Kuehne + Nagel prepped for Covid-19 vaccine distribution

Kuehne+Nagel said it is already prepared for the distribution of a Covid-19 vaccine, and the first contracts related to production of a potential vaccine have already been signed by its contract logistics division.

K+N revealed the signing of a vaccine contract as it reported turnover for the first nine months of 2020 were down 6.3% year-on-year to CHF 14.8 billion (£12.5 billion) while EBIT fell 0.5% to CHF 790 million (£670 million).

Air freight volumes at the 3PL during the quarter were 12.8% lower than in the same period of the previous year, at 354,000 tonnes, while container volume in its sea logistics division rose by 10.4% to 1.2 million TEUs compared to the second quarter.

Its road division saw a 7.7% fall in third quarter turnover, compared to the same period in 2019, as weak demand for expo and event logistics impacted results, with its contract logistics division experiencing a 9.3% year-on-year fall in turnover in Q3.