P.M. Executive Briefing - Nov. 16
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U.S. Trucking Chairman Huff Resigns
U.S. Trucking Chairman W. Anthony Huff resigned Thursday, the long-haul trucking carrier announced. Current Chief Executive Officer Danny L. Pixler will replace him.The Charleston, S.C.-based company also said it had nominated four new board members in what it called a "restructuring" of its board to "to better enable the company to achieve its business plan and financial goals."
Transport Topics newspaper previously reported that Huff had also resigned Nov. 9 from the chairmanship of Marietta, Ga.-based Professional Transportation Group - the holding company that owns Timely Transportation, a truckload carrier. PTG has faced some financial difficulties in recent weeks, laying off 20 employees and announcing that it will reexamine its results for the company's fourth-quarter 1999 and first-quarter 2000 results. Management said the company would likely post losses rather than net gains as previously reported for those quarters.
In Thurday's announcement, Pixler said Huff had resigned from U.S. Trucking to "focus all his attention and energies on the business affairs of a private holding company." Transport Topics
Economy: Low Inflation Amid Weak Output
The U.S. Labor Department said Thursday that the consumer price index rose just 0.2% in October, while the core non-fuel, non-food CPI also rose by 0.2%.Both numbers were within market expectations and lower than in September. They help support the view that inflation will not get out of hand, which should help keep the Federal Reserve from pushing interest rates higher in coming months. The slower October CPI - after a 0.5% rise the month before along with a 0.3% core rate gain-came partly as gasoline prices weakened from highs the months before.
Weaker prices for fuel and the prospect of stable interest rates help truckers who see both as big operating costs. The Fed on Wednesday had voted to keep rates stable for now, but kept its stance of concern about inflation risks.
Also on Wednesday, the Fed had said industrial output declined 0.1% in October and that factories were operating at a lower capacity rate. Since trucks haul a huge portion of the goods produced by U.S. factories, a weaker manufacturing sector means weaker freight shipments. Transport Topics
Crude Oil Prices Drop After Warm Weather Forecast
Crude and heating oil futures dropped Thursday after the National Weather Service predicted warm weather late next week for the U.S. Northeast, Bloomberg reported.Crude oil fell 1.7% or 62 cents to $34.96 per barrel on the New York Mercantile Exchange Thursday, the wire service reported. Prices are already 37% higher than this time last year.
Heating oil futures dropped 2 cents on the warm-weather news, the story said.
Demand for heating oil is expected to rise due to a colder-than normal winter this year, especially in the Northeast, the country's largest heating-oil market. But Bloomberg said the supply is 31% lower than in the winter months of 1999, when a heating-oil crunch triggered a diesel price spike in New England. Transport Topics
Truck Stop Group Suggests Parking Fund
Natso, the Alexandria, Va.-based trade association for truck stop operators, has issued a proposal that trucking companies pay into a trust fund to increase parking. The group also called for a plan to close unneeded roadside rest areas so money to support them could be reallocated to areas where more parking is needed.
"Our nation's infrastructure is built with a user pays system," said Scot Imus, Natso's vice president of government affairs, "so it makes sense that rest area truck parking would be funded by the users of that parking."
Natso proposed that a truck parking trust fund could be created within the framework of the International Registration Plan. Under the proposal, carriers would pay an additional $300 fee per truck for the new trust fund. States would then use the money to increase truck parking by adding rest area spaces, stimulating private sector parking growth and provide better parking information to drivers. Transport Topics
New Con-Way Unit Aims At Small, Medium Businesses
Con-Way Transportation Services, a firm known for transportation and supply chain services, announced Thursday it was launching a new consulting unit called Con-Way Business Solutions.he new Chicago-based operation is designed to help small to medium-sized firms use technology. Con-Way said the business solutions unit will provide a full range of supply-chain management and Internet services to manufacturers, distributors and emerging Internet companies.
Luis Solano has been named general manager of the consulting company, responsible for daily operations, strategic direction and future expansion. Transport Topics
Air Transport Intl. Pilots Ratify Teamsters Contract
Teamsters Local No. 747 has "overwhelmingly" ratified its first contract with Air Transport International, its parent company, BAX Global, announced Thursday.Company president Joey Carnes said he was "extremely pleased" with the news and that the agreement quelled any concerns about its ability to provide reliable service during the heavy shipping season.
ATI, based in Little Rock, Ark., provides air cargo services to BAX Global, a $2.1 billion transportation and supply chain management company operating in 123 countries. BAX is based in Irvine, Calif. Transport Topics
Ontario Puts Driver Records Online
The transportation department of Canada's Ontario province has developed a Web site where the public can see the driving records of truck and bus operators, the government said.The site reports a driver's safety record. The site also lists the safety performance of truck and bus companies. The site is www.CarrierSafetyRating.com. Transport Topics
Headlines From Today's A.M. Briefing
- NY/NJ Eyes Bridge Incentive for Trucks
- Airborne Expanding Ground Deliveries
- Oil Consumers to Plead for Lower Prices
- Dura Gets Large Vehicle Parts Order
- United Road Services Reports Net Loss, EBIDTA Gain
- Tenneco Predicts Decreased Revenue
- Marten Looks for 4Q Earnings Drop Without Y2K
- Montreal Container Backlog Reported Shrinking
- U.S. Compliance With Kyoto Accord Seen in Reach
- Small Business Optimism Dropping, Foundation Finds
- Postal Service Facing Money Woes, Downsizing
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