Volumes surge as 3PLs shrug off global slowdown
Greg Knowler, Senior Europe Editor | Apr 30, 2019 11:06AM EDT
Three of the four major forwarders that have reported their first-quarter figures — DSV, Kuehne + Nagel (K+N), and CEVA Logistics — mostly shrugged off signs of a growing economic malaise and improved their year-over-year growth both in volume and gross profit per TEU.
After strong growth in 2017 and early 2018, global economic activity slowed in the second half of last year amid an increase in trade tensions between the US and China, a decline in business confidence in the eurozone, a tightening of financial conditions, and higher policy uncertainty across many economies, according to the International Monetary Fund.
Despite the global economic headwinds, DSV managed to increase its ocean volume by 4 percent to 359,925 TEU; the sea and air division revenue rose 12.5 percent year over year to $723 million. DSV’s total revenue was $3 billion.
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