THOMASVILLE, North Carolina –Old Dominion Freight Line, Inc. today announced a 4.9 percent increase to its base rates, effective Aug. 6.
The exact increase may differ for customers based on a number of variables, including the lanes utilized and the distance shipments move. However, the increase is approximately 4.9 percent.
“We’re naturally sensitive to our customers’ budgets,” said Todd Polen, Old Dominion’s vice president of pricing. “Raising our rates is something we do reluctantly and after considerable analysis. We’re taking this action to ensure that our services remain best-in-class.”
Old Dominion will use the increase to offset rising costs.
“We continually reinvest in our business,” Polen said. “This modest increase will enable us to absorb the rising cost of new equipment and escalating insurance costs while maintaining competitive wages and benefits for our employees.”
The tariffs affected by the increase are the ODFL 559/555 and the 505 Canadian tariffs. The rate increase will also provide for a nominal increase in intrastate, interstate or cross-border lane charges.
About Old Dominion Freight Line
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) is a leading, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL service and value-added logistics services. In addition to its core LTL services, the Company offers its customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage, container delivery, warehousing and consumer household moving services. Through marketing and carrier relationships, the Company also offers door-to-door international freight services to and from all of North America, Central America, South America and the Far East. For more than 78 years, Old Dominion has been helping the world keep promises. In 2012, the company was named as one of America’s 100 Most Trustworthy Companies by Forbes magazine and ranked as the No. 1 National LTL carrier by Mastio & Company as part of the company’s 2011 Value and Loyalty Benchmarking Study. More information can be found at www.odfl.com.