Kamis, 25 Februari 2010

Trucking companies haul in a freight rebound in January

Freight conditions continued to improve in January, which saw the best year-to-year tonnage increase in five years, according to the American Trucking Associations.The trade group said in a Wednesday release that its seasonally adjusted for-hire truck tonnage index rose 3.1 percent in January, building on a 1.3 percent gain in December. Compared with shipping activity during January 2009, the

Rabu, 24 Februari 2010

Jeanette Sanders Retires as Dockworker

Twenty-three years ago, Jeanette Sanders of Kansas City, Missouri needed a job to support her two children.She saw an ad in the newspaper about a dockworker job at Roadway (which later became YRC), a freight company.On February 26, Sanders is set to retire from YRC, becoming the first female dockworker for an LTL (less than truckload) freight company to retire as a member of Local 41 in Kansas

YRC Worldwide closes first tranche of $70 million private debt offering

YRC Worldwide Inc. said it had closed on the first tranche of a $70 million private-placement offering announced earlier this month.The Overland Park-based trucking firm said proceeds from the new financing would go toward settling obligations to bondholders with about $45 million in 2010 notes. That group did not participate in YRC's $470 million debt-for-equity swap at the end of 2009.The first

Kamis, 18 Februari 2010

Trucking failures to accelerate this year

Bankruptcies in the U.S. trucking industry are expected to escalate this year as higher fuel prices and excess capacity squeeze margins further and lenders start to tighten their noose on the sector.The highly fragmented freight market in the United States has been in recession for about three years now. Excess capacity has put pressure on pricing and dented margins at truckers as well as freight

Rabu, 17 Februari 2010

Challenging year for US truckers - but better prospects ahead

Following the release of the results of a number of US logistics companies, it is possible to give an update on the state of the US market. Undoubtedly it was another difficult year for logistics companies of just about all types.Looking positively, the largest player in the less-than-truckload market, YRC Worldwide, is still in business despite reporting a pre-tax loss of $899 million. This

YRC shareholders approve stock deal

Clears way for $70 million private placementNewly issued stock eligible for the Nasdaq exchangeStock plunges about 29 pctYRC Worldwide said on Wednesday that shareholders had agreed to a series of measures aimed at giving former debt holders equity control and helping the troubled U.S. trucking giant regain its financial footing.The approvals, the latest moves in a broad financial restructuring

Selasa, 16 Februari 2010

Hoffa Says Teamsters to Build on YRC Success

Union must save existing jobs while organizing new companies, Hoffa saysThe Teamsters are ready to put the muscle they used against Wall Street to help YRC Worldwide into action against fresh opponents, says General President James P. Hoffa."We took on the big banks to save YRCW and we're going to keep taking on big companies like Coca-Cola," Hoffa told representatives from more than 200

Kamis, 11 Februari 2010

YRC Worldwide Enters Into Note Purchase Agreement for $70 Million in New Capital

YRC Worldwide Inc. today reported that it has entered into definitive agreements with investors who have agreed to purchase $70 million in new unsecured convertible notes in a private placement. The company will use the proceeds from the issuance of these new notes to satisfy its remaining 2010 note obligations, with any excess proceeds available to be used for general corporate purposes. The new

Selasa, 09 Februari 2010

Arkansas Best Corporation to Deliver Presentation at 2010 Transportation Services Conference

Arkansas Best Corporation will be giving a presentation at the BB&T Capital Markets 2010 Transportation Services Conference. The company's President and Chief Executive Officer, Judy R. McReynolds, will host their presentation at the event. The company is scheduled to deliver their presentation on February 11, 2010 at 8:25am (EST). The presentation will be webcast, both live and for replay,


Bill Zollars, Chairman and CEO of YRC Worldwide Inc., will deliver a company presentation at the BB&T Capital Markets Transportation Services Conference on Wednesday, February 10, 2010, at 1:15pm ET. The conference will be held at The Biltmore Hotel, 1200 Anastasia Avenue, Coral Gables, Florida.The presentation will be available to listeners through a live webcast via the YRC Worldwide Internet

Jumat, 05 Februari 2010

YRC Sees 'Momentum,' but Road Ahead Is Still Rough

YRC Worldwide sees 'good momentum,' as some major customers stick with itYRC Worldwide, one of the country's largest trucking companies, on Friday posted an operating loss for the fourth-quarter because of the weak economy and internal financial struggles.But the company said it sees "good momentum" in its business so far this year and is getting support from some big customers who have stuck

YRC Worldwide Reports Year-Over-Year and Continued Sequential Improvement in Fourth Quarter 2009 Results

Successful Debt-for-Equity Exchange SignificantlyEnhances Balance Sheet Exchange Triggers Access to $160 Million in Additional Liquidity New Capital-Raise Discussions in Advanced StagesYRC Worldwide Inc. today reported year-over-year and continued sequential improvement in its fourth quarter 2009 results. For the quarter ending December 31, 2009 the company announced pre-tax income of $50 million

Selasa, 02 Februari 2010

ABF Returns to Braun Racing as Primary Sponsor

Braun Racing is pleased to announce that their marketing partner of four years, ABF, is expanding their current racing program and will serve as primary sponsor of the No. 10 Toyota Camry for seven races in 2010. Jason Leffler will pilot the No. 10 ABF Camry in those races, listed below. Daytona International Speedway (February 13)Bristol Motor Speedway (March 20)Darlington Raceway (May 7)Dover

12 Drivers Chosen for the 2010-2011 ABF Road Team

ABF Freight System, Inc., has selected its 2010-2011 Road Team, consisting of the top driving professionals from across ABF's North American network. The ABF Road Team members and the ABF Service Centers where they are based are:Charles Ammerman – South Bend, Ind.Timothy McElwaney – Atlanta, Ga.David Boyer – Wytheville, Va.Usevio Martinez – Amarillo, TexasCharlie Estrada – Albuquerque, N.M.Kip

UPS posts lower profit, but sees jump for 2010

United Parcel Service Inc. reported higher earnings, helped by much-improved margins, although revenue fell because of weakness in the U.S.The shipping company also warned the first quarter would be the most challenging of the year, with profitability expected to be only slightly better than last year. Analysts were expecting a 13% per-share increase.For the full year, UPS projected earnings of

Senin, 01 Februari 2010

Chicago Teamsters let YRC Worldwide temporarily halt pension payments

A group of dissident union workers employed by YRC Worldwide Inc. in Chicago has narrowly passed a proposal waiving the company’s pension obligations until next year.The International Brotherhood of Teamsters’ Local 705 reported on its Web site Saturday that the final vote total was 178-142 in favor of the proposal.Spokespeople for the local didn’t immediately return a phone call for comment

Goldman halted market-making on YRC after empty creditor claim

Goldman Sachs stopped making markets in bonds and credit default swaps (CDSs) on US freight company YRC Trucking for around two weeks from December 16, as part of an effort to stave off a public relations catastrophe. The decision to stop quoting on YRC is understood to have been taken at a very senior level in Goldman, after freight union International Brotherhood of Teamsters (IBT) sent letters