P.M. Executive Briefing - Dec. 4
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U.S. Economic Gauge Falls 0.2%
A key U.S. economic report Tuesday indicates that the economy's future prospects are not as bright.The U.S. index of leading economic indicators fell 0.2% in October, after remaining unchanged in September, Reuters reported Monday.
Economic cooling, a labor shortage and long-term interest rate yields lower than short-term rate yields were cited by the Conference Board, which publishes the numbers, according to the news service. When the economy slows, trucking usually has less to ship.
Regional trends may become clearer Wednesday, when the Federal Reserve releases its Beige Book, according to Reuters.
Heating Oil Prices Rise 8%
Heating oil prices for January jumped 8.2% to $1.05 per gallon, the biggest gain in 7 months, Bloomberg reported, based on late morning trading in New York.The rise came due to expectations of a colder-than-normal temperatures in the U.S. Northeast through early next week. Transport Topics
Nine Ocean Carriers Form Internet-Based Network
Following the example set by many trucking companies, nine container-shipping firms are launching an Internet-based network to cut out third-party logistics providers, the Wall Street Journal reported Monday.
It is tentatively named the Global Transportation Network, and will use a platform from Tradiant, a Silicon Valley technology company based in Alameda, Calif. "Mini-networks" for customers are among the goals, according to one of the member carriers.
CP Ships, the container arm of Canadian Pacific Ltd. is on board, as is APL, Hanjin Shipping, Hyundai Merchant Marine Co. Ltd., K-Line, Mitsui O.S.K. Lines, Senator Lines, Yang Ming and Zim Israel Navigation Co.
Tradiant hopes to standardize communications between carriers, reduce transaction costs by 60% and get the whole thing up and running in early or mid-2001, according to the Journal. Transport Topics
Forward Air Gets Injunction Against U.S. Xpress
Forward Air Corp. (FWRD) stated Monday afternoon that it had obtained an injunction against U.S. Xpress Enterprises Inc. (XPRSA) to stop or detain Dedicated Transportation Services, Inc. shipments in its system. Over the weekend, Forward Air announced that it had purchased the assets of DTSI. Forward said that over the past several days, U.S. Xpress has claimed lien rights on the freight of DTSI customers and has threatened to stop or detain in-transit shipments.
The detention threats stem from U.S. Xpress' allegation that DTSI - or Forward Air - owes it $2 million in freight bills, according to Forward Air.
Forward Air said it feared U.S. Xpress "was attempting to use innocent customers freight" in an effort to force others to pay prior DTSI debt. Transport Topics
Safeway Warehouse Strike Ends, Hourly Driver Pay Rejected
A six-year contract was approved Friday by Teamsters at a large distribution center serving more than 200 Safeway (SWY) stores in California and other Western states, according to the Sacramento Bee.The paper reported Friday that more than 1,600 warehouse workers and truck drivers were set to return on Monday at the Summit Logistics facility in Tracy, Calif., and replacement workers would be sent home, according to the story.
But the Teamsters Local 439 said it lost on two important issues: pay for drivers based on hours worked instead of number of deliveries, and a change in productivity standards at the warehouse that the union claimed led to accidents, the Bee reported.
Wages are set to rise by 24% over six years, starting wages will rise to $13.50 an hour from $11, and workers stationed in freezers will receive premium pay, according to the paper. Transport Topics
Headlines From Today's A.M. Briefing
- Fed May Try to Head Off Slowdown
- Iraq Resumes Oil Production
- U.S. Govt. Proposes Incentives for Domestic Oil Production
- Forward Air Buys Dedicated Transportation Services
- Volkswagen to Make More Trucks
- Truck Shortage Possible for Transporting Bumper Crops
- Performance Team Signs $36M Lease in New San Pedro Center
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