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Old Dominion Boosting Rates 4.9%

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11/8/2010 4:30:00 PM

Old Dominion Freight Line said Monday it will boost its less-than-truckload rates by about 4.9%, beginning Nov. 15.

The change “involves a restructure that provides for increases in our rates based on length of haul rather than the traditional across-the-board increases,� Todd Polen, ODFL’s vice president of pricing, said in a statement.

“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%� Polen said.

The change “will provide for a nominal increase in minimum charges in intrastate, interstate or cross-border lanes [and] 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,� he said.

Similar increases will also be taken on Alaska, Hawaii, Puerto Rico, Caribbean, Canada and Mexico, Polen added.

LTL carrier Old Dominion Freight Line is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Emil Estafanous, CPA, CFF, CGMA