Thursday, May 13, 2010

New US - Europe Freight Service Announced by Con-way and TNT

Air Link between California, Florida and Liege for Heavier Shipments
Shipping News Feature

US - EUROPE – Two giants of the shipping industry have confirmed the inception of a new cooperative service between the South East and South Western US states and Europe. TNT and Con-way Freight are expanding their existing connections to open new gateways for heavier (over 70kgs) shipments to include Los Angeles and Miami to Liege. The service was previously only available from New York’s JFK airport.

The companies say the new strategic locations will improve transit times for customers of TNT and Con-way Freight day-definite door-to-door international freight services between Europe and areas of the US previously unavailable to their customers.

TNT operates Europe’s largest road express network, with 414 depots across 39 European countries and will utilize its 767 200F Series plane from Liege, Belgium, to JFK International Airport, connecting the main hub in Europe to the United States five days a week. Con-way Freight operates more than 300 service centres throughout North America, and recently optimized its network to cut transit times by one day to more than 460 U.S. destinations.

“The two new gateways will enable importers to the USA to reach deeper into the Con-way Freight network, strengthening the joint service offering once again,” said John G. Labrie, president, Con-way Freight. “Adding these strategic locations to our comprehensive door-to-door network will improve service between the South East and South West United States and Europe, enabling customers shipping to and from those areas to reduce costs while bringing product to market faster than ever.”

The announcement of the new service came on the same day that the Con-way Freight parent company,Con-way Incorporated, revealed it has commenced an underwritten public offering of 4,300,000 shares of its common stock. In addition, the Company intends to grant the underwriters a 30-day option to purchase up to 645,000 additional shares of its common stock to cover over-allotments, if any. The money raised is to be used, the company say, to cover working capital requirements and capital expenditures.