What are some of the trends that will affect trucking companies in 2017? To find out, Fleet Owner recently sat down with executives of Element Fleet Management Corp., discussing everything from what vehicle safety technologies will be in demand next year to how greenhouse gas (GHG) regulations may impact vehicle upfitting. (All photos by Sean Kilcarr/Fleet Owner)
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...Read the rest of this storyA proposed merger between open deck trucking conglomerate Daseke Inc. and Hennessy Capital Acquisition Corp. II (HCAC) will allow Daseke to become a NASDAQ-listed public company so it can pursue more “organic growth” while also providing a stock ownership plan to its employees, noted Chairman, CEO and President Don Daseke in a statement.
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...Read the rest of this storySource: EIA
" >Source: EIA
" width="175" height="240">The price of diesel fuel in the U.S. climbed again last week, continuing a month-long streak of increases, according to the latest numbers from the Energy Department.
The average price of on-highway diesel fuel increased 1.3 cents last week, hitting $2.54 per gallon at the pump. The price is now more than 30 cents higher than in the same week of 2015.
Prices were up in all major regions of the country, with the largest single increase occurring in New England at 2.4 cents. The smallest increase was in the Lower Atlantic region at 0.8 cents per gallon.
The average price of regular gasoline was jumped by 4.5 cents in the same period, hitting $2.309 per gallon. The average price is 27.5 cents more than it was in the same week a year ago.
Prices were up in all regions, with the most significant increase hitting the Midwest with an 8.8-cent increase. The smallest increase in prices was in the Lower Atlantic region at 1.1 cents per gallon.
Crude oil prices continued to increase over the past few weeks due to an impending deal between oil producing countries to cut production, according to a report on OilPrice.com.
The production cuts are scheduled to begin on Jan. 1, but OilPrice.com points out that countries are not required to begin cutting production by that date. Once in effect, prices should increase, and some analysts believe that crude oil could average $58 per barrel in 2017. The price of West Texas Intermediate and Brent Crude oil on Dec. 27 hovered around $53 and $56 per barrel respectively.
Related: Diesel, Oil Prices Expected to Jump Around 17% Next Year
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Dexter Axle Co. has agreed to acquire IMT's light-, medium-, and heavy-duty axles business, the IMT group announced.
The IMT divisions to be acquired by Dexter consist of the Ingersoll Axles division of IMT Partnership in Ingersoll, Ontario, Canada, and Indianapolis, Indiana, and the light-duty Axles division of IMT Standen's Limited Partnership in Calgary, Alberta, Canada.
Dexter is a manufacturer of trailer axles and trailer brakes with facilities in the U.S., and the acquisition will extend Dexter's reach into Canada.
“Ingersoll Axles and Standen's are leaders in the axle business in Canada,” said Jim Hacking, CEO of the IMT Group. “This transaction will represent another significant expansion for Dexter and will give our IMT axle products increased market exposure.”
The transition of IMT's axle business to Dexter is expected to occur within weeks, according to IMT. The change will not interrupt business to customers, suppliers or employees. Once the transaction is completed, Ingersoll Axles and the light-duty axles division of Standen's will operate as fully integrated divisions within the Dexter group of companies.
Related: Choosing Tires for 6x2s
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After a fatal crash that killed two passengers, including a 5-year old boy, a Federal Motor Carriers Safety Administration investigation revealed Kamway Services and its owner to be in violation of multiple federal safety statutes and regulations.
FMCSA declared the Lowell, Massachusetts-based trucking company an imminent hazard to public safety and ordered it to cease all interstate and intrastate commercial operations. The company's owner and commercial driver John Kamau was also declared an imminent hazard to public safety.
On Nov. 18, Kamau was driving a Kamway Services box truck on Interstate 95 in York County, Maine, when he struck the rear of a passenger vehicle that had slowed because of traffic. The impact pushed the vehicle into another truck ahead of it, killing both of the occupants of the passenger vehicle.
An investigation found that at the time of the crash, Kamau was medically disqualified from driving a commercial vehicle in interstate commerce. Investigators later found that Kamway had failed to comply with several safety regulations, including:
Failing to comply with any driver qualification requirements, including ensuring that its drivers were properly licensed and physically qualified to operate a commercial motor vehicle. During the investigation, a Kamway Services management official stated that it maintained no driver records, including a driver qualification file for Kamau. Failing to properly monitor its drivers to ensure compliance with hours-of-service regulations. A Kamway Services management official stated the company maintained no records-of-duty-status or supporting documents.Failing to ensure that its vehicles were regularly inspected, maintained, repaired, and met minimum safety standards. During FMCSA's investigation, Kamway Services was unable to produce the required maintenance records or periodic vehicle inspection reports.The FMCSA says it is also considering civil penalties for the safety violations discovered during the investigation and may use the findings in a criminal prosecution.
Related: Banned Driver Crashed Truck ...Read the rest of this story
Based on recent analysis, ACT Research believes that the natural gas and alternative fuel industries in the U.S. are “alive and kicking,” and suggests that fleets should consider which solution best fits their needs.
ACT Research analysts believe that fleets should determine whether or not alternative fuels is right for a firm's operation, and which specific fuel technology provides the best benefit. Figuring out the best solution involves researching available infrastructure, engine technology and emissions regulations in the operating area.
Another important consideration is determining how maintenance will be handled and whether a fleet's own facilities should be modified or constructed to be compliant with applicable fuel codes.
To help in this effort, ACT Research is offering a white paper titled Taking the Next Step: Preparing the Maintenance Shop for the Arrival of Natural Gas Trucks. Originally offered via subscription only in 2013, it is now available for no charge.
ACT also is going to expand its natural gas and alternative fuel coverage in a revamped Natural Gas & Alternative Fuels Quarterly report, offering information on fuel prices, infrastructure, research and development, cost of ownership, and other important metrics.
“What we're providing is what we do best, the research and analysis, so that our subscribers can do what they do best, which is focus on their fleet and their fleets' future,” said Kenny Vieth, ACT's senior partner and general manager.
For more information, click here.
Research: Alternative Fuels in the Age of Cheap Oil
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Daseke, a flatbed, open-deck and specialty trucking company, has agreed to a merger agreement with Hennessy Capital Acquisition Corp., worth an expected $626 million, the company announced.
The proposed transaction will allow Daseke, currently a privately held company, to become a Nasdaq-listed public company. The merger is expected to be completed in the first quarter of 2017.
Under the terms of the agreement, Daseke will continue to be headed by current Chairman, President, and CEO Don Daseke. Daseke was founded in 2009 and has become one of the largest owners of open deck equipment and open deck transportation and logistics solutions companies in North America.
“Daseke is an ideal target for our investment vehicle, which is focused exclusively on best-in-class, industrial growth companies," said Daniel J. Hennessy, chairman and CEO of HCAC. “We believe our business combination with the Daseke Team of Teams will benefit all shareholders and enable the company to accelerate its consolidation of the open deck freight sector."
HCAC will acquire all of the outstanding capital stock of Daseke in a transaction that will introduce Daseke as a publicly traded company with an anticipated value of about $702 million. In connection with the merger, HCAC will change its name to Daseke.
When the transaction is complete, HCAC chairman and CEO Daniel J. Hennessy and President, COO and Director Kevin Charlton will join the Daseke board of directors, which will consist of seven members, including Don Daseke and executive VP and CFO Scott Wheeler, as well as three additional independent directors who serve on the Daseke board.
Hennessy Capital is a blank check company founded by Daniel J. Hennessy for the purpose of creating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
“HCAC shares our philosophy of investing in people,” said Daseke. “We believe ...Read the rest of this story
