Trucking company US Xpress (USX) debuted as a public company on the New York Stock Exchange Thursday and CEO Eric Fuller doesn't see rising freight costs letting up anytime soon.

"We think this is a prolonged upcycle," Fuller said, adding that the company's over-the-road trucking rates rose 12% year-over-year as of first quarter.

The rising costs, which have been a complaint for many CEOs in recent months, come amid a shortage of truck drivers. 

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