Good day,
A defective clutch from Eaton Corp. (NYSE: ETN) has led to the recall of some 20,916 Navistar (NYSE: NAV) International truck models, and could lead to more at other vehicle makers, according to a report.
Navistar has issued recalls for 15 products that include the Eaton ECA heavy-duty truck clutch. An internal component in the clutch assembly may fail, resulting in vehicle movement when not intended.
The NHTSA recall campaign number is 18V826000. Navistar said it will notify affected owners and dealers will recalibrate the transmission control module free of charge to fix the issue.
Eaton has acknowledged the clutch appears on vehicles from other manufacturers and it is working with those OEMs to issue recalls as well. Owners of vehicles they believe are involved in the recall may contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.
The International models affected are:
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International HV, model year 2019
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International HX, model year 2018-2019
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International LT, 2018-2019
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International Lonestar, 2018-2019
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International MV, 2019
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International Prostar, 2018-2019
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International RH, 2018-2019
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International Transtar, 2018
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International Workstar, 2018-2019
Did you know?
Many carriers purchase their fuel based on the current rack rate, which is not always aligned with the DOE retail rate, which is what fuel surcharges are typically based on. The faster the rack rate declines in relation to the retail price, the higher carriers’ fuel margins will be. On Dec. 8, that price difference was $1.28/gal. in favor of carriers, a 41% jump from Oct. 7, according to SONAR data.
Quotable:
“Trucking capacity remains relatively tight from a historical perspective but definitely has softened of late. TL pricing is expected to increase 0%-3% in ’19, a negative sign for TL stocks.”
– Cowen analysts Jason Seidl and Matt Elkott
In other news:
The Lamborghini of trucks
Former NFL star Michael Strahan likes Lamborghinis and trucks, so he did the best thing he could: He bought a Lamborghini truck, in fact, he bought two. (Wall Street Journal)
Platform offers global trading platform for cargo ships
A new trading platform has launched to allow those in the maritime industry “opportunities to swap tonnage on sale, sale/leaseback and charter party terms” for cargo ships. (The Maritime Executive)
Amazon Air taking off in Chicago
Amazon Air (NASDAQ: AMZN) is doubling its presence at Chicago Rockford International Airport, the company has announced. (Air Cargo World)
Intermodal grows as inland ports debut
The addition of more inland ports is helping grow intermodal traffic across the country, according to a new report. (Logistics Management)
Is XPO being targeted for acquisition?
A new report quotes two New York investment analysts who believe XPO Logistics (NYSE: XPO) could be the target of a takeover bid in the first quarter of 2019. (The Loadstar)
Final Thoughts
Continued strength in the economy will drive growth in capital expenditures for firms in 2019, with the Institute of Supply Management reporting that transportation and warehousing will lead the way among the 18 sectors it covers. While most survey respondents believe global trade remains a wild card, it isn’t slowing their firm’s plans, it seems. Manufacturers expect to grow their CapEx by 6% next year, a good sign for freight movement. If this holds true, combined with continued investment in warehouses to address e-commerce, even an economic slowdown may be muted when it comes to the freight markets.
Hammer down everyone!