P.M. Executive Briefing - Nov. 18
This Afternoon's Headlines:
ul>
Port Hopes to Create One Big Cargo Terminal
The Port of New Orleans wants its leading operators – New Orleans Marine Contractors, Ceres Gulf, Transocean Terminal Operators, and Gateway Terminal Services – to cooperate in a joint venture to run a planned container terminal.The new terminal, set for a five-year, piece-by-piece construction, would take the place of obsolete facilities on the Industrial Canal. The water leading to the current France Road docks is not deep enough for the majority of container ships, and the Nashville terminal lacks space for expansion.
Fighting Robbery by the Truckload
In an effort to fight the rising amount of truck cargo theft in Ontario, trucking companies are making a C$25,000 donation to Crime Stoppers, an organization that gives as much as C$1,000 to anonymous parties whose tips help convict criminals.In the Toronto area, which has seen close to 200 instances of truck cargo theft in 1999, the cost to carriers due to cargo theft is C$250 million annually.
According to Ontario Provincial Police Detective Chief Superintendent Wayne Freschette, Highway 401 saw 84 instances of truck cargo theft between Quebec and east Toronto in 1998. Although some people who call Crime Stoppers might have some involvement in the crimes themselves, police say the cost to trucking companies is more important than that concern. Police believe they can learn more about cargo theft by getting further information about the crimes. Toronto Star Online (11/18/99) ; Mitchell, Bob
Volvo Jan-Oct Truck Deliveries Up, N. America Leads
Volvo Truck's sales saw a 2% gain from January to October, with a 19% gain in North American deliveries and a 5% gain in Western European deliveries. Sales to South America, Asia, and Eastern Europe dropped 42%, 37%, and 33%, respectively. Reuters (11/18/99)Carr, Korein & Tillery: Safety of 'Big Rig' Drivers Ignored
Truckmakers, the government, and unions are not working to give truckers the kind of safety features that can be found in passenger cars, said St. Louis lawyer Martin L. Perron. Such features that trucks lack include a "safety cage" around the cabs as well as closed doors and windshields that remain in place.Perron, who is representing a trucker rendered a quadriplegic by a fairly minor Tennessee tipover, said "the debate about large truck safety often makes truck drivers the scapegoat and ignores the need to build truck cabs that protect truck drivers when they crash." National Highway Traffic Safety Administration statistics say 600 people in big rigs die in accidents annually. Boston Globe Online (11/18/99)
County to Seek Study for Truck Traffic Options
Lancaster County (Pa.) Commissioners said they will try to get a Federal Highway Administration grant in order to seek a new route for trucks heading to Harrisburg from the Wilmington, Del., port while avoiding the toll-heavy Pennsylvania Turnpike. Truckers' reluctance to use the turnpike has brought a high truck volume on routes 41, 283, and 30, which is an important highway for tourists.The $500,000 FHWA grant the county desires would be part of the National Corridor Planning and Development Program for FY2000. Lancaster (Pa.) Intelligencer Journal Online (11/18/99) ; Little, Barbara
Cummins Deal Boosts Westport
ancouver-based Westport Innovations has inked its second deal with Cummins Engine for the creation of prototype engines using a patented Westport technology that allows diesel engines to use liquefied natural gas and cut pollution without giving up power or fuel efficiency. Three new Cummins truck engines will be modified, and two of the engines are to be tried out by fleets in 2000.
"The trucking segment is probably [Westport's] largest market potential," said Octagon Capital analyst Oliver Meixner. The announcement of the second Cummins deal preceded a 16% gain in Westport's stock price Tuesday. The two companies have been modifying diesel engines since last year, and Westport is also working with Ford on an automobile engine. National Post Online (11/18/99) ; Schreiner, John
Quality Distribution Inc. Reports Third Quarter and Year to Date Results
Quality Distribution Inc. said it saw $149.3 million in third-quarter income, up from $106.8 million in the year-earlier quarter, with operating income of $2.2 million, compared to the $5.3 million year-earlier operating profit. One-time charges impacted the third-quarter 1999 operating income, which would be $9.4 million otherwise. Third-quarter EBITDA rose to $20.3 million from $13.5 million.The company saw $440.7 million in revenue for the first nine months, up from the year-earlier figure of $255.5 million, with operating income up to $14.2 million from $3.2 million and EBITDA up to $61.9 million from $21.4 million. All the results are affected by the Aug. 1998 purchase of Chemical Leaman. Business Wire (11/17/99)
US 1 Industries Announces 1999 Third Quarter and Nine Months Results
US 1 Industries said it saw $8.1 million in third-quarter revenues, up from $7.7 million in the year-earlier quarter, with $60,364 in income. In 1998's third quarter, the company posted an $18,803 loss. The company posted $23.7 million in revenues for January through September, up from $22.9 million in 1998's first nine months, with net income up to $174,326 from the year-earlier income figure of $24,852. Business Wire (11/16/99)© copyright 1999 INFORMATION, INC. Terms of Service
