(Aisha Al-Muslim – Wall Street Journal)
Old Dominion Freight Line Inc., one of the largest truckers in the U.S., says some of its rivals are trying to undercut the company’s rates, in the latest sign the strong freight demand fueling hefty price increases over the past year may be running out of steam.
The Thomasville, N.C.-based company said some competitors have been going after ODFL’s larger clients in the less-than-truckload, or LTL, market, in which truckers carry loads for multiple customers on the same truck, often for retailers moving goods from distribution centers to stores. ODFL executives said the pricing pressures aren’t widespread and that it sees a generally stable pricing environment.
“We have seen a little more aggression than we’ve been used to the last couple years,” ODFL Chief Executive Greg C. Gantt said during a first-quarter earnings conference call with analysts Thursday. “We’re not losing business accounts, but we’re maybe losing certain lanes because we were outpriced.” Click here to read more.
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