HEALTHCARE, and semiconductor shipments, Asia exports and Red Sea disruption helped drive up airfreight volumes for Kuehne+Nagel (K+N) in the second quarter of 2024.
Airfreight volumes at K+N increased 7.3 per cent to 517,000 tonnes in the second quarter of 2024 compared to the same quarter in 2023, London's Air Cargo News.
Net turnover in K+N's air logistics division in the fourth quarter was CHF1.80 billion (US$2.03 billion) up 9 per cent year on year.
However, despite the increase in volumes and generally robust rates in the market during the quarter, profit for the division was down slightly.
Gross profit was down 4 per cent and earnings before interest and taxes (EBIT) was down 17 per cent.
In total, the division handled more than 1 million tonnes of airfreight in the first six months of 2024 or 5 per cent more year on year.
In its half year analyst conference document, the freight forwarder said the air logistics division had maintained market share in the hard cargo segment (ex e-commerce), while Asia exports had driven year on year and seasonal sequential growth.
'Volume growth developed in line with the addressable market and focused on profitable segments such as Healthcare and Semicon,' said K+N.
The forwarder added: 'Demand for combined Sea-Air Logistics services recorded strong growth in the first half of 2024 as some customers sought to shorten transit times due to the situation in the Red Sea.'
Meanwhile, the K+N Group's second quarter net turnover was CHF6 billion, up 1 per cent over the second quarter of 2023. Gross profit was down 3 per cent and EBIT was down 23 per cent.
SeaNews Turkey
Airfreight volumes at K+N increased 7.3 per cent to 517,000 tonnes in the second quarter of 2024 compared to the same quarter in 2023, London's Air Cargo News.
Net turnover in K+N's air logistics division in the fourth quarter was CHF1.80 billion (US$2.03 billion) up 9 per cent year on year.
However, despite the increase in volumes and generally robust rates in the market during the quarter, profit for the division was down slightly.
Gross profit was down 4 per cent and earnings before interest and taxes (EBIT) was down 17 per cent.
In total, the division handled more than 1 million tonnes of airfreight in the first six months of 2024 or 5 per cent more year on year.
In its half year analyst conference document, the freight forwarder said the air logistics division had maintained market share in the hard cargo segment (ex e-commerce), while Asia exports had driven year on year and seasonal sequential growth.
'Volume growth developed in line with the addressable market and focused on profitable segments such as Healthcare and Semicon,' said K+N.
The forwarder added: 'Demand for combined Sea-Air Logistics services recorded strong growth in the first half of 2024 as some customers sought to shorten transit times due to the situation in the Red Sea.'
Meanwhile, the K+N Group's second quarter net turnover was CHF6 billion, up 1 per cent over the second quarter of 2023. Gross profit was down 3 per cent and EBIT was down 23 per cent.
SeaNews Turkey
