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Tag Archives: Transportation

So That’s the End for Air Italy. And More Airline Money-Pits

Throwing good money after bad as a business model. By MC01, a frequent commenter on WOLF STREET: On February 10, one of the largest Italian newspapers, Il Corriere della Sera, announced airline Air Italy, Italy’s second largest airline after Alitalia, was facing a liquidity crisis and may not survive long. Less than 24 hours later, Air Italy announced it would immediately enter voluntary liquidation. It said that until 25 February, flights would be carried out by other airlines, such...

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Coronavirus Slams Airbnb, Airlines, Hotels, Casinos, San Francisco, Other Hot Spots

It’s not only Chinese tourists, business travelers, and property buyers who’re not showing up, but also travelers from all over the world who’ve gotten second thoughts about sitting on a plane. By Wolf Richter. This is the transcript from my podcast last Sunday, THE WOLF STREET REPORT: Starting Saturday, February 15th, there won’t be any flights between San Francisco and mainland China, until at least through the end of March, down from 90 roundtrip flights a week. In 2019, over half a...

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It Gets Surprisingly Ugly: US Freight Shipments Plunge 9.4%, Steepest since 2009

But the coronavirus impact has not been felt yet; that will come later. By Wolf Richter for WOLF STREET. Shipment volume in the US by truck, rail, air, and barge plunged 9.4% in January 2020 compared to the already weak January a year earlier, according to the Cass Freight Index for Shipments. It was the 14th month in a row of year-over-year declines, and the steepest since October 2009, during the Financial Crisis: The Cass Freight Index tracks shipment volume of consumer goods and...

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THE WOLF STREET REPORT: Coronavirus Slams Airbnb, Airlines, Hotels, Casinos, San Francisco, Other Hot Spots

It’s not only Chinese tourists, business travelers, and property buyers who’re not showing up, but also travelers from all over the world who’ve gotten second thoughts about sitting on a plane (10 minutes). Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely. Click on the beer and iced-tea mug to find out how: Would you like to be notified via email when...

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THE WOLF STREET REPORT: What Will the Coronavirus Do to the US & Chinese Economy?

Is this the black-swan event people have been predicting for years? Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely. Click on the beer and iced-tea mug to find out how: Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.

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Union Pacific Cut 17% of its Workers, Will Cut 8% in 2020. Revenue Fell 9.5%, Income 10%. Bought Back $5.8 Bn in Shares. Stock Hits New High

Its debt surged to fund the share buybacks. And truckers ate its lunch. But don’t tell any of this to the “market.” By Wolf Richter for WOLF STREET. The first thing to know about Union Pacific’s earnings, which it released this morning, is that  despite cutting its workforce by 17%, promising more layoffs in 2020, experiencing a 9.5% drop in revenues and a 10% drop in net income in the fourth quarter, the company blew $600 million in Q4 and $5.8 billion in the year 2019 on buying back...

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Railroad Pain: CSX Revenues Fall Below 2014. Workforce -7%. But Hey, $3.4 Billion in Share Buybacks

“Give Me a Growing Environment, It’s Easier to Run the Railroad”: CSX CEO. By Wolf Richter for WOLF STREET. CSX reported fourth-quarter and annual results Thursday evening: revenues for the quarter fell 8% to 2.88 billion, in line with the freight recession where overall shipments by all modes of transportation in December fell 7.9%, the steepest year-over-year decline since November 2009. Annual revenue fell 3% to $11.9 billion, and were down 5.8% from 2014. This is not the chart of a...

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US Freight Shipments Plunge at Fastest Rate since 2009, Hit 2011 Level: This is Getting Surprisingly Ugly

Why is this happening? By Wolf Richter for WOLF STREET. Shipment volume in the US by truck, rail, air, and barge plunged 7.9% in December 2019 compared to a year earlier, according to the Cass Freight Index for Shipments. It was the 13th month in a row of year-over-year declines, and the steepest year-over-year decline since November 2009, during the Financial Crisis: The Cass Freight Index tracks shipment volume of consumer goods and industrial products and supplies by all modes of...

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Truckers Take “Wait and See Approach.” Equipment Orders, After Having Plunged, Stall at Low Levels

Amid a shakeout among trucking companies & production cuts and layoffs among truck makers. By Wolf Richter for WOLF STREET. Orders for heavy trucks in December came in at 20,000. In the fourth quarter, they averaged just under 20,000. For the past 12 months, there were 179,000 orders for Class 8 trucks, down 64% from 497,000 orders in 2018, and the lowest annual total since 2010, according to FTR Transportation Intelligence. “Fleets are being very cautious in this environment, only...

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2020, Already the Year of Zombie Airlines

And the year has just started. By MC01, a frequent commenter on WOLF STREET: In South Korea: Hyundai Development Company (HDC) and Mirae Asset Daewoo (MAD) were “selected” in November by the Korean government as “preferred bidders” to purchase a large share in the country’s second largest airline, Asiana, whose financial troubles we have previously covered. Asiana’s financial situation has been steadily deteriorating: Total debt at the end of the first half of 2019 ballooned to 9.6...

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