Economy
Telematics Providers Merging in $85 Million Deal
TORONTO and VANCOUVER - Two Canadian based telematics providers have reached an agreement to merge, creating a company with more than 150,000 subscribers across Canada and the U.S. BSM Technologies Inc. a provider of remote monitoring, fleet management, and fleet diagnostics systems; and Webtech Wireless Inc., which provides GPS fleet management systems, said on Thursday they have entered into a definitive agreement creating a company worth $85 million. The deal, which has been approved by both company's board of directors, calls for BSM to acquire all of the outstanding Webtech common shares.
Canada Directs $16.5 Million to Western Freight Movements
OTTAWA - The Canadian government on Wednesday announced it will spend approximately $16.5 million on nine transportation infrastructure improvement projects in British Columbia to help freight more efficiently. All are for Canada's Asia-Pacific Gateway, an investment and policy initiative focused on increasing trade with the Asia-Pacific region by improving the region's network of seaports, airports, railways, roadways and border crossings across Western Canada. According to Transport Canada, these new projects will reduce bottlenecks, address capacity issues and enhance the efficiency of the transportation system in moving goods, services and people to and from the fast-growing Asia-Pacific economies.
Average Canadian Diesel Cost Lowest Since February
LONDON, ON and WASHINGTON, D.C. -- Average Canadian prices for fuel are continuing with their recent downward trend with diesel hitting its lowest level in months while in the U.S. it's at its lowest since October 2009. New figures released by the petroleum information services provider The Kent Group shows a drop of $0.009 from last week to a national average of $1.092 per liter, also marking the fifth straight weekly decline. Compared to the same time a year ago the average cost of trucking's main fuel is down $0.204 per liter. Meantime, in the U.S. there has been a more dramatic drop in fuel prices, with diesel hitting its lowest level in nearly six years, according to the country's Energy Department.
Ground Freight Transportation Costs Post Slight Increase
TORONTO -- The total cost of ground transportation for Canadian freight shippers increased 0.3% in May compared to the month before, according to new figures released by the Canadian General Freight Index (CGFI). "Total freight costs increased marginally this month. Although there were slight increases in less-than-truckload (LTL) and truckload cross border costs, these were mostly offset by decreases in the LTL and truckload domestic costs," said Doug Payne, President & COO, Nulogx. Compared to May 2014 the index is up 4.86%.
Titanium Seeing Improvements in Muskoka Since Purchase
WOODBRIDGE, ON-- The trucking holding company Titanium Transportation Group Inc. said on Tuesday since it closed on its purchase of Muskoka Transport earlier this year it expects to double the company's operating profitability in the second half of the year so its in-line with its other truckload operations.
U.S. Spot Freight Rates, Availability Continue Lull
BEAVERTON, OR -- The availability of truckload freight on the U.S. spot market hit a lull during the week ending July 18, according to DAT Solutions, which operates the DAT network of load boards, leading to a decline in load-to-truck ratios and rates across all three equipment types and at their lowest points in at least the past four weeks.
Mullen Group’s Second Quarter Profit Plummets
OKOTOKS, AB -- Mullen Group Ltd. has reported a huge drop in its second quarter profit as business in Canada's energy industry has also sunk. The trucking and related oilfield services transportation provider said net income totaled $0.9 million or $0.01 per share, a decrease 96.5 percent compared to the same time a year ago.
