Old Dominion Pulls Forward 4.9% GRI as LTL Carriers Accelerate Rate Hikes

FreightWaves··US·Read original
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Summary · why it matters

Old Dominion Freight Line announced Monday a 4.9% general rate increase to various tariff codes effective Oct. 5, one month earlier than last year's hike, which was itself moved up by a month. The percentage represents an expected average of adjustments to base rates across different lanes and weight classes, used to offset cost inflation and fund capex projects; last year's GRI was also expected to average 4.9%. Greg Lawrence, vice president of pricing services, said the increase is designed to help offset continued cost pressures related to real estate, equipment, technology, and competitive wages and benefits. Other public carriers have also pulled GRIs ahead of the traditional one-year schedule: ArcBest implemented a 5.9% hike for LTL services at both business units on June 22, roughly six weeks ahead of the one-year anniversary of last year's increase, while Saia implemented a 7.1% general rate increase on July 6, 120 basis points higher and 3 months earlier than last year. The increases come as the Institute for Supply Management's Manufacturing PMI remained in expansion territory for an eighth consecutive month in August at 54.6, just 100 bps below a four-year high set in July, with the new orders subindex at 53.7.

Impact on assets 4

Industrials▲ · 3 stocks
Old Dominion Freight Line Inc
ODFL
▲ PositivePricingrelevance

Old Dominion announced a 4.9% general rate increase effective Oct. 5, a month earlier than last year, to offset cost inflation.

ArcBest Corp
ARCB
▲ PositivePricingrelevance

ArcBest implemented a 5.9% LTL general rate increase on June 22, roughly six weeks ahead of last year's schedule, boosting its own service prices.

Saia Inc
SAIA
▲ PositivePricingrelevance

Saia implemented a 7.1% general rate increase on July 6, 120 bps higher and three months earlier than last year.

Real Estate▲ · 1 stocks
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