Special Edition: To Hell and Back with Celadon’s Steve Russell

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Jim Park’s Truck Talk
Volume 1 Number 9

In the first quarter of 2008, Indianapolis-based Celadon ran about 65 million loaded miles. Over that time, the company lost three million dollars to increased fuel costs and a nickel-a-mile drop in its average loaded-mile rate. Still, Celadon managed to post a one million dollar pre-tax gain. Steve Russell, chairman of Celadon, spoke at Truck World’s VIP Breakfast in late April, sharing with attendees his views on the state of the industry at the end of Q1 2008. It’s not a pretty picture, he says. To quote Mr. Russell, "I’ve never seen it this bad."

For as well positioned as Celadon is, Mr. Russell’s numbers can only leave you wondering where other companies are today. Their ability to borrow has been dramatically limited by the tightening of the credit market – so much so that their ability pay fuel bills is now in question. Borrowing for growth is almost out of the question. Russell says, however, that there are signs that the business climate is turning around; and when it does, watch out.

Join us for this edition of Truck Talk as we present excerpts of Mr. Russell’s Truck World address. Using numbers from his own business, he explains how we got into this mess, and offers his views on where we might be headed.

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Jim Park was a CDL driver and owner-operator from 1978 until 1998, when he began his second career as a trucking journalist. During that career transition, he hosted an overnight radio show on a Hamilton, Ontario radio station and later went on to anchor the trucking news in SiriusXM's Road Dog Trucking channel. Jim is a regular contributor to Today's Trucking and Trucknews.com, and produces Focus On and On the Spot test drive videos.


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