The Cargo Letter
THE CARGO LETTER 
Air & Ocean Freight Forwarder - Customs Broker News
31 December 1998
Happy New Year 1999 from our Observation Deck...... overlooking the
officially designated "Cargo City" area and....... Runway 25-Right, at
Los Angeles International Airport, voted ``Best Cargo Airport in North
America''. We hope see you in New Orleans on 17 Jan.!!!!
Welcome Euro! A New Trade Age Begins.
Contribute your knowledge, stories & company information ........ by e-
mail to The Cargo Letter. We strive to
bring you useful information which is timely & topical. Be sure to use our
web site .......... http://cargolaw.com.
To post comments or discuss articles, go to ....... http://www.interpool.com/tcl/disc1_frm.htm
The Freight Detective ........ http://www.cargolaw.com/detective.html
Michael S. McDaniel, Editor & Publisher, Countryman & McDaniel,
forwarder/broker attorneys at LAX.
INDEX to The Cargo Letter:
OUR "A" Section: Trade, Financial & Inland News
1. Freight Forwarder Trade Briefs
2. The Cargo Letter Financial Page
OUR "B" Section: FF World Air News
3. Freight Forwarder World Air Briefs
OUR "C" Section: FF World Ocean News
4. FF World Ocean Briefs
OUR "D" Section: FF in Cyberspace
5. The Cargo Letter "Cyber Ports Of Call"
1999 AIR CARGO INTERNET SYMPOSIUM ........ Time Is Running Out!
- New Orleans!
- From IATA & The Journal Of Commerce
- Can Your Company Afford Not to Attend?
- January 17-19, 1999
The 3rd annual event sponsored by The Journal of Commerce and the Int'l Air
Transport Association will once again gather air cargo professionals from around
the globe to discuss how the most powerful information tool on the planet can be
harnessed to improve every aspect of your transportation business. U.S.
ratification of Montreal Protocol IV has opened the door for electronic air
waybills. Customs can now be cleared with the click of a mouse. Hundreds of your
competitors will gain a technical edge by coming to this conference. Can your
company really afford *not* to attend?
As an extra bonus, this year's event has been set by organizer Michal Douglas
at New Orleans famous Royal Sonesta Hotel from January 17-19, 1999. The
conference will soon be sold out. Remaining spaces can be arranged through the
web sites below. Make your reservation NOW!
Just A Few Featured Speakers From The Industry's Front Line Include :
Gail Blauer - V.P. Freight Marketing, Unisys
Alan Boehme, Director of Planning, DHL Worldwide Express
Guenter Rohrmann, President & CEO, AEI
Neil McCulloch, Manager of Dangerous Goods/Technical, IATA
Don Holt, Editor, Journal of Commerce
Vince Ryan, Mgr. of Global Distribution British Airways World Cargo
Chad Quinn, Sr. Business Mgr. for Transportation, Manugistics
Michael S. McDaniel, Esq., Countryman & McDaniel - The Cargo Letter
Cameron W. Roberts, Esq., Countryman & McDaniel - The Cargo Letter
Bill Lindsey, Sr. Technical Specialist, BAX Global
Fred Luessen, Airfreight Automation Consultant
Bob Foley, Pres., Export2000 - AES/AMS Internet Gateway
Larry Mays, Program Director: Freight Management Solutions, Unisys
Browning Rockwell, Pres., TradeCompass
Michal Douglas - MTA-IC: The Usenet Air Cargo Newsgroup
Jim Powell, Pres., Transportation Development Group
Paul Page, Editor, Air Cargo World
1999 AIR CARGO INTERNET SYMPOSIUM
Schedule of Events
- Intercargo - EXCEL Merger ......... with announcement
that the leading trade & transport insurer has signed an agreement to
merge with a U.S. subsidiary of EXEL Ltd. (NYSE:XL) for US$12 per share, or
approximately US$88M. The transaction is expected to close early in 1999.
Intercargo's largest shareholder Orion Capital Corporation, has agreed to
vote all of its shares in favor of the transaction. Intercargo, HQ'd in
Schaumburg Illinois, through its subsidiaries (including operations in the
U.K. & Hong Kong) underwrites specialty insurance products for companies
engaged in Int'l trade, including U.S. Customs bonds & marine cargo
insurance. Intercargo has assets of US$165M & shareholders' equity of
US$81M. "Intercargo, with 48 state licenses, represents an ideal
platform for EXEL to continue the expansion of its No. American business
operations", stated Brian M. O'Hara, Pres. & CEO of EXEL.
Intercargo will operate in coordination with EXEL's The Brockbank Group
plc.. Stan Galanski will continue as Pres. & CEO, and Robert Lynyak as
Chief Underwriting Officer of Intercargo. In addition to its current
business focus on Int'l business, Intercargo will underwrite business
produced by Brockbank's satellite & marine insurance as well as business
from other EXEL subsidiaries. EXEL, through its wholly-owned subsidiaries,
including X.L. Insurance Company Ltd., X.L. Mid Ocean Reinsurance Company,
Ltd. & Brockbank Group plc, provides insurance & reinsurance
coverages & financial products worldwide. EXEL Ltd has assets of US$9.9B
& shareholders' equity of US$4.5B. In response to the merger
announcement, A.M. Best Co. has affirmed the "A-" (Excellent)
rating for Intercargo, reflecting the benefits it is expected to derive from
the transaction by allowing it to strengthen a marine insurance distribution
- U.S. Forwarder - Broker Groups Will Not "Merge"
............. as a "strategic alliance" has been formed by the
National Customs Brokers & Forwarders Association (NCBFAA) & the
Airforwarders Assn. The groups say they don't plan to merge, but David
Wirsing, the new exec. director of the Airforwarders Assn., will operate
from an office at NCBFAA's Washington headquarters beginning tomorrow.
Wirsing recently succeeded James Foster, who founded the Airforwarders Assn.
Airforwarders, which has been based in Orange, Calif., has about 200 member
firms. The 800-member NCBFAA hopes to use the alliance to build up its air
- German Post Office Will "Forward" Your Mail
............. as Deutsche Post AG will acquire Danzas Holding AG, Europe's
4th largest freight company, for US$1.1B in cash in a bid to become Europe's
dominant transportation &logistics provider. The acquisition comes as
the European Community prepares for postal deregulation in 2003. Danzas
shares rose by 33% to 580 francs following the announcement. The tender
offer is expected to commence in mid- January and to remain open until
mid-February 1999. Acquiring Swiss-based Danzas Holdings AG will create a
US$21B global logistics company. The trend may continue, as now the French
post office also is on takeover path in the European market for postal &
express transport. La Poste in France will buy a majority stake in the
German logistic company Denkhaus.
- Alameda Corridor Kicks Off Major Segment ............ as
officials from across California joined members of the Alameda Corridor
Transportation Authority (ACTA) Governing Board on 9 Dec. to kick off
construction of the corridor's most critical segment, a 10-mile trench that
will eliminate street- level railroad crossings. Officials wielded crowbars
to lift railroad spikes from an old track during the ceremony. ACTA is
building America's largest transport project, a 20-mile rail freight
expressway linking the ports of Long Beach & Los Angeles to the
transcontinental rail yards just east of downtown L.A. The project will
speed cargo & improve the flow of rail & vehicle traffic by
consolidating rail lines and eliminating more than 200 street-level railroad
crossings. The Mid-Corridor segment calls for construction of a
33-foot-deep, 2-track trench running about 10 miles along Alameda Street.
Bridges will be built to carry street traffic over the trench at 29
crossings and will cost US$712M.
- It Didn't Happen This Year! ............... as a year
after a disastrous 1997 meltdown that cost about US$1B in lost business,
Union Pacific R.R. appears to be back on track. This holiday season, the
nation's largest railroad, with 35,000 miles of track, is credited with
making significant improvements to help keep merchandise flowing freely
through ports & over rail lines to retailers' stores & warehouses.
Since last year's debacle, UP has hired more than 6,000 new workers, spent
more than US$600M on additional locomotives & is in the midst of a
US$366M track expansion on the Nebraska plains, where about 40% of the
railroad's cargo is funneled.
- May I See Your License & Registration, Please?...............
as the U.S. is playing tough with Brazil in a battle over shipping rights in
its capacity as world maritime traffic cop. The 2 countries are facing off
over what comprises fair practices in ocean shipping. It's largely uncharted
waters for Brazil, which only recently opened its shores to foreign trade.
One Brazilian shipping line official admitted his country may be out gunned
by Washington. It could be costly if the Brazilians lose. The FMC is ready
with fines & penalties as high as US$1M per ship for Brazilian
companies. FMC is anxious over reports stating Brazil now requires U.S. flag
ships to pursue waivers for the transport of shipments accounted for by
Brazilian government freight-reservation laws. The cargo concerned
constitutes 20% of the Brazil/US trade. In a separate development, the U.S.
has cancelled its tonage-tax exemption for Brazilian vessels calling at U.S.
- Trade Imbalance Widens ............. as effects of the
"Asia Flu" are all too evident in July through September, 3rd
quarter trade figures which show a huge imbalance in the Asia-North America
ocean container trade grew to a record 41.9% for this period as the volume
from the U.S. to Asia dropped by 18.3% compared with 3rd quarter 1997, to
636,868 TEUs. Cargo moving Eastbound increased by 19.1% on the year before
to 1,519,000 TEUs. Both Malaysia &Indonesia witnessed a major imbalance
in their figures. Eastbound TEUs from Indonesia stood at 66,646 for the 3rd
quarter, compared to 22,507 Westbound. Only China & Thailand had an
increase in the number of TEUs inbound from the U.S., likely resulting from
a need to replenish stocks of raw materials.
- UPS Survey Tough On U.S. Dollar ............ as in a
survey it commissioned, Europe's business leaders predicted the euro
currency eventually will overshadow the American dollar as the world's
premier reserve currency within 20 years. Belgian executives were the most
confident (51%) of the euro's dominance, predicting it would happen in just
10 years, followed closely by Spain & the Netherlands (47% & 45%,
respectively). The U.K. was the most pessimistic about the euro currency's
future with 53% doubting it would ever replace the dollar. Despite
predictions of the euro's long-term success, only 44% of respondents felt
euro introduction will benefit their companies financially over the next 12
months, compared with 63% last year. 5% believe their firms will be
"worse off" once the euro is introduced in 1999. 38% predicted a
correction for the U.S. economy over the next 12 months, with Germany (47%)
& the U.K. (44%) at the forefront. Italians are the most optimistic
about U.S. economic prospects, with 35% saying that the U.S. economy will
improve. Germans are the most pessimistic, with 22% believing that the U.S.
will suffer a recession next year. Regardless, with the euro officially the
common currency of most of Europe, shippers & carriers are hoping for a
unified approach that will make it easier getting goods to, through &
from the region. Streamlined invoicing, bills of lading and transportation
administration in general are anticipated by all players in the industry,
particularly freight forwarders & other 3rd-party companies. Welcome
- The Real Santa Claus .............. as Atlas Air, Inc.
conducted yet a 3rd relief flight from Miami to Central America on 18 Dec.
in its continuing efforts to deliver aid to victims of Hurricane Mitch. In
cooperation with Miami-Dade County & the World Relief Corporation, Atlas
has been transporting water, non-perishable food items, medical supplies
& hospital equipment to Managua, Nicaragua. "Upon completion of our
first 2 relief flights, we recognized the continued need for additional
lift," said Michael A. Chowdry, chairman of Atlas Air, Inc.
"Although this is the busiest time of the year for air cargo and we do
not generally operate into Nicaragua, we determined to make room in our
operational schedule for one more relief flight at this time." The
charity hasn't hurt Atlas, now named by Air Watch Report, an independent
research firm that analyzes the financial posture of airlines, as having the
2nd best airline liquidity ratio in the world. Hats off to Sanata Atlas!
- U.S. Customs Says - Let The Millennium Come .............
as by 1 Oct., 1998, well ahead of most U.S. federal agencies, it had fixed,
tested &implemented all of its mission-critical information technology
systems. As a result, the Customs Year 2000 (Y2K) Program has been awarded a
1998 Government Technology Leadership award. Commenting on the award, U.S.
Customs Commissioner Raymond W. Kelly said: "It's truly an honor to be
recognized with this award. I could not be prouder of the many men &
women involved in this monumental effort." Customs annually processes
over 450 million Int'l passengers, 100 million vehicles & 40 million
pedestrians. Customs oversees the importation of merchandise worth in excess
of US$850B and collects roughly US$23B in annual revenue. Customs apprehends
thousands of criminals & seizes more than a million pounds of illegal
narcotics every year.
- IATA - Y2K Little, Too Late? ............. as in June
1998, the Int'l Air Transport Assn. (IATA) launched a US$20M program to
ensure that all airports, air traffic system providers & key suppliers
are aware of the millennium bug. The association is collecting data to
identify problem areas and plans to send teams to 70 top airports to make an
inventory of systems that might not be Y2K compliant, but some airports view
the program with suspicion, fearing that confidential data may be passed on
to 3rd parties. After completing 34 airport site visits, IATA found that the
level of awareness of Y2K problems & the strength of the programs to
tackle them varied widely. IATA hopes to convince airports to work together
and share "best practice," said an IATA spokesman. Though a step
in the right direction, some experts believe IATA's plan could be too little
too Y2K late.
- UK Y2K Concern Deepens .......... as British airport
operator BAA recently ran trial tests to check whether the equipment used at
some of its airports will be able to handle the change of year on 31
Dec.,1999. One involved turning the clock forward and putting a
baggage-handling system to work. The result was not what the company had
hoped for as its luggage system "failed to recognize the bags and sent
all the bags down the mis-sort chute," according to BAA Year 2000
program director Jim Brophy. In other experiments, smart cards used to
control airport access did not work with 2000 & beyond dates and a
control board failed to recognize fire alarm signals, Brophy declared at an
airport operators conference. Passengers flying between major cities in the
world may not be too inconvenienced, but the same cannot be said of those
departing from or heading to countries in Latin America, Eastern Europe or
Africa. Though a malfunction of the luggage system in a small airport may
not be as much an inconvenience as one in Heathrow's, it still means that
departing passengers run a large risk of arriving at their destination well
before their bags. A committee of British parliament members has told the UK
government it should draw up a list of airlines to be banned from British
airports because their computers won't be ready for year 2000. It also
suggested that the government should provide a warning assessment to the
public by Oct. 1999. The U.K.'s Environment, Transport & Regions
Committee states that it now seemed certain that computers of some airlines,
airports &air traffic control systems around the world will not be
millennium-compliant in time. A civil servant testified that "it was
doubtful whether some less developed countries with airlines had even heard
of the millennium bug." If you need to reach The Cargo Letter next New
Year's Eve .......... we'll be staying home!
- DOT Says Domestic Volume Up ........... as according to
the U.S. Dept. of Transportation, preliminary results of the 1997 Commodity
Flow Survey (CFS), which is a compilation of data to illustrate various
transport modes American businesses use to transport commodities in the
U.S., show that between 1993 & 1997 freight shipments included in the
CFS increased by about 30% in value, 19% in tonage, and 16% in ton-miles.
The preliminary results can be obtained on the Internet. http://www.bts.gov
- Atlasair Hits The Road .......... as the UK forwarder has
started its first surface freight venture with a road freight network,
called Atlasroad, to serve 18 European countries with daily services to the
main nations in Europe & Scandinavia. It will serve the Czech Republic,
Poland, Hungary &Austria twice a week, with transit times on the network
ranging between 24 hours & 4 days.
- Berstein "Unionizes" ............ as leading
forwarder/broker Union- Transport has acquired 4 related organizations, H.Z.
Bernstein Co. Inc., H.Z. Bernstein Airfreight Corp., Master Logistics Inc.
& West Coast Customs Brokers (L.A.) Inc. Over time, H.Z. Bernstein &
West Coast Customs Brokers will be merged with Union-Transport's existing
brokerage & forwarding operations and will become the customs brokerage
division of Union-Transport, USA. The Bernstein Co. is a leading,
full-service customs broker, with HQs in New York/New Jersey area. West
Coast operations are based at LAX.
- Kuehne & Nagel On Track ............. as it is
responsible for moving all material to meet the needs of Thailand's huge
railway rehabilitation &modernization project. Phases 1 & 2 of the
project involve the rehabilitation of about 569 kilometers of single-line
- Fritz Co.s Bigger In Portugal ................. as new
offices open at Oporto & Lisbon, Portugal, to provide air freight, ocean
freight, surface, customs clearance, & materials management services.
This brings to Fritz office total to 480 locations in some 115 countries.
- Pacer Picks Up The Pace ............. as Pacer Int'l, the
California- based transport & logistics company, will merge with
Memphis-based Manufacturers Consolidation Service, an intermodal marketing
company. Pacer earlier acquired 3 other IMCs -- Interstate Consolidation of
LAX, Stutz & Co. of Kansas City & Cross Con of Chicago.
- C.H. Robinson Worldwide In Argentina .......... as it has
acquired Comexter Group, to accelerate its expansion in the Mercosur.
Comexter, based in Buenos Aires, provides transportation, forwarding,
customs brokerage &trading services both within the Mercosur &
between South America & the U.S., with combined annual net revenues of
approximately US$1M. Terms were not disclosed.
- Play It Again, Customs ............ as a Venezuelan bank
is suing the U.S. Customs Service for the US$4M it says it lost during an
undercover sting operation. U.S. Customs agents allegedly used the money
during "Operation Casablanca" to mount a money-laundering scheme
using 2 accounts in Banco Industrial de Venezuela's Miami branch, bank
president Rafael Pena told The Associated Press. Banco Industrial filed the
lawsuit U.S. District Court at Los Angeles this month. A spokesman for U.S.
Customs, said officials in their Washington & LAX offices had no
knowledge of the lawsuit. "Operation Casablanca" resulted in 160
indictments, including at least 24 Mexican bankers & 5 Venezuelan
bankers representing 4 banks. Many of them were said lured to the U.S. where
they were arrested.
- But No Customs Chat Room ...................... as the
U.S. Customs Service has launched an Internet e-mail test at Champlain, NY;
Charleston, SC; Nogales, AZ; Orlando, FL; & San Francisco, CA. to
determine the feasibility of using Internet e-mail for business &
expanding the pilot program to all Customs ports. The test is scheduled to
run through mid-1999. Internet e- mail addresses for the 5 participating
port directors are located at The Freight Detective U.S. Customs Resource
Center in the "U.S. Customs Office Locations" section.
- Take The "Old" Road ........... as part of the
famous Silk Road, the trade route for the ancient civilizations of Europe
and the East, is to be upgraded. The route between Karachi & Almaty is
to be improved and will get gas stations & vehicle repair shops under a
new agreement between China, Khazakstan, Pakistan & Kyrgyzstan starting
in May 1999. The agreement is expected to promote trade, facilitate growth
in the area & extend the route into neighboring members of the
Commonwealth of Independent States.
- U.S. Bites The Beetle .............. as the U.S. Dept. of
Agriculture (USDA) has commenced a ban on all untreated solid wood packing
material from China. The move is intended to stop the spread of the Asian
long-horned beetle which has ravaged hard-wood trees in New York &
Chicago. All shipments from China containing solid wood packing material
must be accompanied by a certificate signed by a Chinese government official
stating the material has been preservative-treated, heat-treated, or
fumigated before export. Commercial shipments from China that do not contain
any solid wood packing material must include an exporter statement
indicating that the shipment contains no such material. Failure to provide a
certificate at the U.S. destination port will result in detention at the
port& subsequent reshipment to its origin. Canada joins the ban next
week to protect its hardwood trees, such as the Maple - Canada's national
- Cheering In Japan ............ as a Japanese Health
Ministry panel has approved the import and manufacture of Viagra, and the
anti-impotence drug is likely to get formal government approval by January.
Officials have reportedly become concerned by the enormous black market for
Viagra that has sprung up in Japan. Several people have been arrested for
smuggling the drug into the country or selling it illegally. It has been
selling for about US$49 a pill on the black market in Japan, compared to
US$10 per pill charged in the US..
- Smugglers Go Up In Smoke ............ as for the 1st
time, an affiliate of a major tobacco company has pleaded guilty to a
federal crime in the U.S., agreeing to pay US$15M for helping smuggle
cigarettes into Canada. Northern Brands Int'l was set up by R.J. Reynolds
specifically for smuggling, U.S. Attorney Thomas Maroney said this month. He
said the company helped smuggle cigarettes made in Canada back into that
country for sale on the black market. ``This company knew what it was doing
and knew where its products were going,'' Maroney said. RJR & other big
tobacco firms have long denied involvement in lucrative U.S.-Canada
contraband trade. Northern Brands, based in Winston-Salem, N.C., admitted to
taking part in a scheme to divert Export `A' & Vantage brand cigarettes
back into Canada without paying U.S. excise taxes. The cigarettes were made
in Canada & moved into the U.S. under the pretext they would be shipped
to eastern Europe. Expect this sort of thing for California's newly taxed
cigs starting next month.
- Smuggling The "Round Gold" ............. as 3
people have been charged in a U.S. federal indictment with smuggling
millions of dollars worth of caviar by hiding it in luggage on flights from
Poland to JFK Int'l. This is the 1st case to enforce a new provision of an
Int'l trade agreement listing caviar-producing sturgeon as an endangered
species, and requiring caviar importers to obtain a special CITIES permit.
The defendants could get up to 5 years in prison. For 7 months this year the
smugglers allegedly paid couriers to stash caviar in their belongings. The
smugglers made at least US$2M in that period by selling 19,000 pounds of the
sturgeon roe to U.S. retailers, prosecutors said. Given the dwindling supply
of caviar, smuggling of the product will continue to increase. Likewise,
U.S. authorities are becoming increasingly concerned over poaching of
domestic caviar species such as the Paddlefish roe for export without
required CITIES permits which limit volume. Expect more incidents.
- German Rail Pirates Nabbed ............... as the
Associated Press reports that 2 men suspected of sabotaging train tracks in
an attempt to extort US$6M from the German railway were arrested on 23 Dec.
Authorities had been chasing the blackmailers for weeks amid a growing
holiday-season scare for railway passengers & employees. Air force
reconnaissance planes, helicopters & 400 extra border police were called
out to patrol rail lines. The suspects, one reportedly a former railway
worker, were blamed for 3 attacks since late November on rail lines around
Berlin. The most serious caused a cargo train to derail last Friday. No one
was hurt but damage estimates were in the millions. After that accident,
rail officials revealed they had received four letters since Nov. 23
demanding money. The duo was finally arrested at a highway rest stop on the
autobahn between Munich &Salzburg. Federal agents, including members of
an anti-terrorist squad, grabbed the terrorists as they were looking for the
money in the trunk of a police car. The derailed cargo train left the tracks
near Anklam, 100 miles north of Berlin, after someone loosened bolts holding
down the tracks.
- Man Bites Coat ........... as Burlington Coat Factory
recalled hundreds of winter parkas from its stores this Christmas after
discovering they were trimmed with the fur of dogs & cats slaughtered in
China. The Burlington-based chain, which operates more than 250 stores
nationwide, said it was duped by an Asian vendor who told the company the
fur was coyote fur.
- Don't Swallow The Freight!!! .............. as two boys
claim they had been locked up in the boxcar for 8 days when employees of a
Trenton, New Jersey, beer brewery heard them shouting and freed them. When
rescued, the boys said they had sipped beer from the rail car's cargo in
order to stay alive. Billy Ray Grimes Jr., 12, & John Wayne Riley, 15,
each were also sentenced to court-supervised community work programs to pay
off US$500 in restitution apiece to the CSX Railroad, in whose boxcar the
boys were found Dec. 1. Both boys were also ordered to attend a CSX Railroad
- CHB Reminder ........... The Annual US$125 User Fee For
U.S. Customs Brokers Permits Is Due 8 January, 1999.
- Air France. DOWN with a net profit of FF 1.3B for the
first half (April through September) of the 1998/99 fiscal year. Net income
dropped FF 416M -- due in large part to the June pilots' strike -- compared
with FF 1.7B for the same period one year earlier.
- Airborne Express. DOWN with low 3rd quarter results,
culminating in a net income fall of 28% compared with same period last year,
to US$32.8M. Dwindling volumes are blamed.
- Circle Int'l. Will pay a semi-annual cash dividend of
US13.5 cents per share on March 15, 1999 to shareholders of record February
- FDX Corp. (parent of FedEx). UP with a revenue rise for
the 2nd quarter of US$4.2B, up 7% from last year's US$3.9B. Operating income
ended the period up 17% from US$289M in 1997's 2nd quarter to US$337M this
year, while net income rose 22% to US$183M from last year's US$150M. FedEx's
U.S. domestic revenue grew to US$2.5B for the quarter compared to US$2.4B
last year. FedEx improved its domestic operating income by 30% to US$217
million from US$168M last year.
- Fritz Companies. UP Fritz Companies with double digit
revenue growth &improved performance in both operating and net income
for its 2nd fiscal quarter, ended Nov. 30, 1998. Revenues increased by 11.2%
to US$381.9M from US$343.6M in the prior year period. Net Revenue (which
represents revenue less direct transportation costs) increased to US$153.7M,
a 5.9% improvement from US$145.5M in comparable period 1997.
- Interpool. Will pay a cash dividend of US3.75 cents per
share for 4th quarter 1998. The dividend will be payable on January 15, 1999
to shareholders of record on January 4, 1999. The aggregate amount of the
dividend is expected to be approximately US$1,034,000.00.
- UPS. UP with 3rd quarter revenue of US$6.16B, up 28%. Net
income totalled US$449M or $0.81 per share contrasted with a loss of US$10M
resulting from last years strike.
- MP4 Good To Go For U.S. On MAR4 .............. as the
Polish government received on Dec. 4, 1998 the U.S. instrument of
ratification of Montreal No. 4 to Amend the (Warsaw) Convention for the
Unification of Certain Rules Relating to Int'l Carriage by Air. Accordingly,
the protocol will enter into force for the U.S. 90 days later on March 4,
1999. The protocol is required because the Warsaw Convention was conducted
in Poland in 1929 and is the respository of all Convention documents. For
full details, see The Cargo Letter  Generally, MP4 will allow a carrier
to use an electronic air waybill (AWB) instead of a standard AWB if the
shipper consents; allow the shipper to request from the carrier a receipt
for the cargo that permits identification of the shipment and access to the
carriers computer records; allow air shipments to commence even before
documentation has been completed (rather than, as before, requiring that the
AWB accompany and be "handed" over with the freight); and delete a
provision that precluded carriers from availing themselves of the
Conventions liability limit if the AWB was not made out or incomplete. The
future of air cargo now begins. To see where the future will lead, visit the
To read the entire Warsaw Conventioin and Montreal Protocol 4:
- Canada Follows To MP4 .............. as on 14 Dec.
Transport Minister David Collenette announced proposed amendments to the
Carriage by Air Act that will allow Canada to ratify Montreal Protocol No. 4
(MP4), and clarify the liability regime for air transport & streamline
documentation procedures for air cargo by encouraging the use of E-bills of
lading. ``These amendments will establish clearer rules for air carrier
liability,'' said Mr. Collenette. ``They will also facilitate Int'l trade by
promoting the use of information technology for air cargo.'' Earlier this
year, MP4 was ratified by Australia, joining the UK in the move.
- Industry Up More Slowly............ as growth in
scheduled traffic for the world's airlines rose 1% in terms of
ton-kilometers during 1998, a sharp slowdown from the average 7% percent
increase over the previous 5 years, according to the Montreal-based Int'l
Civil Aviation Organization (ICAO). Total traffic worldwide, including
domestic & Int'l, also rose 1%, compared to a more robust 8% in 1997.
The ton-kilometer is a combined measure of passenger, freight & mail
traffic. Following this "slow growth" trend, United Parcel (UPS)
has announced that its new rates for 1999 will feature the smallest domestic
increase in 11 years at 2.5%, and U.S. origin Int'l services will have no
increase for the 2nd year in a row. When 1998 ends, airlines worldwide will
have carried just under 1.5 billion passengers & more than 25 million
metric tons of freight on scheduled services.
- Overcapacity Is Evil ........... as an industry expert
claims that the airfreight industry must start implementing more
cost-cutting strategies because the present poor cargo volumes will continue
for the next 2 or 3 years. According to the industry insider, dwindling
freight volumes witnessed in the Latin America & Asia trades, in
particular, over the 2nd half of this year, are a direct result of a
prolonged downward trend on yields & rates. While airlines still managed
to operate a high quantity of flights, they tried to fill freighters by
enforcing massive rate cuts. In addition, the expert source is expecting a
certain all-cargo carrier to drastically decrease its operations as well as
consolidation between the forwarders.
- A Warning From Mr. Boeing ................ as both
freight capacity &range of B-747 long haul flights could be reduced
because of safety worries over the aircrafts' center-wing fuel tanks.
Boeing's new airworthiness directive bans operators from flying with their
center-wing fuel tanks empty, because fuel pumping machinery is degrading
more rapidly than initially anticipated. It is feared that the parts could
cause sparking which could trigger an explosion in the empty tanks. Range
may be reduced by up to 400 miles. The position of the tanks is now having
an impact on freight volume capacity, particularly on Int'l routes,
according to sources in the industry. Boeing has the situation under review,
and is discussing introducing an upgraded inspection program of the tank
systems with the FAA.
- But Did Mr. Boeing Use Elves? ........... as the
aerospace giant closed it's 1998 books today, with some simple math that
sets a record. It promised 550 jets to customers this year, and that's
exactly what it delivered. The number was an all time company high made
possible by the production of "60 or more" planes in Dec. alone.
The company shipped 14 planes on Tuesday to tie a single-day delivery
record. Wow! Shares in Boeing, the world's No. 1 aerospace company, are more
than 43% off their 52-week high of US$56.25, with shares hovering around
US$32 in trading this week. Boeing did the job, but got the bone. Go figure.
- Shooting Stops For Express Carriers & Pilots
............... as an 18 Dec. tentative contract for FedEx pilots offers the
same pay raise the company proposed prior to a strike threat but would give
the fliers more control over their work schedules. Negotiators for FedEx
& the FedEx Pilots Assn. have approved the contract, which is the 1st
labor agreement for the cargo airline & its only union. It will now be
sent to the rank & file pilots for their votes, with a count set for
Feb. 4. The pilots, who agreed with FedEx negotiators on the contract in
Dec., will vote on the deal on January 4. The contract calls for a 17% pay
raise over 5 years, an increase in retirement benefits and more control by
the FPA over flight schedules. FedEx says its pilots now make an average of
US$142,000 a year, though the union contends that figure is inflated with
overtime pay. The FPA failed to get the 24% pay raise it sought, but V.P.
Byron Cobb said the contract is an improvement over the company's offers
prior to the strike threat. Retirement pay will increase from 42% of final
earnings to 72%. Meanwhile, the Air Line Pilots Assn. & DHL Airways
announced on 23 Dec. that DHL pilots have ratified a new 5- year labor
agreement after an 18 month negotiation, paving the way for an industry-
leading relationship between pilots and management. In ballots counted last
night, 93% of the pilots voted in favor of the new contract, which provides
for major improvements in job security & scheduling, compensation, and
- A Giant To Recline ........... as our great personal
friend, contributor to The Cargo Letter, and Exec. Director of the
Airforwarders Assn. - Jim Foster - will retire today after a distinguished
career spanning 48 years in our air cargo industry. After an 8 year posting
which brought the Airforwarders Assn. to the front line of our industry
under his leadership, Jim will remain in harness. In the last edition of his
beloved "Forward" magazine, for which he is Publisher, Jim invites
his air cargo pals to stay in contact at (714) 538-4845. Jim, you led the
way! Thank You.
- AIA To Shrink By Half ................ as Kitty Hawk,
world's largest operator of air freighters, plans to cut 1,500 jobs at its
American Int'l Airways division over the next year. In an attempt to save
the troubled subsidiary, Kitty Hawk will trim AIA's fleet to 19 aircraft
from the current 42. The company plans to transform American Int'l from a
freight & charter operation into an all-cargo, contract airline with
1,200 employees by this time next year. Kitty Hawk acquired American Int'l,
based in Ypsilanti, Mich., in Nov. 1997, but profit margins have crashed
since then, to US$2.5M or 15 cents a share, in the last quarter, from
US$4.9M, or 29 cents a share, a year earlier.
- UPS Breaks Single Day Record ................. as fueled
by the surge of Internet holiday shopping, UPS set a new industry record on
22 Dec. 1998 with ONE MILLION tracking requests in a single day through the
company's web site. UPS Web Tracking Milestones:
Dec. 1995 1st 100,000 month
Dec. 1996 1st 1 million month
Dec. 1997 1st 1 million week
Dec. 1998 1st 1 million day
Dec. 1998, UPS delivered more than 17 million packages on 22 Dec., the
highest daily volume level of the year for the world's largest express
carrier. UPS expects to have delivered about 295 million packages during the
4 weeks between Thanksgiving & Christmas. Coming up fast, more than
5,000 Web sites now link to FedEx for tracking packages.
The Freight Detective's Cargo Tracker
- UPS de Argentina, S.A. Is Born ...................as the
company stakes a bigger claim in the Mercosur region. UPS will immediately
establish its operations in Argentina through an asset purchase of Union
Pak, S.A., an Argentina-based package delivery company that has worked with
UPS on a contractual basis since 1992. Terms of the agreement were not
disclosed. More, UPS has chartered MacAir Jet, S.A. for flights between
Ezeiza Int'l Airport in Buenos Aires & Viracopos Airport, just outside
of Sao Paulo. The new arrangements follow UPS's recent agreement with
Challenge Air Cargo to provide guaranteed round trip dedicated express
delivery service to/from the Mercosur region, by way of Brazil, 5 days a
week. UPS also opened a customs facility at the Viracopos Airport in
- Swisscargo Not Yet Definite ................. as it is
presently researching the introduction of a new time-definite service next
spring. The proposed service would be launched at the same time as a
partnership scheme with various forwarders, similar to that of Lufthansa
Cargo. Lufthansa introduced its triple-tier partnership with 10 forwarders
this past June. Swisscargo states that it is looking into the partnership
possibility to allow for more efficient & integrated operations with
shippers as forwarders concentrate their activities with less carriers.
- The Dutch Will Speak Cargo Chinese ............. as
having recently finalized a deal with Alitalia which paves the way for the
carrier to join the KLM/Northwest group, KLM will now strengthen its
position in Asia by forming an alliance with Air China, the largest of the
mainland's airlines. KLM's U.S. partner Northwest already has an agreement
with Air China, and the move is seen as a logical progression in network
expansion. Jacques Ancher, CEO of KLM Cargo, will now leave the company
after having managed the freight division for over 10 years.
- More Bad News For Our PAL ................ as European
creditors have rejected a proposed rehabilitation plan for troubled
Philippine Airlines (PAL). These creditors control leases on 12 Airbus jets,
more than 50% of 22 planes PAL would continue flying under its survival
plan. The European creditors rejected the plan for its failure to address 2
key issues, being the presence of a strategic partner & the infusion of
US$200M in new equity. PAL has held talks with Cathay Pacific &
Northwest Airlines toward forging a strategic partnership, but nothing has
come of the process. The collapse of negotiations prompted PAL to slash the
hunt for new equity investment to US$150M. While PAL strives to save itself,
meanwhile, the Philippine's Securities & Exchange Commission (SEC) has
blocked 2 aircraft leasing companies from further attempts to repossess
aircraft leased to PAL, citing the aircraft's vital role in PAL's
rehabilitation. Pacer Aviation & Credit Agricole Indosuez had filed
notice terminating the lease of an Airbus A330-300 in early December and
asked that the plane be flown to Hong Kong. However, the SEC has ordered the
leasing companies to "cease and desist". Credit Agricole Indosuez
is the security trustee for 12 Airbuses for which PAL is behind in lease
fees by US$65.15M.
- Amertranz Worldwide Holding Hits The Target
.............. as it will change the company's name to Target Logistics. The
Baltimore-based company provides forwarding services through its Target
AirFreight subsidiary, based at LAX. Amertranz also provides broader
- Hit By A Golden Arrow ............ as Miami-based Arrow
Air, Inc., has been awarded the coveted El Contenedor de Oro (Gold
Container) Award as the best cargo airline serving Peru in 1998 by
Asociacion Peruana de Agentes de Carga, Int'l (APACIT).
- Polar Air Founders Retire ............ as Polar Air Cargo
has announced that Ned Wallace & Mark West, the company's co-founders
and its CEO &president, respectively, will retire on Jan. 7, 1999. Upon
their retirement, Lou Valerio will act as interim CEO for the company.
Valerio, most recently chief financial officer for Caliber System Inc., has
more than 20 years of aviation & transport management experience,
including senior positions at United & American Airlines. Polar was
founded in 1993 & operates a fleet of B-747 freighters over scheduled
routes to 6 continents. Early this month, Polar strongly denied media
suggestions that it has been looking for a buyer.
- Finnair Joins Up ........... as the 1st new recruit to
the Oneworld group of carriers, announced in September by American, British,
Canadian, Cathay Pacific, & Qantas.
- SAS Finds Help In A Bar ........... as the Scandinavian
carrier says it hopes to install barcode scanning equipment at all of its
global stations by the end of 1999. It also hopes the new system will help
decrease the duration of ground handling procedures from between 5 & 6
days to between 2 & 3 days for general freight and to just 1 day for
time-definite cargo within Europe.
- Dad Takes Keys To The Plane ............... as the Indian
government will freeze moves towards the merger of Indian Airlines & Air
India. Boards of the two airlines initiated the move in early Dec., but did
not consult the government which owns the carriers. According to sources,
the Indian government will instead speed up its disinvestment in the share
holding of the 2 airlines.
- Will Margaret Thatcher Send The Fleet? ............. as
Lan Chile has announced it will end its flights to the Faulkland Islands
after March 31, 1999. The Faulkland Islands are a territory of the UK and as
such may be victim of degrading relations between Chile & the UK
following the decision by the British Home Minister to allow extradition
proceedings against former Chilean dictator General Pinochet. Chile's
government called on all private companies to participate in the retaliation
effort against British companies, but Lan Chile says it would have liked to
end its Faulkland flights sooner except for a contractual agreement with a
- American Sells Ground Service Division ............... as
Castle Harlan Inc., a New York merchant bank, will acquire AMR Services, a
subsidiary of AMR Corp., parent of American Airlines. AMR Services had 1997
revenues of US$202M and is a leading provider of ground services for more
than 200 airlines at over 60 major airports in the U.S., Canada, the
Caribbean, Europe & Asia, including the 3 major New York area airports,
Chicago's O'Hare, Orly & Charles de Gaulle in Paris, & the new Chek
Lap Kok Int'l in Hong Kong. AMR Services is under contract with American,
Air France, British Airways, Delta, KLM, Korean Air, Lufthansa, Singapore
& United. Formed in 1984, AMR Services employs nearly 8,000 people.
- Mercury Air Group, Inc. An Acquisition Target?
............ stay tuned. Discussions ongoing.
- JFK Airfreight Bust ............ as 8 companies & 56
individuals were indicted this month in the theft and resale of more than
US$5M worth of cargo at Kennedy Int'l. The probe started in 1996 when 2
employees of BAX Global were arrested for stealing four laptop computers
from the company's warehouse at JFK. Investigators then started looking into
past thefts there and at other air freight companies and discovered a
fencing operation headed by a man from his from his New York home. In all,
20 people & 8 companies controlled by them have been charged under state
corruption laws, and face up to 25 years in prison if convicted. The other
36 are charged with crimes including grand larceny & criminal possession
of stolen property, and could get up to 15 years. Company names were not
available as of today. Good work!
- A LD-3 Was Too Small ........... as an Oregon man has
purchased a retired B-727 for US$100,000 and intends to strip the aircraft
of its content to turn it into "home". All passenger seats &
cockpit equipment will be removed, but a galley will be turned into a small
kitchen & rest room. The cockpit will become a home office with computer
monitors replacing gauges. The aircraft, built in 1969 with 43,000 flight
hours for Greece’s Olympic Airways is currently parked at a field in
Hillsboro, Oregon, awaiting transport to its final resting place. The proud
"developer" hopes enough people will be attracted by the idea to
give birth to housing districts filled with old airliners rescued from
salvage companies. He plans on acquiring a B-747 should he find the right
“co-pilot.” This project may neither fly, nor sweep the nation.
- Volumes ........... as Cargo Ton Miles for American were
159,996 CTMs in November, down 9.5% and 1,816,503 CTMs, down 2.7% For Air
France, cargo traffic dropped 12.4% during the first 6 months of the 1998/99
financial year (April to Sept.), against stable capacity, down only 0.2%.
United moved 252,892,000 CTMs in November, down 5.5%, but up 4.3% on
2,723,197 CTMs years to date. American Eagle moved 736 CTMs through Nov.
1998, down 22.5%. For Cathay Pacific, volume fell to 416,687 tons in the 1st
3 quarters against 464,005 tons for same period 1997. CTMs for Northwest in
Nov. were down 10.8% from 1997's 216.5 million CTMs to 193.1 CTMs. Capacity
at Lufthansa Cargo increased in the 1st 3 quarters by 3.8% to 7,284 million
ton-kilometers, but since sales in terms of ton-kilometers grew by only
1.5%, the cargo load factor fell to 66.2%.
- 1998's Biggest Story Continues ........... as certainly
the biggest story of 1998 was passage of U.S. maritime deregulation
legislation, although "re-regulation" might be a much more
accurate term. It's been a long, twisted journey for the deregulation effort
and there's been quite a bit of difference between what was initially
proposed about 3 years ago & what's going to become law on 1 May 1999.
The important piece of the regulation, as far as some big shippers are
concerned, is that there can be private, secret deals that span all of the
trade lanes. How this U.S. Ocean Shipping Reform Act works out for smaller
shippers, shipping lines, NVOCCs & ocean freight forwarders remains to
be seen. Now the National Customs Brokers & Forwarders Assn. of America
(NCBFAA) is set to ask the FMC if it will permit the signing of service
contracts between ocean freight forwarders & ocean carriers. Agreement
hinges on whether freight forwarders would be classed as shippers, and the
NCBFAA is seeking a formal commission under section 3 of the Shipping Act of
1984 to make this so. However, the FMC's enforcement bureau is opposed to
- FMC Rule Making On Reform Act Guidelines ..............
as the Federal Maritime Commission is ready to issue proposed rules to
prevent carrier groups from abusing their voluntary guidelines on service
contracts with shippers, under the new U.S. Ocean Shipping Reform Act. The
new regulations will make it clear that carrier groups will not be able to
restrict their members' contract negotiations with shippers or force members
to disclose contract terms. FMC will also issue rules prohibiting carriers
from establishing binding rules for service contracts. FMC will allow
carrier groups to agree on written guidelines listing policies for such
things as surcharges, credit terms, free time & demurrage, and duration
of contracts, but the FMC won't permit rules that require individual
carriers to get conference or alliance approval before signing a contract.
An article yesterday in the Journal of Commerce cites Peter Gatti, policy
director of the National Industrial Transportation League (NIT League), as
stating that the FMC recent proposed rules on service contracts may actually
undermine the deregulatory intent of the Ocean Shipping Reform Act, as the
requirements, procedures, & volume of information the FMC seeks exceed
congressional intent and could have a "chilling effect on the ability
(of shippers & carriers) to enter into service contracts". SPECIAL
NOTE: The FMC requirement for Anti-Rebating Certification filing has been
waived for 1999.
- Get Ready For Overseas Outrage ........... as the FMC
plans to raise bonding requirements to US$50,000 from US$30,000 for
forwarders, and to US$75,000 from US$50,000 for NVOs based in the U.S.. FMC
will also propose 2 new bonding requirements -- US$100,000 for U.S. firms
performing both forwarding & NVO activities, & US$150,000 for NVOs
based outside the U.S. Indeed, Margaret Thatcher might send that old
Faulklands fleet! Expect much more on this story and get ready to call your
- U.S. Ports Going Down ............. as the federal
government & local port authorities are spending billions of dollars to
deepen waterways for tomorrow's cargo ships. The U.S. Army Corps of
Engineers is working to deepen the Delaware River in the Philadelphia area
by 5 feet, to 45 feet. New York's harbor also is dredging to a depth of 45
feet & is looking at the possibility of 50 feet. Three Virginia ports,
already at 50 feet, are headed to 55 feet. Oakland got to 42 feet in July
and only a few months later pushed Congress to approve funding to get to 50
feet. Boston, Baltimore, Wilmington, N.C., Charleston, S.C., Savannah, GA.,
Jacksonville, Fla., Houston, Los Angeles &Tacoma, all have deepening
projects proposed or in the works. By way example for the need, the new
1,043-foot M/V Regina Maersk, longer than the Eiffel Tower is tall & the
largest container-cargo ship ever to berth in No. America, ......... needs
52 feet of clearance to make it in & out.
- "Lawlessness" Lawsuit Dismissed - Not Addressed
........... as the Int'l Longshore & Warehouse Union (ILWU) has won
dismissal of a management lawsuit which sought to replace traditional
arbitration procedures in U.S. West Coast ports. The Pacific Maritime Assn.,
representing waterfront employers, had sued the ILWU in effort to prevent
frequent work stoppages by the union. The September action at Los Angeles,
accused ILWU members of "lawlessness" and abuse of arbitration
procedures. The PMA asked that a special master be named to rule on disputes
involving work stoppages and slow downs. But U.S. District Judge Christina
Snyder ruled that the Norris- LaGuardia Act restricts the power of courts to
intervene in labor disputes except in narrowly defined circumstances.
- Apply NOW ............ as the American Pacific Maritime
Assn. has just released figures indicating a discrepancy in the rate of
increase between average annual pay for those on the "A-List" of
the Int'l Longshore &Warehouse Union (ILWU) and those on hourly base
pay. The figures show that from 1977 to 1997 the Union's base wage increased
by 182% to US$25.68, but for the same period average annual earnings for
clerks & longshoreman increased by 365% to US$82,049. PMA said that the
figures could partly be explained in terms of the increased proportion of
work paid at an hourly rate above the basic hourly rate, such as skilled
& overtime rates. Are there any clerk openings?
- APL Will Give It To The NVOs ............ as following
the Trans- Atlantic Conference Agreement's (TACA) decision to boost rates in
1999, APL has taken the opposite approach by slashing its rates on the U.S.
to Europe route. The carrier says downward pressure on ocean rates warranted
the adjustment, culminating in a US$300-$400 reduction per container for
NVOCCs. NVOCCs handle over a quarter of all ocean trade between the U.S.
& Europe. In May 1998, rates for NVOCCs' LCL traffic were slashed when
TACA dropped charges by US$300, the lowest in 5 years.
- ANERA On The S. E. Asian Rise .................. as rates
on Southeast Asian cargo are to be raised this May by the Asia North America
Eastbound Rate Agreement (ANERA). The rate, to include India, will go up by
US$900. Anera is reportedly also planning to restore FEU rates for freight
from India to North America by US$1,000, starting tomorrow. Shippers &
lines will initially close contracts before discussing the new contracts for
May and after, or will close 1-year contracts from January with a
stipulation that they must renegotiate the charge for May & beyond. The
majority of individual service contracts will conclude today, 31 Dec.
- Columbus Will Sail Alone To Australia ......... as the
line has withdrawn from two Europe-Australia trade conference agreements.
Owned by German shipping group Hamburg-Sud, Columbus has pulled out of the
Europe to Australia & New Zealand Conference & the Australia to
Europe Liner Association, withdrawal from both effective tomorrow, 1
- It's Ykes! For Lykes ............ as the carrier must
greatly reduce capacity on the Atlantic trade after loss of 3 chartered
US-flag vessels that were sold to the U.S. military by owner, Crowley. Two
other of its US-flag ships are to be sold or chartered.
- A Mitsui By Any Other Name............... as Mitsui OSK
Lines (HK) Limited has announced that starting January 1, 1999, it will
operate under the name Mitsui OSK Lines (Asia) Ltd.
- New Indonesian Port ............ as the government will
build a state- of-the-art container port in Biak, Irian Jaya in 1999. Biak
is expected to be the new center of activities in the field of tourism,
manufacturing, trade &service, fishery, agriculture, plantation,
livestock production, forestry, mining & gas.
- New Thai Canal? ............. as the idea of a canal for
the Kra Isthmus of Thailand, first proposed in 1960, is being officially
re-considered in the Thai capital. The scheme would speed the Middle
East-East Asia route, ease local shipping congestion & provide a much
needed boost for the Thai economy ................ but will cost in the
neighborhood of US$11B. Nice neighborhood, indeed!
- This Month In U.S. Naval History ......... as on Dec.18,
1929 the aircraft carrier USS Lexington was the 1st Navy ship to furnish
electricity to power to a major city in a time of need -- Tacoma, Wash. In
subsequent years, the electrification of damaged cities by the U.S. Navy has
become legend. Go Navy!
Here are our suggested world wide web sites of the week for your business,
your information and your amusement ...............
Los Angeles World Airports ............ a new site for its 4
airports -- Los Angeles Int'l, Ontario Int'l, Palmdale Regional & Van Nuys.
A unique feature is the LAWA search engine that lets users query over a dozen
IBM Euro .......... a new resource from IBM with tools,
guide & advise about the new Euro Currency, at our Financial Advisor page.
Center For Int'l Trade
Kansas City Southern Rail Road ......... the new site.
The Freight Detective's Cargo Tracker
The Freight Detective's Electronic Commerce
The Freight Detective's Search Engine Central ............
over 50 search engines in many specialty areas, such as news, finance &
transport. Find anything!
Customs Broker License
Lifeline ........... the story of the Oakland Naval Supply
Center in WW II. Details of the new KQED public T.V. (San Francisco)
Seastaff-L ...........the web site for the information
exchange between seafarers.
One Share of Stock, Inc ........... makes a great gift! Buy
a framed share of Harley Davidson for your hog loving spouse or Disney for your
child, or Playboy for your gown up child, or Union Pacific Railroad for your
boss. A Tiffany & Co. share for your wife will be cheaper than that Tiffany
ring she saw! It's under "Specialty Foods & Gifts" at our own
"The Freight Detective's Shopping Mall"
Global Message Exchange ...... in German.
http://www.gmx.net/ [an error occurred while processing this directive]