YRC Worldwide

The Daily Dash: YRC loan comes under increased scrutiny; Best Fleets to Drive For

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, a bill to allow truck drivers to carry a concealed weapon has been reintroduced in Congress. Plus, a congressional oversight committee continues to question a government loan to YRC Worldwide, and TCA and CarriersEdge name the 20 Best Fleets to Drive For.

In defense of the nation?

A new report from a congressional oversight committee said that a $700 million government loan to YRC Worldwide (NASDAQ:...

https://s29755.pcdn.co/news/the-daily-dash-giving-truckers-the-right-to-carry-yrc-loan-update

‘National security’ designation for $700M YRC loan ‘amiss’

Defense Department latest to be scrutinized by oversight commission on YRC loan

The latest report from the congressional oversight commission monitoring COVID-relief loans, including the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW), finds shortcomings in the decision-making process on behalf of the Defense and Treasury departments.  

The main sticking points for the commission have been the designation of YRC as a company “critical to maintaining national security” and the Treasury Department’s underwriting of a loan to provide...

https://www.freightwaves.com/news/national-security-designation-for-700m-yrc-loan-amiss

The Daily Dash: COVID supply chain bumpy; Mnuchin says YRC loan was ‘risky’

UPS truck stock images

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, shipments made to test the COVID supply chain have resulted in some delivery performance issues. Plus, U.S. Treasury Secretary Steve Mnuchin said he would not have made a $700 loan to YRC Worldwide and trucking safety groups have concerns about possible exemptions for vaccine deliveries.

Gaps in the COVID supply chain?

Mock shipments of a COVID-19 vaccine to test the federal government’s...

https://s29755.pcdn.co/news/the-daily-dash-covid-supply-chain-bumpy-mnuchin-says-yrc-loan-was-risky

Mnuchin would not have made $700M loan to YRC

YRC loan focal point of commission hearing

In a largely uncontentious commission hearing Thursday over the national security loan program, Treasury Secretary Steven Mnuchin acknowledged the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW) was “risky” and one that he would have not made.

Facing questions from the oversight commission tasked with monitoring the distribution of federal loans established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, Mnuchin said he was encouraged by...

https://s29755.pcdn.co/news/mnuchin-would-not-have-made-700m-loan-to-yrc

ArcBest continues streak of positive LTL updates

ArcBest sees double-digit LTL tonnage increase in Q4

Key metrics for logistics provider ArcBest Corp. (NASDAQ: ARCB) showed that less-than-truckload demand improved again in November. The company’s Tuesday filing with the SEC noted that the positive trends previously reported in October remained in place during November.

The Fort Smith, Arkansas-based company reported a 9% year-over-year increase in November revenue in its asset-based division as tonnage increased 8% and revenue per hundredweight, or yield, was up 1%. Tonnage in the company’s LTL...

https://www.freightwaves.com/news/arcbest-continues-streak-of-positive-ltl-updates

YRC sees improvement in Q4, still lagging competitors

Revenue turns positive in November at YRC

Less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW) reported Monday that shipments were flat year-over-year through the first two months of the fourth quarter, with revenue per shipment up slightly at 0.3%.

The Overland Park, Kansas-based company showed improving trends in the quarter, albeit at a slower pace than competitors. Tonnage increased 1.9% year-over-year in October, up 2.2% in November.

Last week, Old Dominion Freight Line (NASDAQ: ODFL) noted tonnage increases of 2.2%...

https://s29755.pcdn.co/news/yrc-sees-improvement-in-q4-still-lagging-competitors

The Daily Dash: YRC loan under congressional scrutiny; LTL tonnage climbs

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, members of Congress have some questions about a government loan that was granted to YRC Worldwide. Plus, freight tonnage continues climbing in the less-than-truckload segment and prosecutors have asked an appeals court panel for a reversal of a decision that tossed out the conviction of ex-Pilot CEO Mark Hazelwood.

Congressional scrutiny

A controversial government loan to YRC Worldwide (NASDAQ: YRCW)...

https://s29755.pcdn.co/news/the-daily-dash-yrc-loan-under-congressional-scrutiny-ltl-tonnage-climbs

$700M YRC loan to get attention at congressional hearing

YRC loan will be topic of congressional hearing

The rationale behind the $700 million pandemic-relief loan made to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) appears to be a likely topic during an upcoming congressional hearing on the national security loan program established under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

The seventh report from the congressional commission overseeing the distribution of federal loans made to businesses negatively impacted by the pandemic noted “serious concerns”...

https://s29755.pcdn.co/news/yrc-loan-to-be-topic-at-congressional-hearing

New fleet to advance YRC turnaround

YRC truck on highway

Soon to be doing business under the Yellow banner again, YRC Worldwide (NASDAQ: YRCW) CEO Darren Hawkins said he likes the direction the company is headed.

Presenting virtually at the Stephens Annual Investment Conference on Wednesday, Hawkins said he has “a lot of confidence” in the restructuring the less-than-truckload (LTL) carrier has in place, noting that broader demand should continue to serve as a tailwind.

Demand to provide a tailwind

Hawkins commented that the consumer remains strong and...

https://s29755.pcdn.co/news/new-fleet-to-advance-yrc-turnaround

Career Tracks: Sherri Garner Brumbaugh elected ATA chair

Garner Trucking President and CEO Sherri Brumbaugh talks with KSM Transport Advisors President David Roush during the FreightWaves Carriers Summit. They discussed freight networks and profitability.

The board of directors of American Trucking Associations (ATA) has elected Sherri Garner Brumbaugh as the organization’s 76th chair. 

Garner Brumbaugh, president and CEO of Garner Transportation Group of Findlay, Ohio, is only the second woman to chair the association.

“Despite the unprecedented challenges we face, I look forward to representing ATA and telling the country just how important and essential our industry is. The past seven months have shown just how much our country relies on...

https://www.freightwaves.com/news/career-tracks-sherri-garner-brumbaugh-elected-ata-chair

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