P.M. Executive Briefing - Sept. 27
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Freightliner Will Cancel Western Star-Grupo Dina Agreement
Freightliner, the truck-making arm of DaimlerChrysler, announced Wednesday it will terminate the supplier agreement between Canada's Western Star Truck Holdings and Mexico's Consorcio G. Grupo Dina, effective in 60 days.
Transport Topics had previously reported Freightliner's intent to end the agreement between Western Star and Dina, as soon as Freightliner completed its acquisition of the Canadian truck maker. Freightliner's purchase of Western Star closed Tuesday.
Under terms of the agreement, Western Star had marketed in North America Dina's Class 7 Solar Series trucks. Transport Topics
Tanker Shortage May Crimp Oil Flow
Should the United States and its allies convince OPEC to produce more crude oil, there is one more roadblock that could hamper efforts to end fuel shortages. Another shortage exists, this one of transport tankers, the Journal of Commerce Online reports.The fleet of tanker ships that transports oil exports around the world is already working at full capacity, the story said, and would have a hard time meeting greater demands. Tanker freight rates are at a 30-year high, the Journal added. Transport Topics
Mitsubishi Reported Firing Quality Assurance Head
Still reeling from a defect cover-up scandal, Japanese vehicle maker Mitsubishi Motors plans to fire product quality director Hirotoshi Sukuki, Bloomberg reported Wednesday. All company directors will also have their pay reduced, according to the article.Company President Katsuhiko Dawasoe had already resigned in the wake of the scandal; his resignation is effective Nov. 1. DaimlerChrysler's Rolf Eckrodt will replace him, Bloomberg noted. Transport Topics
Oil Price Highs Only Temporary, Top World Bank Economist Says
The current high in crude oil prices is only temporary and should drop next year as supplies increase, the World Bank;s chief economist told Bloomberg Wednesday.Nicholas Stern believes prices will drop more within OPEC's target range, to about $22 per barrel, next year, the article said.
U.S. crude was at $32.08 per barrel on the New York Mercantile Exchange earlier Wednesday, and Brent crude registered $31.13 per barrel on London's International Petroleum Exchange, Bloomberg previously reported.
In Nigeria, a union representing oil workers threatened a strike if pay-increase demands are not met, Bloomberg also said Wednesday. A strike could disrupt oil shipments from the world's sixth-largest exporter, though labor disruptions there usually do not stop oil exports. Transport Topics
DHL Will Open New Logistics Center in October
DHL Airways announced Wednesday it will open an Express Logistics Center (ELC) near its Cincinnati hub on Oct. 1.The center will offer distribution, inventory management and logistics services such as inventory management, storage, repair and return services and cross docking to DHL's international and domestic customers.
The company said the center will also support DHL's strategic parts centers, which provide "in-country" storage and distribution. Transport Topics
DaimlerChrysler Says Group Profit Is Up, But Chrysler 3Q Is Down
DaimlerChrysler said Wednesday that, while its U.S. automotive unit (the former Chrysler Corp.) will post a third-quarter operating loss of about 600 million euros, the group overall is expected to post full-year net income above that of 1999, CBS MarketWatch reported.DaimlerChrysler also said Wednesday it will, along with Chinese partner Beijing Automotive Industry Corp., invest $226 million in slumping Beijing Jeep to help launch its first major model change in 15 years, the Associated Press reported.
Daimler is also the parent of big-truck manufacturer Freightliner, and the heavy truck industry is working through a weakened North American market this year.
Also, longtime Chrysler head designer Thomas Gale, who had overseen the design of vehicles such as the Dodge Viper and Chrysler PT Cruiser, announced his retirement, effective at the end of 2000, AP said. Transport Topics
Slater Names Eisenhower Transportation Fellowship Recipients
U.S. Transportation Secretary Rodney Slater announced Tuesday the 67 recipients of the Federal Highway Administration's Dwight David Eisenhower Transportation Fellowships.These fellowships support post-graduate study and research in the transportation field. They were established in 1992 under the Intermodal Surface Transportation Efficiency Act, and re-authorized in 1998. The criteria for student awards include academic achievements, recommendations and likelihood of a career in transportation. Transport Topics
Headlines From Today's A.M. Briefing
- Reports Grow of Deal on Trucker Hours Plan
- Online Freight Arranger Transportal Scales Back
- Oil Prices Back Up as U.S. Inventories Go Down
- Norfolk Southern Adopts New Shareholder Rights Plan
- UP Rail Eyeing Early 2001 Rate Hike if Fuel Cost Stays High
- Trism Will Boost Driver Pay 10%
- Singapore Air Rates May Soon Get Fuel Surcharge
- OPEC President Says Europe Already Tapping Reserves
- U.S. August Durable Orders up 2.9%
- TRW, Michelin to Develop Tire Pressure Monitoring Devices
- Burke Named Logistics.com CFO
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