A.M. Executive Briefing - Nov. 22
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b>Editor's Note: There will be no P.M. Executive Briefing today. The briefings will resume as usual on Monday, Nov. 27.
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Crude Oil Supplies Rise, Prices Fall
Crude oil inventories rose unexpectedly by 6.4 million barrels to a total of 290.65 barrels, Bloomberg reported. Supplies of distillate fuel, including diesel and heating oil, also rose by 65,000 barrels to a total of 115.22 million barrels.
Analysts say the rise may reflect the release of emergency reserves from the U.S. Strategic Petroleum Reserve. Transport Topics
DaimlerChrysler To Idle Three Plants
Car and truck maker DaimlerChrysler (DCX) has announced temporary closings of three North American plants next week, Reuters reported. The Detroit News had predicted the closings Monday, based on reduced Chrysler orders by dealers.Since auto and truck assembly plants require enormous parts supplies, any plant shutdowns hurt freight hauling by truckers of materials going into the plants as well as delivery of finished vehicles afterward.
The truck plants that will shut down are Detroit's Jefferson North plant, which makes Jeep Grand Cherokee sports utility vehicles and the Toledo, Ohio plant that makes Wranglers and Jeep Cherokees. Transport Topics
Trimac Facing Privatization Wednesday
Trimac Corp.'s shareholders agreed Tuesday to privatize the Canadian bulk carrier and third party logistics firm.All shareholders of Trimac - other than those participating in the privatization - will be entitled to receive $9.50 Canadian cash for each of their Trimac shares once the arrangement is completed.
The deal is expected to conclude Wednesday. Trimac is based in Calgary, Alberta. Transport Topics
EPA Diesel Rule Likely in December
The U.S. Environmental Protection Agency is not expected to announce its final rules until some time in December for 2007 diesel engine standards and 2006 ultra-low-sulfur fuel.An EPA spokeswoman told Transport Topics that the new rules would not come out during the Thanksgiving holiday period. The spokeswoman added that it was likely the announcement would come next month. EPA might schedule a press conference when it is ready to announce the final rule, she noted.
The new standards for heavy-duty commercial truck engines will be phased in beginning in 2007. Engine makers will have to rely on aftermarket emission technologies that are still in development to attain lower nitrogen-oxide and particulate-matter emissions.
The government wants the diesel fuel of the future to contain 97% less sulfur to work in tandem with the newer engines. But EPA wants that new fuel available by June 1, 2006 for both the passenger and commercial vehicle markets.
Less sulfur means the newer engines will last longer, but refiners are concerned that there might not be enough fuel to go around, leading to price hikes that could average 50-cents or more per gallon. John Wislocki, Transport Topics
Volvo May Buy Mexican Truck Plant
Volvo (VOLVY) may buy a Mexican truck plant from Consorcio G. Grupo Dina (DIN), a heavy-vehicle maker, Mexico's Reforma reported. French truck maker Renault SA (13190-PAR) previously owned this plant, which is in Ciudad Sahagun, just north of Mexico City. Volvo is planning to expand to Mexico. But Dina officials have denied having talks with Volvo, the paper reported. Transport Topics
DaimlerChrysler, Caterpillar Form Medium-Truck Engine Alliance
Noise and emission control for Freightliner trucks is one aim of an alliance between the commercial division of DaimlerChrysler (DCX) and Caterpillar Inc. (CAT), the companies announced Wednesday.The companies have agreed to form a 50/50 global alliance to develop, manufacture, market and distribute medium-duty engines, fuel systems and other powertrain components to serve the needs of third-party customers and for use in their own products.
Although it broadens the companies' ability to serve the worldwide engine market, both companies emphasized that they also will remain independent global suppliers of heavy-duty diesel engines, which are excluded from the alliance.
Caterpillar, which also makes construction equipment, is based in Peoria, Ill. Transport Topics
Buffalo Facing More Snow
After being covered by two feet of snow earlier this week, Buffalo, N.Y is facing more snow Wednesday, and three to six inches are expected to fall throughout north-central Michigan, northeast Ohio and northwest Pennsylvania, USA Today reported.Buffalo's driving ban was lifted at 6 a.m. Wednesday, according to the Niagara Frontier Transportation Authority.
The Kensington Expressway, Niagra Thruway, Peace Bridge, Skyway and most major city streets were plowed by Tuesday evening, the Buffalo News said, though westbound New York Thruway remained closed to to hundreds of abandoned cars on the roadway. Transport Topics
Atlas Air, Pilots Still Fighting Over Profit Sharing
Air freight operator Atlas Air (CGO) plans to appeal a court ruling about sharing profits with its pilots, the company announced Wednesday.The Air Line Pilots Association had challenged Atlas' exclusion of pilots from its profit sharing program. The company lost a round in the U.S. Court of Appeals for the Dis-trict of Columbia Circuit, it announced Wednesday.
Atlas, based in Purchase, N.Y., is a contract air carrier operating a fleet of Boeing 747 freighters.
Headlines From Yesterday's P.M. Briefing
- NHTSA Formally Opens Goodyear Probe
- Calif. Officially Tightening Diesel Standards in December
- Port Truckers End Strike in Montreal
- Gainey to Raise Freight Rates
- FedEx, NextLinx to Ease International Shipping Compliance
- Streicher Mobile Fueling Names New CEO
- CamVec Reports Positive 3Q Earnings
- GENCO, Soneta to Jointly Handle Merchandise Returns
- Descartes and Katalyx Form Technology Partnership
- FedEx to Chauffeur Pandas to National Zoo
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