Sabtu, 30 Januari 2010

YRC introduces automatic No-fee, Money-back Guarantee on standard service shipments

YRC Inc. announced the introduction of its new No-fee, Money-back Standard Service Guarantee. Effective in January, shippers are automatically eligible to receive a 100-percent refund if their shipments fail to deliver on the scheduled day of service."Shippers want peace of mind, knowing their goods will deliver as scheduled. Nothing delivers that level of confidence like a YRC guarantee," says

Arkansas Best Corporation Announces Fourth Quarter and Full Year 2009 Results

Arkansas Best Corporation announced a fourth quarter 2009 net loss of $88.7 million, or $3.54 per share.These results include previously disclosed charges for non-cash goodwill impairment of $2.55 per share and supplemental pension settlements of $0.11 per share. Excluding these charges, Arkansas Best had a fourth quarter 2009 net loss of $22.1 million, or $0.88 per share, compared to a net loss
The national Share the Road highway safety program has returned to West Virginia for the fourth time in three years to deliver life-saving highway driving tips from the nation's top professional truck drivers. The 2010 West Virginia International Auto Show provided the perfect backdrop for the elite group of million mile accident-free drivers to share their message of road safety. According to

ABF, Teamsters to Meet for 'Dialogue'

LTL carrier seeks more even playing field with YRC ABF Freight System is holding a "dialogue" with the Teamsters union over pension liabilities and labor costs, the company's top executive said yesterday."We've had continuing dialogue" with the Teamsters, and "we do have a meeting set with them to discuss our issues," Judy R. McReynolds, president and CEO of Arkansas Best, said in a conference

Kamis, 21 Januari 2010

U.S. truckers call for new safety regulations

The Teamsters Union has asked the U.S. government to reverse a regulation that increased the number of hours truckers can drive.The regulation, which was issued in 2003, raised the number of hours truck drivers can spend behind the wheel from ten to eleven consecutive hours each shift, and from 60 to 77 hours of driving each week. The rule also cut off-duty rest and recovery time at the end of

YRC sets special shareholders meeting: Trucking company hopes to make $470 million debt-for-equity exchange official next month

YRC Worldwide Inc. intends to make its successful debt-for-equity swap official on Feb. 17.That's when the struggling trucking company and parent of the former Roadway Corp. in Akron has scheduled a special shareholders meeting to consummate parts of its $470 million debt-for-equity exchange that bondholders approved on Dec. 31.The move likely averted a bankruptcy filing for the Overland Park,

Holland Freight announces next day service from Toronto

Next day service from Toronto to seven Midwest cities has been announced by Holland Freight, a subsidiary of YRC Worldwide Inc.U.S cities now being serviced by Holland Freight from Toronto with next day service are Chicago; Joliet, Ill.; Wheeling, Ill.; Cincinnati; Indianapolis; and Huntington W. Va.Holland Freight President Jeff Rogers said the move gives his company the largest next-day

2009 likely the toughest ever for the trucking industry

It’s official. Sort of.The American Trucking Associations' notes that in 2009 “the motor carrier industry has potentially endured the most severe drop in volumes ever.”Lane Kidd, director of the Arkansas Trucking Association, agrees. He said most Arkansas-based trucking companies still operating were “significantly” damaged in 2009. He said they employ fewer people, have lower balance sheets and

Kamis, 14 Januari 2010

LTL carriers seeing some signs of demand increase

Two carriers announce LTL rate increasesLess-than-truckload carriers are a bit more optimistic about demand today than they were even a month ago. But, pricing remains something of a mixed bag. Some carriers are focusing on competitive rates to gain market share while others are increasing rates in the hope of improving profitability. A fourth quarter review from Wolfe Research says truck demand

Analysts: YRC will report a rough fourth quarter

A trucking industry analyst said he expects haulers to continue to struggle through the first half of the year, at least, and predicted an “exceptionally weak” fourth-quarter report from YRC Worldwide Inc.Ed Wolfe, of Wolfe Research LLC, said in a research report Wednesday that YRC probably will report “massive (earnings per share) and cash-flow losses” for the fourth quarter, during which it

YRC Launches Public Campaign to Win Back Shippers

Online ads stress importance of YRC to 'competitive rates'YRC Worldwide is engaging its competitors -- and the media -- in a fierce battle for freight and customer confidence after squelching fears of a near-term bankruptcy.Fresh from its successful debt-for-equity swap Dec. 31, YRC Worldwide is taking its message to shippers through advertising and marketing aimed at building volume.It's the

UPS Donate $1 Million To Haiti Earthquake Relief In Cash And Freight Services

Atlanta-based freight and parcel carrier UPS has announced they are to donate more than $1 million worth of support to the international efforts to assist the survivors of the massive earthquake that hit Haiti yesterday.The contribution shall be made up of $500,000 in cash with the rest made up of in-kind support services.The assistance is to be split between The Red Cross, UNICEF and CARE to be

Selasa, 12 Januari 2010

YRC Pays Wicks $800,000 to Stay

Trucking giant paid president $400,000 after debt swap as part of non-competition agreementYRC Worldwide paid one of its top executives $400,000 this week as part of a non-competition and confidentially agreement that includes an additional $400,000 in incentive pay if he stays with the company and meets certain goals through July.President and Chief Operating Officer Timothy A. Wicks will

Standard & Poor’s raises YRC Worldwide credit rating after debt-for-equity swap

YRC Worldwide Inc. is seeing additional benefit from the recent completion of a debt-for-equity swap, with Standard & Poor’s declaring the company no longer in default.The rating service said in a Monday release that it raised its corporate credit rating of YRC to “CCC-” from “SD,” or “selective default.” The new rating still is considered a junk rating. It also said it raised its rating of

Rabu, 06 Januari 2010

Arkansas Best officials not focused on YRC troubles

While the bankruptcy of national trucking giant YRC would boost the fortunes of Fort Smith-based Arkansas Best Corp., officials with the Fort Smith trucking company aren’t pinning their hopes on a YRC stumble.Overland Park, Kan.-based YRC in the past few days avoided bankruptcy through a complex bond swap agreement with creditors. The deal essentially reduced the company’s debt by about $500

Trucking Execs Look Forward to Speech About Nat’l Outlook

The Traffic Club of Memphis isn’t wasting any time tackling issues that will be important to the trucking industry in 2010.At its first monthly meeting, set for Tuesday at The Racquet Club of Memphis, the longtime trade association has invited Tommy Hodges, recently installed chairman of the American Trucking Association, to deliver a keynote speech about all things trucking.The speech will be

Selasa, 05 Januari 2010

YRC and the Street's Appetite for Destruction

In the battle between the truckers and the hedge funds, the truckers won. The fact that YRC Worldwide almost went bust because of credit-default swaps shows how little has changed on Wall Street.The struggle for survival at YRC, trucking company best known for its Yellow and Roadway-branded big rigs, attracted scant media attention in the waning days of 2009.YRC did survive, but only after the

YRC Worldwide Sets January 4, 2010 as Record Date for Special Shareholders Meeting

YRC Worldwide Inc. announced today that it has established a record date of January 4, 2010 for its special meeting of shareholders to vote on an amendment to its certificate of incorporation to increase the amount of authorized shares of common stock, to reduce the par value of the common stock and to effect a reverse stock split and to proportionately reduce the number of authorized shares of

The New and Improved LTL Industry

It’s no secret that the global economic crisis removed the veil that had obscured some fundamental weaknesses in business practices across the transportation and logistics sectors.When times were good and it appeared that cargo container volumes would double every 10 years forever (remember the go-go years of 1998 through 2008?), the biggest challenges the logistics community seemed to face where

Arkansas Best Corporation Announces Its Fourth Quarter 2009 Earnings Conference Call

Arkansas Best Corporation will announce its fourth quarter 2009 results, prior to the opening of the market, on Thursday, January 28, 2010. A conference call with company executives will be held that day at 11:00 a.m. ET (10:00 a.m. CT) to discuss these results. Interested parties are invited to listen by calling (877) 275-1257 or (706) 634-6529 (for international callers). Following the call, a