News Briefs - Sept. 11
The Latest Headlines:
- UPS, Teamsters Mechanics Reach Contract Deal
- War Talk Keeps Crude Oil Price Near $30 a Barrel
- Air Carriers Raising Fuel Surcharges
- Volvo Says Truck Orders on Target
- War Talk Keeps Crude Oil Price Near $30 a Barrel
UPS, Teamsters Mechanics Reach Contract Deal
Aircraft mechanics represented by the International Brotherhood of Teamsters have agreed to a new contract with United Parcel Service, the union said Tuesday.Talks between the two sides have been on going since their last agreement became amendable on Aug. 1, 2001.
The Teamsters Airline Division did not release specific details about the deal, except to say that it included wage increases retroactive to Aug. 1, 2001, pension increases and improved wage progression.
( for the full press release.)
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War Talk Keeps Crude Oil Price Near $30 a Barrel
The price of crude oil stayed steady just below $30 a barrel in trading early Wednesday morning, but low inventories may push the price higher, Bloomberg reported.The prices of diesel fuel and gasoline, which trucks use, track the price of crude oil.
Also expected to affect oil prices was President Bush's address at the United Nations, scheduled for Thursday, where he is expected to outline his case for war with Iraq, Bloomberg reported.
In electronic trading on the New York Mercantile Exchange, the price of crude oil dipped 19 cents or 0.6% to $29.54. The New York market won't officially open until 11 a.m. EDT, Bloomberg said, because of the anniversary of the Sept. 11 terror attacks.
Some analysts cited additional upward pressure on prices by a report from the International Energy Agency that said crude oil inventories are "uncomfortably low" as winter approaches in the United States, Bloomberg reported. Transport Topics
Air Carriers Raising Fuel Surcharges
Air carriers like United Airlines and American Airlines are raising fuel surcharges for cargo hauling.Increases in the costs of shipping goods by air may send more cargo to trucking companies. However, firms that pick up and deliver airfreight shipments from airports could be hurt by increasing fuel charges if they divert freight from air carriers.
The Journal of Commerce reported that United Airlines will double its fuel surcharges to 10 cents a kilogram on international airfreight and 4 cents a pound on domestic shipments.
American Airlines, likewise, will double its surcharges to 4 cents a pound on domestic air shipments, the company said in a release.
JoC said that carriers like Lufthansa, SAS, Northwest and KLM have all announced rate hikes and others are expected to do the same. Transport Topics
( for the full AA press release.)
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Volvo Says Truck Orders on Target
Volvo AB's new FH and FM trucks have attracted some 40,000 orders since the fourth quarter of 2001, the company told Dow Jones Newswires Tuesday.Roar Isaksen, president of the European division of Volvo Truck Corp., said in an interview at a Hanover, Germany, trade fair that the orders are in line with the company's target.
Discussing the European truck market, Isaksen reiterated Volvo's forecast of a 10% decline in heavy truck sales this year, Dow Jones said.
nd, he said, the market probably will be more or less unchanged next year. Transport Topics
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