K+N and DSV Experience Decline in Q2 2023: Market Challenges and Future Outlook

Leading airfreight forwarders, Kuehne+Nagel (K+N) and DSV, faced challenges in the second quarter of the year, with declining airfreight volumes, revenues, and profits. K+N reported a 15.5% year-on-year volume decline to 482,000 tonnes, with a 48% decrease in air net turnover to a 65% drop in earnings. The company attributed the volume decline to market trends but highlighted its cost reduction efforts, leading to a 9% decrease in cost per 100kg. DSV, in the third position, experienced a 21.3% drop in airfreight volumes to 316,456 tonnes, with air revenues slipping 51.4%and gross profit decreasing 29.2%. DSV cited reduced demand due to economic slowdown and inventory reductions, impacting export volumes from Asia Pacific. Both companies remain cautiously optimistic about the future, expecting a gradual improvement in global trade volumes in the coming quarters.