Kuehne+Nagel remains the largest air freight forwarder in 2025, despite market challenges and DSV's acquisition of DB Schenker.
Kuehne+Nagel (K+N) retained its position as the world's largest air freight forwarder in 2025 despite market volatility and DSV's takeover of DB Schenker, reports London's Air Cargo News.
Consultant Armstrong & Associates stated that the top 25 forwarders registered a slight 0.1 percent increase in demand last year as tariff changes, consolidation, and the end of the US de minimis exemption reshaped supply chains.
Switzerland-headquartered K+N grew volumes by 7 percent to 2,030,280 tonnes, narrowly ahead of DSV's 2,013,127 tonnes. DSV, which completed its Schenker acquisition in May, edged K+N in the third quarter, pointing to a likely leadership change in 2026.
K+N reported that demand was volatile due to tariffs, with supply chains shifting towards Southeast Asia. The forwarder experienced strong demand from AI infrastructure developers in late 2025 and benefited from acquiring Eastway Global Forwarding. Air turnover rose by 3 percent to Sfr8 billion despite yield pressure from falling rates.
DSV volumes surged by 44 percent year on year, lifting air revenue by 37 percent to Dkr75.5 billion and gross profit by 39 percent to Dkr16.6 billion. The company indicated that Schenker's contribution offset lower freight rates, while technology demand supported growth in the fourth quarter.
DHL Global Forwarding saw volumes fall by 1 percent to 1.8 million tonnes, with revenues down by 4.6 percent to EUR6 billion. The company cited geopolitical conflicts and tariff uncertainty, though data center demand partly offset weaker e-commerce.
Taiwan-based Dimerco and Morrison Express posted double-digit growth, boosted by chip demand, while Chinese forwarders struggled under US tariffs and weaker e-commerce. Sinotrans volumes fell by 11.3 percent to 912,000 tonnes.
Expeditors grew by 6 percent, Crane by 1.7 percent, while CH Robinson volumes dropped by 10.2 percent. Expeditors noted that tonnage rose out of South and North Asia as shippers front-loaded cargo ahead of tariffs.
Looking ahead, forwarders face mixed prospects. AI and semiconductor demand lifted air cargo growth by more than 4 percent in the first half of 2026, but rising fuel costs from Middle East conflict are expected to slow consumer spending. IATA cut its cargo growth forecast for the year from 2.4 percent to 0.2 percent.
