Swift pays US$4 million for misappropriation, but scores Moody's upgrade

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AMERICA's biggest truckload carrier, Swift Transportation, must pay US$4 million to the Port of Los Angeles over its failure to use the $11.8 million from the port to buy new 600 trucks as part of LA's clean trucks programme, reports the Daily Breeze.

Many of the trucks purchased did not make a required 150 trips to the port each year the newspaper reports, adding that the Port of Los Angeles granted $44 million to 56 motor carriers to new buy trucks through its Clean Trucks Programme.

Separately, Moody's Investors service boosted its outlook for Swift Transportation to positive from stable after the company reported a $90.6 million net profit for 2011, its first annual profit since 2006.

"Volumes are improving, operating metrics are favourable, and our driver pipeline continues to be full," the carrier said.

Moody's expects increasing freight demand and strong truckload pricing will help the Phoenix-based company increase its revenue and remain profitable.

"We expect that Swift will be able to sustain operating margins in the eight to 10 per cent range through 2013," said Moody's.


Source Shipping Gazette - Daily Shipping News

 

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