SWISS forwarding giant Kuehne + Nagel's third quarter net profit increased year on year to 117 per cent to US$627 million, drawn on revenues of $9.3 billion, an increase of 70 per cent.
Gross profit per TEU through the nine months increased 80 per cent to $736. The EBIT per TEU during the third quarter was $443 - more than double that of 2020.
Kuehne + Nagel expects no change to the market constraints disrupting the air and ocean transport sectors, which the forwarder rode to a highly profitable third quarter and nine-month financial result.
'We have a chaotic market environment and that is going to continue,' said Kuehne + Nagel CEO Detlef Trefzger. 'There's no end in sight at the moment. It might last until Lunar New Year, but we would expect this can continue even longer than six or 12 months. There's no sign of relief.
'It is high season in the US with Thanksgiving and Christmas,' he added. 'There are 700 vessels waiting outside ports around the world, which is around 13 per cent of global capacity, and that is also impacting European ports.'
For the first nine months, K+N generated revenue of $23.7 billion, a 47 per cent increase year on year. EBIT was up 131 per cent to just shy of $2 billion, and net profit for the first nine months increased 133 per cent to $1.5 billion.
Air cargo volume for the first three quarters was up 50 per cent on the same period last year at 1.6 million tonnes, although 20 per cent of the volume was generated by Apex, the China-based forwarder acquired late last year.
Strong air cargo rates on the transpacific this year drove the nine-month gross profit up 64 per cent to $1.7 billion, and generated EBIT of $700 million, up 84 per cent.
The nine-month volume of 3.4 million TEU was a year-on-year increase of just one per cent, and volume declined two per cent through the third quarter.
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Gross profit per TEU through the nine months increased 80 per cent to $736. The EBIT per TEU during the third quarter was $443 - more than double that of 2020.
Kuehne + Nagel expects no change to the market constraints disrupting the air and ocean transport sectors, which the forwarder rode to a highly profitable third quarter and nine-month financial result.
'We have a chaotic market environment and that is going to continue,' said Kuehne + Nagel CEO Detlef Trefzger. 'There's no end in sight at the moment. It might last until Lunar New Year, but we would expect this can continue even longer than six or 12 months. There's no sign of relief.
'It is high season in the US with Thanksgiving and Christmas,' he added. 'There are 700 vessels waiting outside ports around the world, which is around 13 per cent of global capacity, and that is also impacting European ports.'
For the first nine months, K+N generated revenue of $23.7 billion, a 47 per cent increase year on year. EBIT was up 131 per cent to just shy of $2 billion, and net profit for the first nine months increased 133 per cent to $1.5 billion.
Air cargo volume for the first three quarters was up 50 per cent on the same period last year at 1.6 million tonnes, although 20 per cent of the volume was generated by Apex, the China-based forwarder acquired late last year.
Strong air cargo rates on the transpacific this year drove the nine-month gross profit up 64 per cent to $1.7 billion, and generated EBIT of $700 million, up 84 per cent.
The nine-month volume of 3.4 million TEU was a year-on-year increase of just one per cent, and volume declined two per cent through the third quarter.
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