2013 NEWS & PRESS RELEASES
Old Dominion Announces Base Rate Increase
THOMASVILLE, North Carolina (June 17, 2013) – Old Dominion Freight Line, Inc. today announced a modest increase to its base rates, effective 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.
“We are committed to delivering premium transit service, award winning technology and best-in-class delivery service at a fair and reasonable price,” Polen added. “To meet the demands our customers have for more capacity and additional value added products and services, we must continue to build our network and systems and hire the best talent in the industry.”
“Our philosophy is to take a fair and equitable approach that minimizes the impact to our customers’ budgets, yet deliver on our promises to the marketplace and Old Dominion’s stakeholders,” Polen said. “We believe the increase – which is less than increases many other carriers have imposed – is essential for us to continue to provide our customers with an industry leading service.”
The tariffs affected by the increase are the ODFL 559/555, 670 and the 505 Canadian tariffs.
For more about Old Dominion, visit www.odfl.com or call (800) 432-6335.
About Old Dominion Freight Line
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) is a leading, less-than-truckload (“LTL”), union-free company providing 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, warehousing and consumer household moving services. Through marketing and carrier relationships, the Company also offers international freight forwarding services throughout the world. For more than 79 years, Old Dominion has been helping the world keep promises. In 2013, Old Dominion was recognized with numerous awards: Forbes Magazine named Old Dominion as one of America’s 100 Most Trustworthy Companies; NASSTRAC honored the company as 2013 Carrier of the Year; and Mastio & Company ranked Old Dominion as No. 1 National LTL carrier for the third consecutive year in a row. More information can be found at www.odfl.com.