Panalpina’s airfreight volumes grew 4 percent in the first half of 2014.
The freight forwarder said while rates remained under pressure, it focused on trade lane optimization. Gross profit for airfreight was stable, with a slight decrease year over year.
Panalpina expects the airfreight market to grow by 3-4 percent in 2014.
The company improved overall profitability in the first half of 2014. Group gross profit and EBIT increased by 2 percent.
“The results for the first half of 2014 show two things,” Panalpina CEO Peter Ulber said. “One, our uncompromising execution of the strategy that we outlined in November is starting to bear fruit. Logistics has cut losses considerably. Two, there is still a lot of work to be done in terms of profitability, especially in oceanfreight, where – expectedly – it will take some time to make it to calmer waters.”
Ulber did not mention airfreight in Panalpina’s first-half report.