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The Cargo Letter
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THE CARGO LETTER [379]
Air & Ocean Logistics - Customs Broker News
30 July 2002
Good Tuesday Morning 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."
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 visit our
web site:
To post comments or discuss articles, go to ....... http://www.interpool.com/tcl/disc1_frm.htm
Michael S. McDaniel, Editor & Publisher, Countryman & McDaniel,
forwarder/broker attorneys at LAX.
INDEX to The Cargo Letter:
Section A: Section: Trade, Financial & Inland News
|
Section B: FF World Air News |
Section C: FF World Ocean News | Section
D: FF in Cyberspace |
Section E: The Forwarder Broker World
Freight Forwarder Trade Briefs
The Cargo Letter Financial Page
- United Parcel Service & Teamsters Close The Deal ........
as the long
sought settlement, reached July 16, covers about 230,000 UPS employees in the
U.S., includes a wage increase of 22% over the six-year term, & improvements
in health, welfare & pension funding contributions. The contract will result
in about a 4% annual increase in labor costs for UPS. The company says it
expects to "stay competitive" after settling on the new contract with its
Teamsters employees, but would not speculate on how the deal might affect
rates. The 6-year contract will lead to a US$1.46 increase per hour in wage
& benefit costs for Teamster workers. Drivers & other full-time workers who
currently earn US$23 an hour will get a US$5 per hour increase, spread over
the life of the deal. Part-time employees, whose wages start at US$8.50 an
hour, will get an additional US$1 an hour in each year of the contract. The
increase in benefits over the 6 years will total US$3.75 an hour for both
part- & full-time workers, who receive identical benefits. Operating expenses
at UPS in 2001 were US$26.7Bn, of which US$17.4Bn went to compensation &
benefits. UPS will not say how much of that US$17.4Bn went to the 230,000
employees represented by the Teamsters. In that time, UPS earned US$2.4Bn on
revenue of US$30.6Bn. The union claims that the new 6-year contract will
increase UPS's labor costs by US$9Bn over what it is currently paying.
UPS has a total worldwide workforce of 330,000. Overall, the company
sustained a healthy operating financial margin of 13.4% during the 2nd
quarter despite economic pressures and the labor negotiations in the U.S.
And in other UPS labor news -- UPS has been named an "Employer of Choice" by
BestJobsUSA.com, ranking No 12 on the annual "Employer of Choice 500" survey.
It joins other corporate leaders such as Dell, IBM and Fannie Mae known for
their commitment to providing employees with great benefits and career
opportunities. BestJobsUSA.com's ranking examines more than 10,000 companies
featured in nearly 30 employment surveys. Researchers evaluated businesses
from the perspective of employees & corporate peers, looking at criteria such
as benefits, training, diversity, innovation & financial stability.
- Transportation Fatalities Up ........
as in the U.S. last year deaths
increased 0.6% over the total for 2000, according to preliminary figures
released by the National Transportation Safety Board. For the year 2001,
preliminary figures show that 44,461 persons died in highway, aviation, rail,
marine, & pipeline accidents, up from 44,196 in 2000. Increases in fatalities
were registered in aviation & rail while highway, marine, & pipeline
fatalities declined. Aviation fatalities rose from 779 to 1,162 in 2001, with
the increase largely attributable to deaths resulting from the terrorist acts
on Sept. 11. Total airline fatalities, up from 92 the previous year, reached
531, with almost half that number occurring aboard the 4 aircraft hijacked on
Sept. 11. Another 265 deaths resulted from the crash of American Airlines
flight 587 in Nov. in New York.
- U.S.-China Trade Soars ........
as it ballooned 11.7% in the 1st half
of 2002, reaching US$41.97Bn as China's economy continued to grow and the
U.S.'s began to recover, according to Xinhua News Agency. The General
Administration of Customs' (GAC) numbers revealed that the U.S. continues to
be China's 2nd largest trading partner behind Japan. China's exports to its
biggest export market, the U.S., rose 19.3% & were worth US$29.87Bn for the
1st 6 months of this year.
- U.S. Merchandise Trade Deficit Narrows ........
as it recorded a 1st
decline in 10 years in 2001, narrowing from US$493.1Bn in 2000 to US$466.6Bn
in 2001, according to a recent annual U.S. Int'l Trade Commission report. The
report, "Shifts in U.S. Merchandise Trade," highlights developments that
influenced U.S. merchandise trade performance in 2001. Additionally, the
report provides a 10-year perspective on developments in selected industry
sectors, and information on bilateral shifts in trade during 2000-2001 with
the top 5 U.S. trade partners -- Canada, China, the European Union, Japan, &
Mexico.
www.usitc.gov/er/nl2002/ER0722Z1.HTM
- Customs Chiefs Unite ........
as heads of customs administrations from
161 state have agreed a security package in response to heightened global
concern since the Sept. 11 terror attacks on the U.S. Meeting at the World
Customs Organization (WCO) in Brussels, the officials agreed unanimously to a
series of steps to protect the Int'l trade supply chain from acts of
terrorism or other criminal activity. The WCO is to establish an Int'l task
force that will consider the standardized information necessary for customs
administrations to simultaneously identify high-risk cargo & facilitate the
movement of legitimate trade. New Int'l guidelines will assist states in
developing a legal basis & other necessary steps with respect to the advance
electronic transmission of information. Other initiatives agreed relate to
strengthening of assistance to customs administrations wishing to enhance
their import, export & in transit controls, improving automation, using risk
management & risk assessment techniques to select cargoes & conveyances for
examination, improving technology or ensuring integrity of their personnel.
The WCO will also be tasked with identifying needs of its Members to
establish supply chain security regimes & to assist with identification of
resources they will need to implement the wide-ranging guidelines.
- Cargo Cats Did Not Have 9 Lives ........
as predicted here last
month, the Los Angeles Times reported the highly successful anti-cargo theft
unit Cargo Cats will be shutting down next month. Operated by the Los Angeles
County Sheriff's Dept., the unit has made a significant difference in the
rampant cargo theft climate of Southern California, fueled greatly by the
high volume of good trafficked in and out of the Port of L.A. The Times
reported that since the multi-jurisdictional unit was formed in 1990, Cargo
Cats has made 1,150 felony arrests & recovered "an estimated US$176M in
stolen items, including computers, clothing, frozen pastries, car parts,
lightbulbs & dog food." Unfortunately, that was not enough to cover the
US$1.5M it cost annually to operate the unit. L.A. County Sheriff Lee Baca
made the decision to cut the program as part of the US$60M he has been forced
by the county Board of Supervisors to trim out of the department's annual
budget. Huge mistake by Sheriff Baca.
- U.S. Customs High Tech Eyes ........
as it has sent 24
radiation-detecting trucks into operation at U.S. borders & several of the
nation’s busiest ports. The trucks, manufactured by American Science &
Engineering Inc., cost US$2M each 7 are able to scan an entire truck or
freight shipment at 6 inches per second. In a demonstration in Washington
last week, Customs showed how the truck extends a boom, or arm, over & around
the truck or container, and then the X-ray scan creates an image of the
contents.
- Keep It Simple In Bond? ........
as a group of 60 U.S. import
industry & assn. officials have asked Congress to remove language in a
proposed maritime security bill pertaining to in-bond shipments. The Cargo
Security Act of 2002 (S1214), better known as the Hollings Bill, would
require importers to provide the 6 digit Harmonized Tariff Schedule
classification to Customs on all imports, including in-bonds, for the purpose
of clearing goods at the U.S. port of arrival. In-bond shipments clear
Customs at inland points, as opposed to the port of discharge. Many shipments
enter the U.S. under an in-bond status. Groups included the Air Couriers
Conference of America, American Apparel & Footwear Assn., American Trucking
Assn.s, Best Buy Co., Con-Way Transportation, Danzas AEI Intercontinental,
Eddie Bauer, Emery, Int'l Mass Retail Assn., National Assn. of Manufacturers,
National Retail Federation, Pacific Coast Council of Customs Brokers &
Freight Forwarders Assn., Port of Portland, Reebok, The Stride Rite Corp., &
UPS. Reasons given for removing the in-bond provision include:
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Many importers do not have of this advanced information at the time of
vessel loading overseas.
-
U.S. Customs' computer system is not ready to collect this type of
information.
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The data would have "no impact" on cargo security.
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Without inland clearance, former in-bond cargo would suddenly clog the
ports.
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Air & ocean carriers would have to assume traditional roles & duties of
customs brokers.
-
Although importers are willing to provide information to Customs, data
would be made public through reporting services.
- WTO To Flip U.S. The Byrd? ........
as on 18 July, a WTO panel
circulated a confidential interim report to the parties in a case against a
U.S. antidumping law, in which the panel has found the contested U.S.
legislation to be in violation with the WTO's antidumping provisions & other
trade rules under the General Agreement on Tariffs & Trade (GATT).
Complainants in the case challenged the U.S.' Continued Dumping & Offset Act
of 2000 (or 'Byrd amendment'). The U.S. announced that it would appeal any
final ruling that finds the Byrd amendment to be not in conformity with WTO
rules. The WTO is expected to issue its final ruling in Sept. The Byrd
amendment requires U.S. customs authorities to distribute duties obtained by
a countervailing duty or anti-dumping measures to the injured producers -- as
opposed to the U.S. government -- for their "qualifying expenses"
- New Deadline For Lost Bonds ........
as predicted here last month by
Roanoke Trade Insurance Services, U.S. Customs Service will extend the
deadline to Aug. 12 for importers wishing to replace bonds that were
destroyed at the World Trade Center. Customs had originally set a deadline
for June 12 for importers to apply for continuous bond coverage on bonds
destroyed at the agency's New York Seaport & Regional Port offices in the
Sept. 11 attacks. Importers are to send copies of current bonds filed to
agency offices in New York & New Jersey.
www.roanoketrade.com
- Bring Back GSP! ........
as the National Customs Brokers & Forwarders
Assn. of America wants Congress to restore the Generalized System of
Preferences program, which expired on Sept. 30, 2001. GSP provides duty-free
treatment on imports of certain products from specified developing countries.
Developing countries benefit from GSP by making their products more
attractive to U.S. importers. Without the program, U.S. tariffs remain high
on a number of imported goods from GSP beneficiary countries. The NCBFAA said
it's important that Congress renew GSP for up to 5 years. Many small U.S.
companies rely on the duty savings from GSP to remain competitive, said
NCBFAA.
- U.S. Customs Has New Interests ........
as it announced that interest
rates for overdue accounts & refunds of Custom duties had been re-determined.
The Internal Revenue Service said that interest rates for overpayments are
now 5% for corporations & 6% for non-corporations. Plus, the interest rate
for underpayments is 6%. The rates came into effect this month.
- Tell U.S. Customs About Drawback ........
as it is seeking
comments on a new interim rule the on the calculation of manufacturing
substitution drawback -- which provides the method by which the duty
attributable to a chemical element used in the manufacture of an article that
is either exported or destroyed under Customs supervision. The amendment
requires a drawback claimant, "where applicable," to make this apportionment
calculation. Customs said comments on the rule must be received by Sept. 23,
before it adopts the rule as final. Recent court decisions have held that a
chemical element contained in an imported material that is subject to an ad
valorem rate of duty may be designated as the same kind & quality merchandise
for drawback purposes. Amendment adds language that explains how to apportion
duty attributable to same kind & quality chemical elements contained in ad
valorem duty-paid imported materials for drawback purposes. For further
information, contact William Rosoff, chief of Duty & Refund Determination
Branch. (202) 572-8807.
- Conveyance Consulting Goes To A Dangerous School ........
as new a
division of Phoenix Int'l Freight Services, will provide shippers, freight
forwarders & NVOCCs with export compliance & hazardous materials training.
"With regulations changing continually, it's easy to fall behind," said Blake
Williams, principal consultant of Conveyance Consulting, based in Wood Dale,
Ill. "We monitor these ever-changing regulations to ensure our students are
provided the most current & accurate information available." Conveyance said
its training will help exporters to protect themselves from costly violations
of federal export & transport rules.
www.conveyanceconsulting.com
- Schenker Parent Courted ........
as Stinnes AG, has come under a
takeover bid from state-owned railway Deutsche Bahn, an offer that would
bring together the railroad operations of one with the sea, air & logistics
muscle of the other. Deutsche Bahn is bidding 32.75 euros (US$32) a share for
the 65.4% of Stinnes held by German conglomerate and utility E.ON. The price
values E.ON's stake at about US$2.5Bn.
- Schenker At Belgrade ........
as it has a new national subsidiary
operating in Yugoslavia. For all rail services, Schenker Belgrade works in
close cooperation with Railog in Vienna. Railog is a joint venture between
Schenker & Deutsche Bahn, specializing in rail-related logistics services in
Europe.
- P&O Nedlloyd's U.S. Move ........
as it has acquired the combined
entities of Gilbert East, Gilbert West, & Gilbert Air Cargo from The Gilbert
Companies. These acquisitions specialize in consignment
consolidation/deconsolidation, LTL trucking, warehousing, domestic air
freight & store delivery throughout the U.S. for major retail corporations &
wholesalers and are considered a significant move to develop P&ON's global
capabilities in logistics & supply chain management.
- Baltrans Devours Three ........
as it has acquired medium-sized
freight forwarding companies in Singapore -- Corey Air, Summit & CT Freight
over a period of 18 months. Corey Air's strength lies in the Indian & Middle
East markets. Summit specializes in moving high-value & electronic products,
while CT Freight's forte is in printed matters, such as textbooks, mostly
between Europe & Singapore. Baltrans Logistics has a monthly turnover of more
than S$2 million.
- Throwing One Back ........
as USFreightways said it will exit the
forwarding business after profits plunged in the 2nd quarter. USF said net
income for 2nd quarter was US$5.9M, or 22 cents per share, down from the
US$11.4M, or 43 cents per share, in 2nd quarter in 2001.
- Holt Group Didn't Make It ........
as the Gloucester City, N.J.-based
container shipping, stevedoring, warehousing & trucking group, together with
subsidiaries & affiliates, will be liquidated. The group has been under
Chapter 11 protection under the U.S. Bankruptcy Code since the beginning of
2001. The group & about 20 of its subsidiaries & affiliates, controlled by
the Holt family, are impacted by the decision to liquidate. Companies
involved are: Holt Group Inc., Holt Hauling & Warehousing System Inc., Holt
Cargo Systems Inc., The Riverfront Development Corp., Murphy Marine Services
Inc., Wilmington Stevedores Inc., San Juan Int'l Terminals Inc., New-Port
Stevedores Inc., Borinquen Maintenance Inc., NPR Holdings Corp., NPR Inc.,
NPR-Navieras Receivables Inc., NPR S.A. Inc., CRT Inc., Dockside Int'l Fish
Co. Inc., Oregon Avenue Enterprises Inc., 777 Pattison Avenue Inc., Pattison
Avenue Warehouse Corp., Refrigerated Distribution Center Inc., BH Sobelman &
Co., Refrigerated Enterprises Inc., Triple Seven Ice Inc. & Broadway Equipmen
t Leasing Corp. The ruling does not effect other companies owned by Thomas
Holt's sons.
- Strategic Technologies Ponders New Strategy ........
as the online
freight payment service filed for Chapter 11 bankruptcy protection on July
18, but says it is "business as usual" for clients. STI, based in Cary,
N.C., offers services that include handling electronic data interchange
between carriers & customers, invoice transmission, delivery
status/confirmation, & audits of client's freight bills. STI says it's client
base is not affected by this reorganization -- includes largest clients
Amazon & Microsoft.
- Yellow Clicks ........
as Meridian IQ, the transportation management
technology arm of Yellow Corp., has bought some of the assets of
Clicklogistics Inc., a non-asset transportation & logistics management
services vendor -- primarily customer contracts & key employees within the
Clicklogistics sales, operations & professional services group. Terms were
not disclosed. Clicklogistics, established in Boston in 1997, specializes in
transportation management software & consulting.
- Trailer Bridge Gets Inventive ........
as it has received Patent No.
6,416,264 for an invention known as a "vehicle transportation module." This
"VTM" container is a module for receiving motorized vehicles for
transportation that is interchangeable between transport modes without the
necessity of rehandling the vehicles. Trailer Bridge, based in Jacksonville,
Fla., provides coastwise shipping between the U.S. & Puerto Rico, & trucking
throughout the lower 48 states.
- Singing Rails ........
as U.S. railroad freight traffic continued to
show an upward trend for the week ending July 13, when compared to the
corresponding week in 2001, said the Assn. of American Railroads. Carload
freight totaled 322,782 cars, up 3.9% from the year-ago. Loadings were up
4.7% in the West & 2.8% in the East, the AAR said. Intermodal volume, which
is not included in the carload data, totaled 184,394 trailers & containers,
up 8.3% from same period the previous year. Total volume was estimated at
27.8 billion ton-miles, up 4.1%.
- Cleaning Up The Railtrack Mess ........
as the collapsed rail
infrastructure company will pay train operator Virgin Trains US$157M in
compensation for failing to upgrade one of Britain's busiest lines. Virgin
Trains had threatened Railtrack, which had responsibility for tracks,
signaling & stations, with court action, saying it had been unable to use its
new high-speed trains because of the state of the line. The payoff will be
funded by taxpayers because Railtrack is currently in receivership. The
payment was brokered by the Strategic Rail Authority (SRA), a
government-appointed body responsible for developing the rail network for
passengers & freight. The authority said that Virgin had business
difficulties because of the state of the line.
- Fire In The Hole? ........
as Eurotunnel says there is at last a
real chance of achieving cash break even in 2002, as it reported a 7% rise in
shuttle service & car revenues and a 3% rise of operating profit in the 1st
half, although the company saw sharp declines in traffic volume.
- Motor Freight On The Rise ........
as major U.S. less-than-truckload
motor carriers will raise general rates effective Aug. 1. The long list of
carriers who have raised rates 5.9% includes Con-Way Transport, Old Dominion
Freight Line, Overnite Transportation Co., Jevic Transportation, FedEx
Freight, Yellow Transportation & Consolidated Freightways Corp. The North
American Transportation Council of Buffalo is also suggesting an increase of
5.9% to its 100 trucking company members, effective Aug. 5.
- Israel Could Be Mad ........
as the U.S. Dept. of Agriculture's Animal
& Plant Health Inspection Service has changed its regulations to include
Israel on its list of regions where bovine spongiform encephalopathy,
so-called "mad-cow" disease, exists because the disease has been found in
native-born animals.
- The Booze Is In The Mail ........
as 3 separate courts have ruled this
year that state prohibitions against interstate, direct-to-consumer wine
shipments are unconstitutional. On July 17, U.S. District Court Judge Melinda
Harmon of Houston ruled in favor of wineries & consumers. "This Court
concludes that Texas' ban on direct importation of wine violates the dormant
commerce clause," Judge Harmon wrote. On April 5, U.S. District Court Judge
Graham C. Mullen ruled that North Carolina's shipping ban was
unconstitutional. On March 29, U.S. District Court Judge Williams struck down
Virginia's ban on interstate wine direct shipments to consumers. The Texas
Alcohol Beverage Commission confirmed it has received the court order and is
working to determine how & when the ruling will affect the existing
prohibition on interstate direct shipments, as well as the 2001 law that
allows limited intrastate shipments by Texas wineries. The Texas ABC voted to
appeal the decision. Meanwhile, wine industry lobbyists are contacting the
common carriers including DHL, FedEx & UPS; none of them currently ship wine
interstate to Texas.
www.coalitionforfreetrade.org
- Butt Smuggling ........
as state after deficit-ridden state ratchets
up cigarette taxes, authorities are bracing for some consequences in the form
of more aggressive smuggling & bolder use of the Internet as a tax-evading
tobacco shop. Never before have so many U.S. states - 17 this year alone --
approved cigarette-tax hikes in such a short time. In many legislatures, even
tax-averse conservatives have supported increases -- expected to generate
US$2.2Bn annually in new revenue -- as budget woes & antismoking militancy
transform cigarette buyers into America's easiest-to-tax constituency. With
prices as high as US$7 a pack in New York City, there are several options --
legal, quasi-legal & an often successful illegal. The Bureau of Alcohol,
Tobacco & Firearms estimates authorities lose more than US$1.5Bn annually in
evaded cigarette taxes. ATF concentrates on major interstate smuggling --
operations involving at least 60,000 cigarettes. The workload has increased
steadily in recent years. ATF now has about 150 active cigarette-smuggling
cases. The primary sources of smuggled cigarettes are tobacco-growing states
with low taxes -- for example, Virginia with a lowest tax of 2 1/2 cents per
pack, & Kentucky with a 3-cent per pack tax. In Maryland, where the per-pack
tax rose to US$1 in June, authorities are on alert for more smuggling from
Virginia. There were only 5 arrests in Maryland for cigarette smuggling in
1997, but more than 50 so far this year. The Internet - which thus far
accounts for only a small fraction of cigarette sales -- may pose a bigger
long-term threat to tax collectors than smuggling. The hefty tax hikes may
prompt more smokers to order in bulk from online merchants, who in turn may
resist state efforts to collect taxes. Under federal law, online cigarette
vendors are required to report the names & addresses of out-of-state
customers, but the law is widely ignored.
http://tobaccofreekids.org
www.rjrt.com/TI2/Pages/TIcover.asp
- Butt Appeal ........
as the European Union has appealed a U.S. court
ruling dismissing a lawsuit against tobacco giants Philip Morris & R.J.
Reynolds in which EU lawyers claimed the companies sponsored cigarette
smuggling in Europe. EU Budget Commissioner Michaele Schreyer said the EU was
"determined to continue" its case against the companies, adding that the
fight against smuggling untaxed cigarettes into the 15-nation bloc "remains a
top priority." An attorney for Philip Morris denied the allegations & said
the company expects the dismissal to stand.
- Stinking Cocaine ........
as 3 men were arrested at New York after
trying to smuggle hundreds of pounds of cocaine in crates of rotting onions,
a ploy to hide the contraband from drug-sniffing dogs. The suspects, all
Colombian nationals, were arrested July 2. Some 525 pounds of cocaine were
confiscated. Authorities had been monitoring the men for several months
before they spotted them unloading the produce boxes from a van.
- Mom Tucked In His Shirt ........
as a New York City woman strapped
several pounds of heroin around her 9-year-old son's waist & used him as mule
to smuggle drugs into Florida. Sharral Vassell, 37, & her son had more than
15 pounds of heroin from Panama hidden on their bodies when she was arrested
June 21, according to U.S. Customs. Both mother & son strapped heroin around
their waists in a diaper-like package. Vassell also had allegedly stuffed
drugs in her bra. The 2 had returned to Port Everglades from a 10-day cruise
when customs agents stopped them. Vassell, a citizen of Costa Rica living in
the U.S. as permanent resident, remained in federal custody on US$100,000
bond after magistrate denied her request to lower it. She could receive a
life sentence if convicted. Son may already have this sentence.
- Shameful Cargo ........
as 6 tons of smuggled African ivory
intercepted in Singapore last month was headed for Japan for use in making
hankos, or carved name stamps. The illegal cargo - 532 pieces of raw elephant
tusk & about 40,180 ivory pieces -- is worth some US$850,000, Singapore's
Agri-Food & Veterinary Authority said. The agency enforces the Convention on
Int'l Trade in Endangered Species of Wild Fauna & Flora, an agreement against
the smuggling of wildlife species threatened with extinction. Although
Singaporean officials discovered the cargo on June 28, the agency refused to
confirm reports about it until July 10 for fear of compromising the
investigation.
- AirTran Airways.
DOWN with net income quarter ending June 30, 2002, of
US$5.1M, or $.07 per diluted share, versus US$13.2M, or US$.18 per diluted
share in 2nd quarter 2001.
- Alaska Air.
DOWN with a 2nd quarter net loss of US$4.5M, or US$0.17 per
share, compared with net income of US$3.9M, or US$0.15 per share, for last
year's 2nd quarter.
- American Airlines.
DOWN with a 2nd quarter net loss of US$465M before a
special item, or US$3.00 per share -- compares with a net loss of US$105M
before special items, or US$0.68 per share, in 2nd quarter of 2001.
- Burlington Northern Santa Fe Corp.
DOWN as 2nd-quarter net income dipped
slightly, to US$194M from the US$195M reported in year-earlier period.
- Canadian National.
UP as 2nd quarter net income increased 17% to US$179M
over same period in 2001.
- Continental Airlines.
DOWN with a 2nd quarter net loss of US$35M ($0.55
diluted loss per share) excluding a previously announced fleet charge & write
down of its government grant receivable.
- CNF Inc.
UP with 2nd-quarter net income for common shareholders of
US$19.8M, or 37 cents per diluted share -- compares with net loss of
US$227.9M, or $4.67 per diluted share, in 2nd quarter of 2001.
- CP Rail.
UP with 2nd quarter net of US$72M, up 15.7% over net income of
US$62M in 2nd quarter of 2001.
- CP Ships.
DOWN operating income for 1st half 2002 was US$15M compared
with US$70M in corresponding period last year -- net income was US$5M
compared with US$60M.
- CSX Corp.
UP with 2nd-quarter net income of US$135M, up 24% over
year-earlier quarter.
- KLM.
UP operating profit of 41 million Euro for 1st quarter of fiscal
year 2002/03, ending June 30, 2002, compared to 23 million last year.
- Martinair.
UP with operating profit of Euro 1 million for 1st half of
2002, compared to the same period Euro 17 million loss in 2001. Improved
results said attributed to cargo operations. The number of cargo ton
kilometers increased by 6% to 1,242,807.
- Matson Navigation Co.
DOWN with 2nd quarter earnings of US$14.8M, off
21%, on revenues of US$223.1M, compared to net of US$18.7M on revenues of
US$203.2M for the same period in 2001.
- Norfolk Southern Corp.
UP as 2nd-quarter net income jumped 11% to
US$119M, or 31 cents per diluted share from net income of US$107M, or 28
cents a share a year ago.
- Northwest Airlines.
DOWN with a 2nd quarter net loss of US$93M or $1.08
per common share. This compares to 2nd quarter 2001 net loss of US$55M or 65
cents per share.
- Overnite Transportation Co.
(subsidiary of Union Pacific) UP with
2nd-quarter net income of US$14.4M, up 10.9%.
- Pacer Int'l Inc.
UP as 2nd-quarter net income more than doubled, to
US$4.1M, from US$2.4M.
- Pittston Co. (Brinks).
UP with income from continuing operations of
US$19.1M ($0.36 per share) for the 2nd quarter ended June 30, 2002 -- same
period last year was $3.8 million ($0.07 per share).
- Ryder System.
UP as 2nd quarter 2002 net earnings improved 48% to
US$29.5M, compared with US$19.9M in same period 2001.
- Union Pacific Corp.
UP as 2nd-quarter net income totaled US$304M, or
US$1.15 per share, up from US$243M, or 95 cents per share in 2nd quarter of
2001.
- United Airlines.
DOWN with 2nd-quarter loss of US$392M, or a loss per
basic share of $6.99, compares to a 2nd quarter 2001 loss of US$292M, or a
loss per basic share of US$5.50, excluding a one-time charge.
- UPS.
DOWN as 2nd-quarter net income was off 3% to US$611M, while revenue
rose 2.5% to US$7.68Bn. Consolidated operating profit slipped 1.2% to US$1.03
Bn.
- Moving Forward To Buy Back
as it has announced a stock
repurchase program for up to 2,000,000 shares of the Company's common stock.
Forward Air Corp. provides scheduled surface transportation through an
expansive network of 80 terminals located on or near major airports in the
U.S. & Canada.
Please click below for other sections:
Section A: Section: Trade, Financial & Inland News
|
Section B: FF World Air News |
Section C: FF World Ocean News | Section
D: FF in Cyberspace |
Section E: The Forwarder Broker World
Written from wire stories, the Associated
Press, Reuters, Hong Kong Shipping News Lloyds & other world sources.
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