Trucking Freight

America’s freight railroads operate the safest, cleanest, healthiest, most efficient and most environmentally sound rail system in the world. Modern freight trains haul a ton of freight an average of 436 miles on one gallon of fuel, while freight trucking cost considerablity more. Trains carry everyday products like food, cars, appliances, grains all across the country and around the world. Our freight trains use energy more efficiently than the trucking freight system. Freight railroads meet our nation’s freight needs today and will have an even more positive impact in the future. The railroads are committed to continuing to provide the affordable, efficient transportation. They are environmentally sensitive and energy efficient, and work tirelessly to help build and expand the economy.

FIATA, in French “Fédération Internationale des Associations de Transitaires et Assimilés”, in English “International Federation of Freight Forwarders Associations”, in German “Internationale Föderation der Spediteurorganisationen”, was founded in Vienna/Austria on May 31, 1926.

FIATA, a non-governmental organization, represents today an industry covering approximately 40,000 freight trucking, forwarding and logistics firms, also known as the “Architects of Transport”, employing around 8 - 10 million people in 150 countries. FIATA has consultative status with the Economic and Social Council (ECOSOC) of the United Nations (inter alia ECE, ESCAP, ESCWA), the United Nations Conference on Trade and Development (UNCTAD), and the UN Commission on International Trade Law (UNCITRAL).

It is recognised as representing the freight forwarding industry by many other governmental organizations, governmental authorities, private international organisations in the field of transport such as the International Chamber of Commerce (ICC), the International Air Transport Association (IATA), the International Union of Railways (UIC), the International Road Transport Union (IRU), the World Customs Organization (WCO), the World Trade Organization (WTO), etc.In summary FIATA is the largest non-governmental organisation in the field of transportation. Its influence is worldwide.

Shares in YRC fell $0.12  Monday after Standard & Poor’s Corp. reiterated concerns about the trucker’s financial position.

S&P said it maintained its CCC long-term corporate credit rating on YRC, and kept the company on its CreditWatch list with “negative implications.”

The credit agency said it had “revised the CreditWatch implications to negative from positive on April 24, reflecting concerns that the company may not be able to meet its amended bank covenants.”

S&P also said it will review YRC’s earnings prospects for the remainder of 2009. “We could lower the rating if we believe that the company will not be able to meet its covenant requirements or if liquidity becomes further constrained.

YRC shares closed at $2.85.

Meanwhile, reassuring news about housing and banking on Monday convinced investors to return to the stock market.

A better-than-expected profit report from Lowe’s Cos., an uptick in homebuilder sentiment and positive comments from analysts about U.S. banks revived investors’ confidence in an economic rebound.

Yellow Trucking and Roadway merged to form YRC

YRC Worldwide Inc., parent of Yellow Transportation and Roadway Express, will seek $1 billion in federal bailout money to help relieve pension obligations, the chief executive said Thursday.

The move comes as the trucking giant struggles to shore up its finances. The company’s ability to weather the recession will have significant implications for the trucking industry and large customers across the country.

Chief Executive William Zollars said the company will seek the money to help cover the cost of its estimated $2 billion pension obligation over the next four years. Under a complicated system that Mr. Zollars labeled unfair, roughly half of YRC’s contributions to a multi-employer union pension fund cover the costs of retirees who never worked for the Overland Park, Kan., company.

YRC faces a $2 billion pension obligation over the next four years, and will seek Troubled Asset Relief Program money. By applying to the U.S. Treasury for money under the Troubled Asset Relief Program, Mr. Zollars said he hopes to “get the conversation started” with federal authorities about reducing the company’s pension obligations. He said YRC will submit an application to the Treasury Department as early as Friday.

Experts say the company’s odds of actually getting TARP money appear to be slim. A Treasury spokesman didn’t return a call seeking comment.

The holiday is almost over, our Canadian friends will celebrate their long weekend on May 18 with Victoria and on May 25 we will remember our fallen service men and women on Memorial Day. With these upcoming holidays we all lose one work day schedules get thrown off, customer time lines change, last minute orders come in, shipments have to arrive by……… you get the picture.

Relax, with YRC, you have the choice of service features you need to get your shipments handled. With our Guaranteed Time-Critical, or Guaranteed AM/PM service you can choose the service that best fits your needs to get your shipment delivered on time. YRC Expedited/Guaranteed Precision Services are built upon:
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YRC is the combined power of Yellow Transportation and Roadway Express

RiskMetrics also recommended that shareholders reject YRC’s nominees for the board compensation committee, saying they acted poorly in providing for tax gross-up on YRC CEO Bill Zollars’, previously President of Yellow Transportation, use of corporate aircraft, an amount less than $10,000. A gross-up is a payment to cover taxes on compensation.

“We feel it is important to highlight that Mr. Zollars’ total compensation in 2008 decreased by over $1 million due in large part to our performance and that Mr. Zollars did not receive a $1.5 million restricted share grant due to our failure to meet certain performance targets,” the letter said. “We believe that these facts should weigh more heavily than a de minimis tax gross-up in determining whether the compensation committee approved an appropriate compensation package for Mr. Zollars.”

YRC Worldwide Inc. on Friday hauled in about $101 million following the closing of the first part of its sale-leaseback for a pool of the company’s facilities.

The Overland Park-based trucking company (The old Yellow Transportation and Roadway Express) said in a Friday release that it expects to get about $50 million more from NATMI Truck Terminals LLC in a second closing, expected by mid-February.

“This is one of many significant steps in the initiatives to improve our liquidity,” CFO Tim Wicks said in the release. “These transactions are a key component of the discussions with our banks, which remain very productive.”

Wicks added that the first step wrapped up quickly and that YRC is encouraged by progress on additional phases.

YRC plans to use the funds for operating purposes, the release said.

In December , YRC said the purchase price for the facilities was about $150.4 million, with initial annual lease payments of $21.1 million. The initial lease term for each facility was to be 10 years, with renewal options to extend the leases by as much as 30 more years. YRC previously has done sale-leasebacks with NATMI.

On Jan. 16 , YRC said its lenders had given it a waiver until mid-February to modify its credit lines without delaying the reporting of its fourth-quarter financial results. It reported about $300 million in cash as of Dec. 31 and planned to boost its cash through sale-leaseback deals and proceeds from the sale of excess facilities.

Shares of trucking company YRC Worldwide slumped 12% Monday despite the rest of the market’s euphoria, and Tuesday, shares were down an additional 18% after Fitch Investors Service downgraded the company’s credit. Shares were down 65% in 2008 headed into the day’s action.

The company is dealing with the integration of Yellow Transportation and Roadway related to previous acquisitions and it said last week that it may have to take additional write-downs as a result of this activity.

Fitch, meanwhile, dropped its rating on YRCW further into “junk” territory, to B from double-B, which will increase the cost of funding for the transportation firm. Economic woes are at the forefront of Fitch’s action — the firm says its “less-than-truckload” business, where small shipments are grouped onto a single truck — will remain weak, which will hurt the company’s earnings power.

“The economy has softened further impacting both volume levels and pricing across our operating companies,” said chairman Bill Zollars. “After a solid second quarter, the third quarter started slowly and has progressively weakened.”

YRC said its earnings have also been impacted by investments in combining its national companies, Yellow Transportation and Roadway. In 2003, Yellow acquired Roadway Express to become Yellow Roadway. Then in 2005, Yellow roadway purchased USF and in 2006 became YRC Worldwide.

“We do not see signs of the economy improving in the near term, but as we merge Yellow and Roadway, we expect operating results to show meaningful improvement,” said Zollars.

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