Panalpina posts a volume record in ocean freight

Panalpina sees signs for market recovery despite declining revenues and group losses in the first sic months of 2012
 
The worldwide operating transport and logistics group Panalpina is confidently looking to the second half of the year 2012. “We anticipate a soft recovery of the air freight market in the second half of 2012 and continued market growth in ocean freight“, said CEO Monika Ribar when presenting the results for the period from January to June. 
 
Panalpina’s management expects the air freight market to decline by 1 per cent for the whole year. In ocean freight, a market growth of 3-4 per cent on 2011 is expected. The Group’s target is to outperform the market. Panalpina’s group-wide cost containment measures including a hiring freeze remain in place. 
 
In its ocean freight segment Panalpina recorded a volume record for the first half year 2012. The Group shipped 7 per cent more TEU than the year before. In a market environment where carriers, particularly on the Asia-Europe routes, implemented considerable freight rate increases, gross profit per TEU of ocean freight decreased by 5 per cent. These rate increases could not yet be fully passed on to customers in the second quarter. In Air Freight, Panalpina’s volumes decreased by 3 per cent. As to the results for the first half of 2012 Panalpina posted a net forwarding revenue of CHF 3.2 billion (EUR 2.67 billion), which means a year-on-year decline of 2.2 per cent. Non-recurring items at the amount of CHF 59 million for the EU and Swiss antitrust fines resulted in a loss of CHF 23 million.

Quelle: LogEastics

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