Daily Archives: July 10, 2012

Boeing Confirms Air Sahara Order for 10 737-800s

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The Boeing Company confirmed a previously unidentified Air Saharaorder for 10 Next-Generation 737-800 airplanes. Air Sahara placed the order in the first quarter of 2006 and was listed in the unidentified category on Boeing’s Orders and Deliveries web site. Valued at more than $700 million at list prices, deliveries are scheduled to begin in mid 2009.

“This order reflects our confidence both in the growth of India’s aviation market and Air Sahara’s modernization and expansion plans,” said Alok Sharma, president of Air Sahara. “The reliability and exceptional low-operating cost of the Next-Generation 737 supports Air Sahara’s mission to be India’s leading airline in terms of operational efficiency and customer service.”

The 10 737s will be fitted with Blended Winglets, which will improve fuel efficiency and reduce carbon emissions, increase range and reduce takeoff noise.

“We are proud of the long-term relationship we have with Air Sahara,” said Dinesh Keskar, Boeing Commercial Airplanes vice president of Sales, South and Southeast Asia. “We look forward to continuing our partnership and support of Air Sahara’s expansion plans.”

Source: Boeing

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TNT confirms position on net proceeds at completion from sale of logistics activities

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In reaction to press coverage, TNT confirms the expected net proceeds of the announced sale of its logistics activities to lie between € 1.2 billion and € 1.3 billion at completion. A further description on the basis of what has been stated and explained on announcement is summarised below:

The transaction value of the sale is € 1,480 million, on a cash and debt  free basis, of which € 15 million will be received in the form of a 5% equity  stake in the new company. The estimated net proceeds to be received by TNT at  completion are in the range of € 1.2 billion – € 1.3 billion.

The difference between the expected net proceeds and the total transaction value reflects deductions by the buyer for finance leases, pension and other  employee liabilities, and various costs for separation and re-branding, leading  to payment at completion of around € 1.3 billion. TNT currently expects to incur various  other deal related expenses (including tax) of up to € 100 million, bringing the estimated net proceeds in the range € 1.2 billion to € 1.3  billion.

The external group facility of around € 220 million, disclosed in TNT’s  2005 annual report as a current loan, allocated to TNT Logistics Canada, will expire and will be redeemed by TNT before completion. The estimated € 1.2 billion to € 1.3 billion net proceeds are therefore  freely available to TNT for allocation after completion, including the announced share repurchase of up to € 1 billion.

The estimated book result on the transaction at completion is expected to be close to neutral, before the various other deal related costs. Note that all figures can only be calculated definitively  after completion, based on completion accounts including provisions, as is customary in transactions of this size.

Source: TNT

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FedEx Completes Acquisition of Watkins Motor Lines

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Addition of Long-Haul Less-Than-Truckload (LTL) Units Expands Heavyweight Service Portfolio for Customers
FedEx completes acquisition of the LTL operations of Watkins Motor Lines and certain affiliates creating FedEx National LTL and FedEx Freight Canada.

FedEx Corp. announced it has completed the $780 million cash purchase of the LTL operations of Watkins Motor Lines and certain affiliates. A privately held company based in Lakeland, Fla., Watkins Motor Lines is a leading provider of long-haul LTL services with more than $1 billion in annual revenue.
The operations of Watkins Motor Lines and Watkins Canada Express, Watkins’ LTL carrier in Canada, which together include more than 140 service centers and more than 14,000 tractors and trailers, will be re-branded FedEx National LTL and FedEx Freight Canada, respectively. Re-branding of both operations will begin immediately.

“These strategic additions to the FedEx portfolio offer more flexibility and greater value to shippers in the less-than-truckload sector,” said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp. “FedEx Freight, FedEx National LTL and FedEx Freight Canada create a reliable, single-source provider of one- and two-day regional as well as long-haul LTL services that customers have been requesting.” Other benefits customers will enjoy include easy access to bundled transportation solutions available with other FedEx operating companies, specifically FedEx Express and FedEx Ground.

FedEx National LTL and FedEx Freight Canada each operate as a separate network within the FedEx Freight segment, which also includes FedEx Freight, FedEx Custom Critical and Caribbean Transportation Services. More than 470 service centers comprise the FedEx Freight, FedEx National LTL, and FedEx Freight Canada networks. The companies will operate nearly 54,000 tractors and trailers to meet customers’ regional and long-haul LTL needs.

“FedEx National LTL and FedEx Freight Canada will provide the certainty and reliability of service that customers have come to expect from FedEx Freight,” said Douglas G. Duncan, president and chief executive officer of FedEx Freight. “As integration moves forward, FedEx National LTL will strengthen its focus on providing core long-haul services, while FedEx Freight Canada begins identifying service enhancement opportunities as we work together to grow our LTL market share throughout North America.”

With a workforce of nearly 9,000, FedEx National LTL will benefit from Watkins’ rich heritage in the transportation industry and a strong workplace culture similar to that of FedEx. “Over the years, Watkins’ teams have earned a stellar reputation for professionalism and dedication to customer service,” added Duncan. “They share these customer-focused priorities with an engaged FedEx workforce, a factor that will facilitate a smooth integration process, help grow our business and guide our company toward an even brighter future.”

Source: Press Release

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Railinc Successfully Completes SAS 70 Type II Examination

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Third-Party Assurances Help Customers Meet Sarbanes-Oxley and Other Regulatory Requirements

For the third consecutive year Railinc successfully completed a Statement on Auditing Standards (SAS) 70 Type II examination. More stringent than a Type I examination, the Type II exam includes detailed testing of Railinc internal controls to demonstrate that they are suitably designed and operating effectively.

“We are dedicated to supporting our customers’ compliance requirements,” says E. Allen West, Railinc president and CEO.

“The SAS 70 audit validates that Railinc meets the highest standards for securing and protecting data exchanges with Railinc customers. It gives them assurance that their data is being processed accurately and completely.”

Under Section 404 of the Sarbanes-Oxley Act, companies are required to receive an opinion from their external auditors regarding their systems of control, including those extending to service providers such as Railinc. The SAS 70 Type II examination allows users to rely on Railinc’s controls, reducing auditing expenses for its customers, as well as assuring compliance.

The process examined the integrity and security of Railinc’s systems, including an exhaustive assessment of internal controls in operations over a six-month period. Railinc’s systems, procedures and controls–critical to processing information and millions of confidential financial transactions–were thoroughly evaluated. Specifically, the following four systems were examined: the Railroad Clearinghouse (RCH); the Interline Settlement System (ISS); the Rate EDI Network (REN); and the Liability Continuity System (LCS). Additionally, physical and logical security measures; network access and monitoring; systems development; change management; and customer service were also evaluated.

About Railinc

Railinc  is the largest, single source of real-time, accurate interline rail data in the North American transportation industry. Railinc is the supplier of time-tested products and services like Umler/EMIS, TRAIN II, Interline Settlement, Railcar Accounting, Steelroads, RailSight, and EDI connection services. These systems and services support railroads, shippers, equipment owners, and suppliers along every link of their supply chains. Class I, short lines, regional railroads, and transportation professionals alike, use Railinc’s tools and information to manage and analyze their rail traffic.

Source Press Release

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Sphinx Egypt sits well within Worldwide Project Consortium

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The Worldwide Project Consortium has welcomed Sphinx Egypt Ltd. Co to its specialist global logistics network.

WWPC General Manager, Kevin Stephens, based in Queensland, Australia, said today (December 11, 2006) Sphinx Egypt, with offices in Cairo and Alexandria, had more than 20 year’s experience delivering outstanding service along the important transport artery between Egypt and Europe.

“Sphinx Egypt has an expert team that ensures the Worldwide Project Consortium is well positioned to maximise opportunities in one of the most dynamic emerging markets in the world,” Mr Stephens said.

“The Worldwide Project Consortium has an enviable track record of success that can help meet the logistics needs of a diverse range of clients, particularly those working on large oil and gas projects in the Middle East region.”

Mr Stephens said Sphinx Egypt Ltd. Co. was headed by Dr. Naim Amen and had substantial experience in custom clearance and freight forwarding, particularly large-scale projects throughout Egypt including heavy lifts and oversize cargo.

WWPC members will be gathering in Cape Town, South Africa, from March 29-30, 2007 to attend the annual Partnering for the Future Conference. More than 100 participants are expected to attend.

Major sponsors at the conference included Rickmers-Linie GmbH, Germany; Volga-Dnepr (UK) Limited; Air Partner plc, U.K.; Macs Maritime, South Africa; Beluga Chartering GmbH, Germany; and Sun Communications PR and Media, Australia.

Source Press Release

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