Old Dominion Freight Line, Inc. announced that higher base rates will take effect July 1. The exact increase may differ for customers based on a number of variables, including the lanes utilized and the distance shipments move. However, the increase is approximately 4.9 percent.
“We are sensitive to our customers’ budgets, and we are always reluctant to raise our rates,” said Todd Polen, Old Dominion’s vice president of pricing. “This increase is in line with our long-term pricing philosophy and involves a restructure that provides for an increase based on length of haul rather than a traditional across the board increase.”
The increased rate provides for a nominal increase in intrastate, interstate and cross-border lane charges. The new rate will also offset the rising costs of new equipment and insurance, while preserving competitive wages and benefits for employees, the company stated.
The tariffs affected by the increase are the ODFL 559/555, 670 and the 505 Canadian tariffs.