THOMASVILLE, N.C., Sept. 13, 2016 /PRNewswire/ -- Old Dominion
Freight Line, Inc. (NASDAQ: ODFL) today announced a general rate
increase (GRI) of 4.9% applicable to rates established under the
existing ODFL 559, 670, and 550 tariffs effective September 26, 2016.
Todd Polen, Old Dominion's vice president of pricing commented,
"At Old Dominion, we are committed to delivering our superior value
proposition of on-time, claims-free service at a fair price. In
order 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. Our GRI will affect our class tariffs
and is intended to partially offset the rising costs of new
equipment, real estate, 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 4.9 percent. The GRI also provides for a nominal
increase in minimum charges with respect to intrastate, interstate
and cross border lanes."
"Our yield management philosophy is to take a fair approach that
minimizes the impact to our customers' budgets while also
supporting the value proposition that we promise to deliver each
and every day," continued Mr. Polen. "In keeping with this
philosophy, last year we developed a new ODFL 550 base tariff that
has gained momentum and made it easier for customers to utilize our
services. The ODFL 550 tariff is a re-indexed tariff option that is
designed to simplify rate estimates by eliminating the traditional
fuel surcharge as long as the average DOE price of diesel fuel is
under $3.00 per gallon. We also
recently added a new feature to the ODFL 550 tariff that enables
customers to obtain a simplified through rate to Alaska, rather than one charge to Washington and another charge from
Washington to Alaska. This
change reflects both our continued commitment to simplifying our
customers' pricing programs and our ability to innovate in order to
satisfy customer demand."
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:
- For the seventh consecutive year, Logistics Management honored
OD with its Quest for Quality Award.
- SupplyChainBrain named ODFL in its 2016 "100 Great Supply Chain
Partners" listing.
- Inbound Logistics magazine recognized Old
Dominion as a 2016 Top 100 Trucker and named the company to
its 75 Green Supply Chain Partners (G75) List for the sixth
consecutive year.
- NASSTRAC honored the company as 2016 Multi-Regional LTL Carrier
of the Year for the fourth consecutive year.
- Forbes Magazine named Old Dominion
one of America's Best Employers in 2015
- Fortune named CEO David Congdon
to its 2015 Businessperson of the Year list.
- The ATA Transportation Security Council awarded OD with its
2015 Excellence in Claims and Loss Prevention Award for the third
consecutive year.
- Mastio & Company ranked Old
Dominion as No. 1 National LTL carrier for the sixth
consecutive year.
- 2015 SmartWay Excellence Award winner.
- Commercial Carrier Journal ranked OD No. 10 on the 2015 Top 250
Carriers list.
- Forbes Magazine named Old Dominion
as one of America's 100 Most Trustworthy Companies for three
consecutive years.
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SOURCE Old Dominion Freight Line, Inc.