Old Dominion raising rates nearly 5%

Old Dominion raising rates nearly 5%    Less-than-truckload carrier Old Dominion Freight Line said Monday its overall rates would increase by about 4.9 percent beginning Nov. 15.
   'The general increase involves a restructure that provides for increases in our rates based on length of haul rather than the traditional across the board increases,' said Todd Polen, vice president of pricing for the Thomasville, N.C.-based carrier.
   Tariffs affected are the ODFL 559/555 and the 505 Canadian tariffs, and the rate increase will also provide for a nominal increase in minimum charges in intrastate, interstate or cross-border lanes, he said. The increase will average 4.9 percent, although each customer will have a different financial impact based on the lanes and distance their shipments move, he explained. Similar increases will also be taken on Alaska, Hawaii, Puerto Rico, Caribbean, Canada and Mexico, he added.
   Polen said the rate increases come as Old Dominion seeks to expand its capacity and products based on customer demand.
   'In order to meet that demand and deliver on the commitments we have made to the market place, we must continue to build our network and systems,' he said. 'However delivering on that promise is capital intensive. Therefore, the increase is necessary to offset the rising cost of new equipment, escalating insurance costs, secure new service center capacity, continue to develop state-of-the art technology, and provide for competitive wages and benefits.'