ODFL announces GRI
THOMASVILLE, N.C. (April 14, 2014) – Old Dominion Freight Line, Inc., announced from the carrier’s Thomasville, N.C. headquarters the organization will be increasing its base rates 4.3 percent effective May 1, 2014.
“The general increase is in keeping with our long-term pricing philosophy and as such 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 May 1, 2014 increase are the ODFL 559/555, 670 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 4.3 percent,” stated Polen.
Mr. Polen also said "At OD, we are committed to delivering on a superior value proposition that promises excellent transit service, award winning technology and best-in-class claims free delivery at a fair and reasonable price. As a result of that commitment and premium service, our customers are asking for more capacity, and more value added products and services. In order to meet that demand and deliver on the promises we have made to our customers, we must continue to build our network and systems. OD’s philosophy is to take a fair and equitable approach that minimizes the impact to our customers’ budgets yet at the same time, supports the value proposition we promised to the market place and OD stake holders. Therefore, this increase is necessary to offset the rising cost of new equipment, escalating insurance costs, securing new service center capacity, continuing to develop state-of-the art technology, and providing 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."
For more information about Old Dominion, visit www.odfl.com or call (800) 432-6335.
About Old Dominion Freight Line, Inc.
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) is a leading, less-than-truckload (“LTL”), union-free company providing premium service to all its customers. OD offers regional, inter-regional and national LTL service. In addition to its core LTL services, the company offers its customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage, container delivery and warehousing. In addition, Old Dominion offers a consumer product for household moving: OD Household Services. Through strategic partnerships, the Company also offers international freight forwarding services throughout the world. Old Dominion’s claims ratio and on-time record are among the best in the industry. For more than 80 years, Old Dominion has been helping the world keep promises.
Recently, Old Dominion was recognized with the following acknowledgements for company leadership in the industry:
- Forbes Magazine named Old Dominion as one of America’s 100 Most Trustworthy Companies for the third consecutive year.
- NASSTRAC honored the company as 2014 Carrier of the Year for the second consecutive year.
- Mastio & Company ranked Old Dominion as No. 1 National LTL carrier for the fourth consecutive year.
- Transport Topics named OD as one of the Top 50 Freight Transportation Firms.
- For the 4th consecutive year, Inbound Logistics named the company to its 75 Green Supply Chain Partners (G75) List
- CIO magazine recognized Old Dominion for IT Excellence with the CIO 100 Award for the fifth consecutive year.
- For the 4th consecutive year, Logistics Management honored OD with the Quest for Quality Award.
- Fortune Magazine named OD as one of the Top 100 Fastest-Growing Companies.
- Inbound Logistics magazine recognized Old Dominion as a 2013 Top 100 Trucker.
- FleetOwner magazine honors OD with Fleet of the Year Award.