ABF Revises Rates, Arkansas Best Buys Rigs
by July 7, 2003 12:00 am 70 views
Fort Smith’s ABF Freight System Inc. announced on June 20 that it is revising its general rates and charges on July 14. The revisions will typically result in a 5.85 percent increase, although the amount will vary by lane and shipment characteristic.
ABF Freight, the largest subsidiary of publicly traded Arkansas Best Corp., has direct service to all 50 states, nine Canadian provinces, Puerto Rico and most of Mexico and additional service to 250 ports in more than 130 countries worldwide.
The corporation announced in June that it expects to have capital expenditures of nearly $70 million this year compared with about $46 million in 2002. David E. Loeffler, the firm’s chief financial officer, said during a June 17 industry conference that the difference is an expected purchase of 1,800 new trailers during 2003. That compares to the 500 it bought a year ago.
Arkansas Best will purchase between 1,500 and 1,600 trailers annually going forward, Loeffler said.
The company has a young fleet of trucks because it keeps a truck for three years said Robert A. Young III, the company’s president and CEO.