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Thursday, June 19, 2008

Floods in Midwest caused major loss

According to Reuters Article current flooding in US Midwest is the worst in 15 years. This flooding is causing a major loss for barge companies and trucking firms, it is estimated that the loss for their 2nd quarter can go into millions.

Flooding in Midwest has damaged miles and miles of railroads tracks and bridges. Officials say the magnitude of destruction is unknown and might require expensive repairs or replacements.

"We expect the flooding that hit the Midwest to impact most transportation companies by a couple pennies (per share), mainly because of the increased costs associated with rerouted traffic," said Lee Klaskow, senior transportation and logistics analyst at Longbow Research in New York.

Though this flooding has cost a major loss for many companies experts say the companies can easily bounce back in few days.

For more detailed information please click here

posted by All America Auto Transport @ 12:10 AM permanent link  

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