So far this year, OPEC has gone beyond quotas on crude oil production four times, the news service reported. OPEC ministers predict that crude oil will fall to $22-$28 per barrel before the increases affect the market.

The ministers made the decision not to increase production due to market saturation, Reuters said. The story also said several petroleum analysts predicted that the current rate of production will create a surplus by January, which will likely ease inventory concerns in the U.S.

Following the decision Monday, Reuters reported that oil prices rose. U.S. light crude went up 30 cents from the morning trade of $34.32 and London Brent futures went up 28 cents from $32.30 per barrel. Transport Topics

Fiat to Lay Off 1,000 Workers

Italian truck and carmaker Fiat (FIA) plans to lay off 1,000 employees, Bloomberg reports. The job cuts will mostly occur in northwestern city of Turin, the Italian paper la Republica said. The story said that the cuts came due to Fiat combining engine manufacturing with General Motors. Transport Topics

Delivery Firm Streamline.com to Close

Streamline.com, a delivery service for online groceries, will go out of business Nov. 22, Reuters reported.

In May, the company sold its Washington and Chicago operations to Peapod, Inc, which also provides online grocery services. Transport Topics

RailAmerica to Sell Truck Unit

RailAmerica, a regional operator of railroads, has agreed to sell its Kalyn/Siebert truck-trailer manufacturing unit, Bloomberg reported Monday.

Heil Co. - a subsidiary of New York-based Dover Corporation - will buy the unit for $32.5 million. The sale is expected to be completed by the end of the year, Bloomberg said. Kalyn/Siebert has operations in Texas and Quebec. Transport Topics

PNV Reports Q1 Loss

PNV (PNVN), a provider of telecommunications services to truck drivers, reported a first-quarter net loss of $18.2 million or $1.14 per share Monday, slightly lower than the $18.3 million posted one year ago.

The company also reported revenue of $5.5 million, an increase of 62%, the company said. The company says its subscriber base increased 23% from a year ago but is unchanged from the fourth quarter.

Based in Coral Springs, Florida, PNV provides cable TV and Internet services to truck drivers and fleets at truck stops in 43 states. Transport Topics

Fire Shuts Down Hino's Main Plant

Hino Motors, Japan's largest truckmaker, shut down Monday after an employee was injured during a fire. The fire broke out in Hino's main assembly pant, west of Tokyo.

The fire occurred on the production line that makes 4-ton Ranger trucks. Until a cause for the fire can be determined, production will shut down for one week, the company announced.

The factory normally makes 80 trucks a day, so the shutdown will result in a production loss of 400 vehicles. Transport Topics

Cannon Express Posts Sharp Q1 Losses

Cannon Express (AB), a truckload hauler of general commodities, reported losses for the first quarter, 2001, the company said.

Net loss was $1,066,838 versus net income of $501,103 last year. Per share, the company lost 33 cents compared to a 16 cent gain in 1999. The company blamed the loss on higher fuel prices and a continued driver shortage.

Cannon Express is an irregular route truckload carrier and is based in Springdale, Ark. Transport Topics

Freightwise Transportation Exchange Goes Live

Freightwise, an Internet marketplace for the transportation industry, launched its transportation exchange Monday at www.freightwise.com, the company announced. The site allows buyers to query, select, track and pay for transportation services online.

The company also announced that Canadian National Railway Company (CNI) has made an investment in Freightwise. The amount was not disclosed. Other investors include General Electric (GE) and Burlington Northern Santa Fe (BNI).

Ft. Worth, Texas-based Freightwise offers truckload and intermodal transportation services via auctions and published rates. Transport Topics

Target Logistics Announced 1Q Results

Target Logistics reported a net loss Monday of $317,266 or three cents per share for its fiscal first quarter.

Earnings before interest, taxes, depreciation and amortization (EBITDA) broke even, the company said. Operating revenues, however, increased from $19 million last year to $20.3 million this year.

Target Logistics is based in Baltimore, Maryland. It provides freight forwarding and logistics through its subsidiary, Target Logistic Services, Inc. Transport Topics

Morgan Group Reports Higher 3Q Earnings

Morgan Group (MG), a delivery management company, reported an increase in earnings but lower revenues for the third quarter, the company said Monday.

Net income increased to $75,000 or 3 cents per share, up significantly from $34,000 (1 cent per share) posted last year, the company reported. Operating revenues dropped 25% to $28.2 million this year, compared to $37.3 million last year.

Company President and Chief Executive Officer Anthony T. Castor, III blamed the downturn on a softening manufactured-home market and lower shipments for recreational vehicles and said the slowdown in business will likely continue throught he fourth quarter.

Morgan Group, based in Rye, N.Y., manages the delivery of manufactured homes, commercial vehicles and specialized equipment. Transport Topics

Emery Worldwide Wins Contract for Mine in Chile

Emery Worldwide, a subsidiary of CNF Transportation (CNF), has been awared a contract involving a copper mining project in Chile, South America, the company said.

Emery will move 50,000 tons of material during a ten-month period from vendors all around the world, including North America. Materiel includes everything from heavy construction equipment to a desalinization plant. The project is worth $170 million, the company said.

Based in Houston, Texas, Emery also provides global air and ocean freight transportation, logistics management, customs brokerage services. Transport Topics

Ariz. Businesses May See Alternative Fuel Subsidy Tightened

The Arizona legislature was set to meet Monday to discuss tightening a wildly popular alternative fuel subsidy that some small businesses have used for light trucks, the Associated Press reported Saturday.

Gov. Jane Hull proposed modifying the plan so tax credits would be paid out with interest over 10 years - not as a lump sum - and credits based on a vehicle's purchase price would not include televisions or other add-ons "that do not improve air quality," according to AP.

Also, taxpayers claiming credits would need to prove that the vehicles primarily use an alternative fuel - not regular gasoline - and that the vehicle is driven chiefly in Arizona.

The program originally offered to cover half of the cost of a vehicle powered by alternate fuels. Lawmakers projected the tax credits would cost $3 million a year, but it has already cost the state a whopping $483 million.

Some small business owners signed up for the program to buy vehicles they would not otherwise have been able to afford, the news service said. Transport Topics

FleetXchange Teaming Up With NTE

FleetXchange is joining with NTE to offer complementary services to trucking companies on each other's Web sites, the companies announced Monday.

FleetXchange, an e-commerce marketplace for the trucking industry, can now offer its members access to an online trading exchange. FleetXchange members can match their carrier capacity needs with NTE's member shippers' requests.

Evanston, Ill.-based FleetXchange.com's membership base has been growing rapidly since its July 20 launch, the company said. It currently represents nearly 150,000 power units and about 165,000 trailers.

NTE, formerly the National Transportation Exchange, offers real-time online procurement services for shippers and carriers, and has more than 600 member customers. It is based in Downers Grove, Ill. Transport Topics

Headlines From Today's A.M. Briefing

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