Old Dominion Sets 4.9% Rate Increase
Old Dominion Freight Line Inc. has joined the parade of less-than-truckload carriers that have announced rate increases in recent weeks, scheduling an average 4.9% increase on several tariffs that take effect Sept. 26.
North Carolina-based ODFL, which ranks No. 11 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, said its changes apply to the ODFL 559, 670 and 550 tariffs. The company also scheduled what it described as a nominal increase in minimum charge shipments.
This year’s round of LTL increases included XPO Logistics’ increase earlier this week as well as announcements earlier by YRC Worldwide’s national Freight unit, UPS Freight and ABF Freight, the LTL unit of ArcBest Corp. ABF was the first to announce an increase, at 5.25%. The other increases all have been 4.9%.
"In order to satisfy our customers’ expectations and deliver on the promises we have made, we must continue to enhance our high-quality service network and systems,” said Todd Polen, vice president of pricing at Old Dominion Freight Line. “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. 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.”
UPS ranks No. 1, XPO No. 3, YRC No. 5 and ArcBest Corp. No. 12 on the for-hire TT100.
