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For Jas Singh, the road to profit just keeps getting narrower. “It’s slow right now, not too many loads, » said the owner of JK Transport, a Brampton-based trucking company Singh launched 15 years ago.
On top of fewer shipments, costs have shot up while freight rates have plummeted. A new tractor now costs him $225,000, up from the $135,000 he paid in 2019, Singh said. Trailers for his fleet of 15 semi-trucks have doubled in price to $80,000. And he can only charge $1.50 per mile for deliveries that reaped $2.30 per mile last year.
“A lot of problems this year, » the 45-year-old said in a phone interview.
He’s not alone. The entire Canadian trucking industry faces a shaky market as cargo volumes and rates continue to fall – in step with downward consumer demand – compared with the soaring highs seen during the pandemic.
Read more in an article from CTV News.