Is cargo recovery near?
Not according to Swiss Forwarder Kuehne & Nagel. According to an article from the company website, K&N does not expect a market recovery in volumes for sea and air freight in the short term. Kuehne & Nagel net earnings fell 16.2 percent during the first half of 2009 compared to the same time period last year.
Seafreight
K&N stated that although the global ocean market was characterized by declining volumes and fierce competition, the company was able to build upon their first quarter 2009 numbers by increasing volumes 10 percent from the 1st to 2nd quarter.
Airfreight
Although global cargo volumes have suffered greatly in 2009 (IATA figures show decline of 20% to 24%), K&N’s air cargo volume declined at a below market level of 19 percent. From the first to the second quarter 2009, K&N increased volumes by 10 percent.
Outlook
The Swiss Forwarder said it does not expect a substantial short-term improvement in the global economy and markets. “The company will therefore continue its focused dual strategy of disciplined cost management and market share expansion.”
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