Old Dominion announces 4.9% general rate increase

Old Dominion (ODFL) announced a general rate increase of 4.9% applicable to rates established under the existing ODFL 559, 670, and 550 tariffs effective November 3. Todd Polen, Old Dominion’s VP – pricing services, commented, “At Old Dominion, we are committed to delivering our premium value proposition of on-time, claims-free service at a fair price. To satisfy our customers’ expectations and deliver on the promises we have made, we must continue to enhance our high-quality service network and systems. This GRI will affect our class tariffs and is intended to partially offset the rising costs of real estate, new equipment, technology investments, and competitive employee wage and benefit packages. 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 percent. The GRI also provides for a nominal increase in minimum charges with respect to intrastate, interstate and cross border lanes.”