Old Dominion Trucking Announces Rate Increase
Todd Polen, Vice President of Pricing for Old Dominion Freight Line, Inc., announced from the less-than-truckload carrier's Thomasville, N.C. headquarters that the organization would be increasing its base rates effective November 15, 2010
"The general increase involves a restructure that provides for increases in our rates based on length of haul rather than the traditional across the board increases. The tariffs affected by the November 15, 2010 increase are the ODFL 559/555 and the 505 Canadian tariffs. The rate increase will also provide for a nominal increase in minimum charges in Intrastate, Interstate or cross border lanes. Although each customer will have a different financial impact based on the lanes and distance their shipments move, the overall impact of the increase is approximately 4.9 percent" stated Polen. "Similar increases will also be taken on Alaska, Hawaii, Puerto Rico, Caribbean, Canada and Mexico"
Polen also said "At Old Dominion Trucking, we are committed to delivering on our promise of excellent transit service, award winning technology and best-in-class claims free delivery. As a result of that commitment, our customers have asked for more capacity and more opportunity to take advantage of the products and services OD has to offer. In order to meet that demand and deliver on the commitments we have made to the market place, we must continue to build our network and systems. However delivering on that promise is capital intensive. Therefore, the increase is necessary to offset the rising cost of new equipment, escalating insurance costs, secure new service center capacity, continue to develop state-of-the art technology, and provide for competitive wages and benefits. We believe the increase is essential in order to continue to provide our customers with an industry leading value proposition."
Old Dominion trucking rate increase.