel Coraluzzo will admit no fault and pay no punitive damages, but the company will dole out $2.95 million to cover the state's costs in repairing Interstate-95 – the accident involved a gasoline-filled tanker that careened over a concrete median, sideswiped a bus, struck a pickup truck, and exploded. Associated Press (05/24/00)
Iowa Sees Increased Fatalities Involving Large Trucks
Iowa authorities are concerned about the state's mounting death toll – 108 people were killed last year up from 88 in 1998 – from vehicle accidents involving large trucks.Scott Weiser, president of the Iowa Motor Truck Association, which represents the state's trucking industry, believes large trucks are safer than they have ever been and is quick to point out that truck-related fatalities are steadily improving if measured on the basis of vehicle miles traveled.
Lt. Tom Gabriel of the Iowa State Patrol explained, "I think everyone – including passenger car drivers and motorcycle operators – has to be more cautious." Associated Press (05/24/00)
Oil Price Up Again on U.S. Gasoline Fears
LONDON – Crude oil prices rose again Wednesday as fears of a U.S. gasoline supply crunch were reignited by declining stockpiles in the world's biggest oil consumer, Reuters reported.In early London trading, July futures for Brent crude were up 33 cents at $27.83 per barrel. Oil prices are rising amid fears of a potential shortage of summer grade reformulated gasoline (RFG), which hits the U.S. market from June 1, the news service noted. Inventories tightened again in the latest weekly data from the American Petroleum Institute. Transport Topics staff
Mitsui O.S.K. Lines to Combine Logistics Units Into a Single Body
Mitsui O.S.K. Lines will combine U.S. logistics affiliates M.O. Air International and AMT Freight on July 1. The company, which has embarked on previous integration in the Netherlands, Singapore, and Japan, aims to offer more varied services as customers' logistics demands develop further. Journal of Commerce (05/24/00) P. 4Descartes, Ariba Ink Net Logistics Services Pact
Canada's Descartes Systems Group, which runs one of the world's largest Internet networks for transportation logistics companies – including air cargo firms, freight forwarders, trucking, and shipping companies – has agreed to provide Ariba, which operates a major business-to-business e-commerce network, with its supply-chain tracking services.The two companies signed a pact May 23 linking their Internet-based logistics networks and allowing suppliers, buyers, and about 100 marketplaces on the Ariba platform to track and trade goods throughout the whole supply chain.
While neither company was inclined to elaborate on future revenue earnings the pact might yield, several analysts are calling the move the most significant yet for Descartes.
The new partners expect the deal, which is nonexclusive and allows Descartes to set up similar operations with like-minded companies, to be completed by the end of the third quarter. Reuters (05/23/00); Karleff, Ian
Japan's Big 3 Traders to Form Trucking Info Firm
Leading Japanese trading companies Mitsubishi, Mitsui, and Sumitomo have made plans to create a joint online service containing information about available truck capacity. The joint venture is expected to be established by July, and go online early neat year, said a Sumitomo spokesman.They hope to have 3,000 subscribers win five years and gross 300 million yen in the first year. In 2002, they hope to gross 1 billion yen. Reuters (05/22/00)
Compiled by Transport Topics staff and INFORMATION, INC. © 2000
