Spot Rates at 4-Year High, Motus Due Thursday, BMO Deal

Good morning. It's May 12th — fuel costs are at the top of the agenda, one registration deadline runs out Thursday, and there is a significant financing deal reshaping how trucks and trailers get funded on both sides of the border.

Spot rates across all three major equipment types reached their highest levels since 2022 last week as capacity continues to tighten heading into International Roadcheck. US diesel is now above $5.64 a gallon and President Trump has floated a federal fuel tax suspension that faces a steep climb through Congress — a proposal that matters directly to Canadian carriers running cross-border lanes. Meanwhile, the Federal Motor Carrier Safety Administration's (FMCSA) legacy registration system goes dark Thursday evening, and infrastructure firm Stonepeak has agreed to acquire the truck and trailer financing arm of BMO Financial Group in a deal covering a combined portfolio of approximately C$14.5 billion.

Trump proposes federal fuel tax suspension as US diesel tops $5.64 a gallon

US diesel is now averaging $5.64 per gallon nationally — roughly 50% higher than before the Iran war began in February, with Brent crude sitting at $104 a barrel — and on Monday President Trump announced his intention to suspend the 24.4-cent-per-gallon federal diesel tax, with Overdrive reporting the move would require congressional approval, a step Congress has never taken. Several states including Kentucky, Indiana, and Georgia have already moved independently to cut or suspend their own fuel levies; a federal suspension, if enacted, would reduce the national diesel average by 24.4 cents — meaningful, but modest relative to the $1.86-per-gallon increase compared to a year ago. Canadian carriers operating cross-border lanes are directly exposed to US-side diesel costs on every southbound run, with no equivalent federal relief mechanism currently in effect in Canada.

Spot rates at their highest since 2022 as International Roadcheck tightens capacity further

TheTrucker.com reports that broker-posted spot rates rose for a second consecutive week across all equipment types during the period ending May 8, with flatbed on a 19-week streak within a fraction of a cent of the all-time high set in late May 2022, and dry van rates at their highest since April 2022. The reefer load-to-truck ratio on the DAT network climbed to 16.4 for the week of May 3–9 — the highest weekly average of the year — as truck posts fell 5% while load activity continued to grow. With International Roadcheck running May 12–14, FTR Transportation Intelligence is forecasting further tightening this week as drivers pull off the road to avoid inspections, potentially making this the most expensive shipping week of the year.

Stonepeak to acquire BMO's North American transportation finance business in deal covering C$14.5 billion portfolio

Truck News is reporting that infrastructure investment firm Stonepeak has reached a definitive agreement to acquire BMO Financial Group's transportation finance and vendor finance businesses, which together cover a combined US and Canadian loan and lease portfolio of approximately C$14.5 billion as of March 31, 2026. BMO is one of the largest lenders to the North American commercial truck and trailer segment, with more than 700 employees and operations on both sides of the border; the bank will retain a 19.9% minority stake in the new entity, with the transaction expected to close in Q4 2026 pending regulatory approval. Carriers and fleet operators who finance trucks and trailers through BMO's dealer-managed network will want to monitor how the ownership transition affects their lending relationships as the deal moves through closing.

Trump administration seeks to pause court ruling blocking 10% global tariffs

The administration asked a US trade court to put its ruling on hold while it appeals, per Transport Topics — the ruling in question having declared the president's 10% global tariff regime unlawful. If the pause is granted, the tariffs remain in force; if denied, the ruling stands pending appeal, potentially creating yet another round of shipper repositioning across lanes where tariff policy has already driven significant freight pattern volatility since February 2025. For Canadian exporters and the carriers that move their freight, the outcome of the appeal is as consequential as any regulatory development on the calendar before the CUSMA review in July 2026.

CN urges US regulator to reject amended Union Pacific–Norfolk Southern merger application

Canadian National filed comments Monday with the US Surface Transportation Board (STB), arguing that the amended merger application from Union Pacific and Norfolk Southern fails to address two of the three deficiencies the STB cited when it rejected the initial filing in January 2026. FreightWaves reports the revised filing still omits complete competition analyses, consistent post-merger market share data, and a required application covering control of the Terminal Railroad Association of St. Louis. A combined UP–NS would create the dominant Class I rail carrier across the eastern US and could substantially alter the interchange arrangements on cross-border corridors where CN competes directly with both carriers.

Diesel – Canada: The national average is $2.19/L. We’ve seen some stabilization over the past week which is creating a new floor price for most regions.

Halifax: $2.13 | Montreal: $2.39 | Toronto: $2.05 | Calgary: $2.14 | Vancouver: $2.40

Diesel – United States: $5.64/gallon national average. Price is also stabilizing at this new high point.

Spot rates — week of May 3–9 (DAT Freight & Analytics)

Dry van: US$2.37/mile, up 1 cent week over week. Refrigerated: US$2.73/mile, essentially flat. Flatbed: US$3.06/mile, up 1 cent.

Van load-to-truck ratio: 9.0 (loads up 3% week over week, truck posts down 5%).

Reefer load-to-truck ratio: 16.4 — the highest weekly average of 2026.

Flatbed linehaul rate hit its highest-ever week 19 national average, with load volume running approximately 56% above the same week in 2025.

FMCSA Motus launches this week — action required before Thursday at 8pm Eastern

The Federal Motor Carrier Safety Administration's legacy registration system goes dark Thursday, May 14 at 8pm Eastern — Land Line has the complete step-by-step on what every registered entity needs to do before then — and any motor carrier, broker, or other entity holding a USDOT number must log in to the FMCSA Portal at portal.fmcsa.dot.gov now to confirm their account is active. Accounts that have been inactive for 90 days are disabled; those inactive for 12 months are archived; carriers who do not link their account before the cutoff will face a manual identity verification process to access the new Motus system, which FMCSA's registration director Ken Riddle warned could mean a very long wait. This is directly applicable to Canadian carriers operating in the US under a USDOT number — if you have not verified your portal account this week, do it today.

Volvo unveils next-generation D13 engine, claiming highest fuel efficiency and lowest NOx output in company history

Volvo Trucks North America's next-generation D13 is designed to exceed the 2027 federal emissions standards for nitrogen oxide (NOx) while delivering what the company says is its strongest fuel efficiency ever, TheTrucker.com reported Monday from Greensboro, N.C. The engine is engineered for compatibility with existing fuels and drivetrain configurations — a deliberate signal to fleets that are not yet positioned to move to alternative powertrains but need a credible path to regulatory compliance. With US diesel at $5.64 a gallon and Canadian pump prices near their 2026 peak, any meaningful per-trip fuel reduction from a next-generation diesel platform carries real operating cost weight.

Kodiak AI reports 74% Q1 revenue growth as Roehl Transport joins autonomous freight programme

Kodiak AI's fleet of driverless trucks reached 28 units in the first quarter of 2026 — FreightWaves first reported the Q1 earnings alongside confirmation that Roehl Transport has begun hauling live freight in Texas using Kodiak-equipped tractors, marking a significant carrier partnership for a platform still at commercial-scale development stage. Quarter-over-quarter revenue climbed 74% to $1.8 million, with new financing also secured to support continued fleet expansion. The Roehl involvement is notable because it moves the Kodiak relationship from test operations toward revenue freight under a carrier with established network scale.

Radiant Logistics beats fiscal Q3 expectations; flags tariff uncertainty and Hormuz-driven international headwinds

What analysts had been watching — whether Vancouver-headquartered Radiant Logistics could sustain its earnings momentum against mounting international headwinds — was confirmed by FreightWaves: a fiscal third-quarter beat driven by strength in domestic truckload and intermodal, even as the global trade landscape grew considerably more difficult due to tariff uncertainty and shipment rerouting away from the Strait of Hormuz. The company noted that the international disruption is also creating some opportunity for freight forwarders positioned to handle the rerouting. For a third-party logistics provider (3PL) with significant exposure to the Canada-US corridor, the domestic-strong, international-pressured split is a useful indicator of where cross-border volumes stand heading into Q4.

Wabash National hit with third Moody's downgrade in twelve months as turnaround targeted for 2027

Trailer manufacturer Wabash National is navigating serious financial strain, with Moody's cutting its corporate family rating to B3 from B2 in its third downgrade of the company in a year — and per FreightWaves, company executives are not projecting a meaningful rebound until 2027. The continued deterioration in Wabash's credit profile reflects the weak order environment for new trailers that has persisted through the freight downturn. Fleet managers planning equipment replacement or capacity additions over the next 12–18 months should factor potential supply and lead time implications into their procurement planning.

Four years of overcapacity, 115,000 lost trucking jobs, and now the first signs the market may actually be turning — Land Line has put together the most thorough single-article accounting of where the freight economy stands right now, from the April job additions to six months of sustained spot rate gains to the honest caveat that skyrocketing diesel could undermine the recovery before it takes hold. The piece pulls in voices from FTR, Arrive Logistics, and owner-operators on the ground, and it reads like the kind of overview that earns five minutes between dispatch calls.

Read the full analysis at Land Line.

19 — the number of consecutive weeks flatbed spot rates rose through the period ending May 8, bringing them to within a fraction of a cent of the all-time high set in late May 2022, according to Truckstop.com and FTR Transportation Intelligence.