YRC Freight will raise base rates an average of 6.9%, adding to a trend of similar LTL rate hikes.
YRC Freight will raise base rates an average of 6.9%, following the announcement of rate increases by competitors.
"Rates still aren't where they need to be," YRC Worldwide CEO James Welch said in an interview with the Journal of Commerce.
. "The industry as a whole needs to improve its returns so companies can recapitalize their fleets."
FedEx Freight and Con-way Freight rate increases of 6.9% will go in effect July 9, and a rate increase of the same amount by ABF Freight System began June 25.
Welch said it's possible that YRC's regional carriers - Holland, New Penn Motor Express and Reddaway - will implement an increase of about 6.5%.
Welch told JOC a "multitude" of factors affect raising LTL rates. "Our equipment, our facilities, are not like fine wine. They don't get better every day," he said. "Some of the industry's infrastructure needs to be upgraded."