SWISS forwarding giant Kuehne+Nagel's (K+N) air logistics division saw slower growth in the third quarter of 2022 as air freight market capacity demand slowed, reports London's Air Cargo News.
The air division's third-quarter net turnover was CHF2.80 billion (US$2.81 billion ), up seven per cent from the same period of 2021, earnings before interest and tax was CHF323 million, 35 per cent up year on year, and air volumes fell by seven per cent to 543,000 tonnes.
K+N said that the air logistics division demonstrated resilient, positive volume development.
'Air Logistics maintained relatively high average yields in the third quarter of 2022, marking a significant increase on the prior year's level,' said a K+N statement.
The company said K&N Air Logistics further expanded its healthcare logistics footprint in the third quarter.
With 'MedConnex,' the business unit launched regular charter flights, eg, for vaccines, from the pharma hub in Belgium to the Americas, Asia and Africa.
The results follow a tense time in the market, which has seen an increase in capacity, against a drop in demand, while rates have started to soften.
Supply chain congestion has also begun to ease, with ocean freight beginning to claw back business from air freight.
Global economic strain, and the continued impact of the pandemic and Ukraine war has also dampened the industry.
SeaNews Turkey
The air division's third-quarter net turnover was CHF2.80 billion (US$2.81 billion ), up seven per cent from the same period of 2021, earnings before interest and tax was CHF323 million, 35 per cent up year on year, and air volumes fell by seven per cent to 543,000 tonnes.
K+N said that the air logistics division demonstrated resilient, positive volume development.
'Air Logistics maintained relatively high average yields in the third quarter of 2022, marking a significant increase on the prior year's level,' said a K+N statement.
The company said K&N Air Logistics further expanded its healthcare logistics footprint in the third quarter.
With 'MedConnex,' the business unit launched regular charter flights, eg, for vaccines, from the pharma hub in Belgium to the Americas, Asia and Africa.
The results follow a tense time in the market, which has seen an increase in capacity, against a drop in demand, while rates have started to soften.
Supply chain congestion has also begun to ease, with ocean freight beginning to claw back business from air freight.
Global economic strain, and the continued impact of the pandemic and Ukraine war has also dampened the industry.
SeaNews Turkey
