Old Dominion Freight Raising Rates
THOMASVILLE, NC (TruckingNewsNow.com) — Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced a general rate increase (GRI) of 4.9% applicable to rates established under the existing ODFL 559, 670, and 550 tariffs effective June 4th, 2018.
Todd Polen, Old Dominion’s Vice President of Pricing Services, commented, “At Old Dominion, we are committed to delivering our superior value proposition of on-time, claims-free service at a fair price.In order to satisfy our customers’ expectations and deliver on the promises we have made, we must continueto enhance our high-quality service network and systems. Our GRI will affect our class tariffs and is intended to partially offset the rising costs of new equipment, real estate, technology investments, and competitive employee wage and benefit packages.
Although the GRI will impact each customer differently based on specific shipment lanes and distance traveled, it is consistent with our long-term yield management philosophy and the overall impact of the increase is anticipated to be approximately 4.9 percent. The GRI also provides for a nominal increase in minimum charges with respect to intrastate, interstate and cross border lanes.