North Carolina-based Old Dominion Freight Line Inc. has announced a 4.9% increase to its base rates, effective Aug. 6.
The exact increase may differ for customers based on a number of variables, including lanes and the distance shipments move.
"We're naturally sensitive to our customers' budgets," says Todd Polen, Old Dominion's vice president of pricing. "Raising our rates is something we do reluctantly and after considerable analysis."
Old Dominion will use the increase to offset rising costs.
"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," Polen says.
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.
For more information: www.odfl.com.