Economy

Ontario Throne Speech commits to highways, cites $11B in congestion costs

Ontario’s provincial government is saying it is “time to build” as clogged roads and gridlocked highways cost the provincial economy more than $11 billion per year. The observation in the…

Titanium reports record first half, days after graduating to the TSX

Titanium Transportation Group saw its net income explode more than 700% year over year in the second quarter, while achieving record first half results. Its consolidated revenue jumped 35.1% to…

Canada Cartage gets new private equity owners

Canada Cartage will soon have new ownership, with United Arab Emirates-based private equity firm Mubadala Capital reaching an agreement to purchase the business. Canada Cartage has 33 facilities across Canada,…

Class 8 orders fell sharply in July

North American Class 8 truck orders fell sharply in July, according to preliminary data from ACT Research, but it’s not clear what was driving the decline. Class 8 orders totaled…

Fastfrate closes Challenger acquisition

Consolidated Fastfrate on Tuesday closed its deal to acquire a majority stake in Challenger Group, which it says establishes Fastfrate as a North American “powerhouse.” “Today’s closing of the acquisition…

TFI posts strong Q2 results

TFI International posted a strong second quarter as it continues to improve the efficiency of TForce Freight through a reshaping of its network. Adjusted net income was up 76% to…

Walmart deploys 60-ft. multi-temp trailer in Ontario

Walmart is running a custom-designed 60-ft. multi-temperature trailer – the first of its kind in North America – on a route between Mississauga and Windsor, Ont. The company initiated a…

U.S. shippers see worsening conditions

Industry forecaster FTR says its Shippers Conditions Index (SCI) fell in May to a -6.2 reading, thanks to rising fuel prices in May coupled with tight capacity utilization. Those factors…

Canada’s spot market beginning to normalize: Loadlink

Canada’s spot market saw an influx of capacity amid softening freight demand in June, according to Loadlink Technologies. The shift signals a return to normalization. Spot market loads fell 23%…

Used U.S. truck sales up 1% in June

Same-dealer used Class 8 truck sales nudged 1% higher in the U.S. in June, when compared to May, ACT Research reports. But the volumes were still down 44% year over…

Work truck shipments to ramp up as parts shortages alleviated

Classes 7 and 8 tractor sales in Canada are expected to end the year down about 15% at 15,598 units, according to a North American Commercial Vehicle Business Update from…

Mullen Group posts record Q2 results, sees no sign of ‘freight recession’

Mullen Group enjoyed a record second quarter, with revenue soaring 67% to $521.5 million, and profit nearly doubling to $42.7 million year over year. The strongest gains came in the…

Fuel prices put pressure on trucking conditions

Industry forecaster FTR’s Trucking Condition Index (TCI) fell into negative territory in May, as rising fuel prices put cost pressures on carriers. The -0.3 reading was down from a positive…

Truck tonnage jump reflects shift from spot market to contract

U.S. for-hire truck tonnage jumped 2.7% in June, according to the American Trucking Associations, reflecting a continued shift of freight from the spot market to contracts. A related index tracking…

Jardine Group acquires K&T Transport

Jardine Transport Group has purchased K&T Transport, an open-deck, dry van and logistics provider based in Plaster Rock, N.B. The company adds more than 60 power units to Jardine’s growing…