COVID-19 threatens Hawaii’s sole interisland ocean transportation provider

Young Brothers said it needs $25 million in federal financial assistance immediately, or it will be forced to scale back its ocean transportation services among the Hawaiian Islands.

Hawaii’s sole interisland ocean carrier, which is regulated by the state’s Public Utilities Commission (PUC), said the coronavirus pandemic is expected to leave it with a loss of $25 million by year’s end and it has asked state regulators for an equivalent amount in CARES Act funding by Monday to sustain operations...

https://www.freightwaves.com/news/covid-19-threatens-hawaiis-sole-interisland-ocean-transportation-provider

Breaking: American Airlines to eliminate 30% of mid-level staff

Red, white and blue tails of American Airlines planes at terminal gates.

American Airlines said it is making plans to reduce management and support staff by 30%, a precursor to more extensive frontline cuts expected in the coming weeks as the airline tries to stop using up cash for overhead and remain solvent beyond 2020.

The moves are part of an effort to remake itself into a smaller airline for the foreseeable future with the realization that leisure and business travel will be stunted for several years. Towards that end, American plans to fly about 100 fewer...

https://s29755.pcdn.co/news/breaking-american-airlines-to-eliminate-30-of-mid-level-staff

Air France-KLM bids adieu to A380 jumbo jet

A white super-jumbo jet on approach to land in blue skies.

Air France-KLM Group (FP: AF) said it has permanently eliminated double-deck Airbus A380 aircraft from its fleet, joining other airlines that also are rationalizing fleets to contain costs amid a dramatic downturn in business caused by the coronavirus pandemic.

The current economic hardship accelerated Air France-KLM’s previous plan to retire its nine A380s by the end of 2022 — part of a five-year restructuring plan announced last November to improve profitability. The fleet renewal effort at...

https://www.freightwaves.com/news/air-france-klm-bids-adieu-to-a380-jumbo-jet

TV celebrity charged with stealing PPP money on behalf of trucking company

A reality TV star who received over $2 million in Paycheck Protection Program (PPP) money to allegedly pay trucking company employees has been arrested on federal bank fraud charges.

Maurice “Mo” Fayne, known as “Arkansas Mo” and a frequent guest on “Love & Hip Hop: Atlanta,” applied for a PPP loan as the sole owner of a Georgia corporation called Flame Trucking, according to federal authorities in Georgia.

Fayne, 37, made an initial appearance Wednesday before a U.S. magistrate judge.

Fayne’s PPP...

https://s29755.pcdn.co/news/tv-celebrity-charged-with-stealing-ppp-money-on-behalf-of-trucking-company

U.S. Postal Service loses $4.5 billion in latest quarter

U.S. Postal Service (USPS) losses continued to mount with a $4.5 billion loss reported on May 8 for the latest quarter amid warnings from the federal agency that government intervention is needed to avoid a potential service shutdown.

The loss in the agency’s fiscal second quarter (ending March 31) is more than double the $2.1 billion loss in the same period last year.

“We are unable to predict the duration of COVID-19 business closures and the duration of the recession we are currently...

https://www.freightwaves.com/news/u-s-postal-service-loses-4-5-billion-in-latest-quarter

COVID-19 puts most of Hawaiian Air on standby

The substantial grounding of Hawaiian Airlines (NASDAQ: HA) during the past two months left the carrier with a $144.4 million loss in first quarter earnings.

By the end of March, Hawaiian had grounded 95% of its passenger flights to and from the islands to restrain the spread of the coronavirus. Hawaiian has been impacted more than most by government travel restrictions and quarantines, but analysts say it should make it through the crisis because of its low debt obligations and ability to hold...

https://s29755.pcdn.co/news/covid-19-puts-most-of-hawaiian-air-on-standby

Kirby reports red ink first quarter

Despite taking a one-time tax benefit of $50.8 million from the CARES (Coronavirus Aid, Relief, and Economic Security) Act barge giant Kirby Corporation (NYSE: KEX) reported a net loss of $248.5 for the first quarter ended March 31, 2020, compared with earnings of $44.3 million for the 2019 first quarter. Excluding one-time items in the 2020 first quarter, net earnings were $35.3 million per share. Consolidated revenues for the 2020 first quarter were $643.9 million compared with $744.6 million...

https://www.marinelog.com/coastal/tugs-barges/kirby-reports-red-ink-first-quarter/

United Airlines plans for worst, hopes for best

White regional jets parked at airport.

United Airlines’ President Scott Kirby on Friday laid out a stark future for the airline industry, saying  the carrier is preparing for a scenario in which there is no passenger revenue into next year and it will have to dismiss thousands of workers if travel doesn’t rebound from the coronavirus crisis.

In a matter of weeks, the pandemic has vaporized an industry that was seeing record growth, turning airports into ghost towns and airplanes nearly empty. United appears to be the most pessimistic...

https://www.freightwaves.com/news/united-airlines-plans-for-worst-hopes-for-best

Coronavirus bill contains win for maritime industry

Seafarers fear for their jobs as McCain and others fight to trash Jones Act. U.S. Army Corps of Engineers photo by Billy Birdwell.

It took a pandemic for Congress to finally make a long-sought change to the Harbor Maintenance Trust Fund (HMTF) that would allow the full amount of deposits to the fund to be used to finance dredging of coastal and inland harbors and ports.

The change is tucked inside the expansive $2 trillion emergency aid bill passed by Congress two weeks ago to help the nation respond to the coronavirus outbreak.

Known as the Coronavirus Aid, Relief and Economic Security Act (CARES), the legislation provides...

https://www.workboat.com/news/coastal-inland-waterways/coronavirus-bill-contains-win-for-maritime-industry/

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