Old Dominion Announces General Freight Rate Increase
Old Dominion Freight Line has announced a general rate increase of 4.9% that will apply to rates established under the existing IDFL 59, 670, and 550 tariffs, effective June 4.
Old Dominion Freight Line has announced a general rate increase that it says was necessary to offset rising costs. Photo: ODFL
To adjust to increased costs, Old Dominion Freight Line has announced a general rate increase of 4.9% that will apply to rates established under the existing IDFL 59, 670, and 550 tariffs, effective June 4.
ODFL Vice President of Pricing Services Todd Polen said that the general rate increase will affect the company’s class tariffs and was necessary to offset risings costs of new equipment, real estate, technology investments. and competitive wages and benefits for employees. I
“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%,” said Polen. “The GRI also provides for a nominal increase in minimum charges with respect to intrastate, interstate and cross border lanes.”
Related: Can Shorter Truck Lifecycles Save Fleets Money?
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