LTL carrier Old Dominion Freight Line Inc. (ODFL) plans to boost its base rates by roughly 4.9% effective Sept. 6 this year.
“The general increase is in keeping with our long-term pricing philosophy and as such involves a restructure that provides for increases in our rates based on length of haul rather than the traditional across-the-board increases,” noted Todd Polen, OSFL’s vp-pricing.
“Our customers have asked for more capacity … and in order to meet that demand and deliver on the commitments we have made to the marketplace, we must continue to build our network and systems,” he added.
“However, delivering on that promise is capital intensive,” Polen pointed out. “Therefore, the [rate] increase is necessary to offset the rising cost of new equipment, escalating insurance costs, securing new service center capacity, continuing to develop state-of-the art technology, and providing for competitive wages and benefits.”
