Forward Air announces 5.9% general rate increase for 2023

Forward Air Corporation (NASDAQ: FWRD) announced a 5.9 percent general rate increase (GRI) on any shipments tendered on or after February 6, 2023.

Forward Air is a leading asset-light provider of transportation services across the United States and Canada.

The company believes the rate changes will enable it to continue investing in service enhancement as operating costs have risen by double-digit percentages in 2022 for many in the freight transportation industry. Factors necessitating the GRI include increased costs in real estate, equipment, cost per mile and economic inflation.

"As an expedited carrier, the Forward operates on demand without the long lead times that traditional carriers require. Forward remains committed to providing best-in-class, premium expedited service to its customers," reads the release.