News / Ocean and overland growth compensates for air volatility as K+N reports 'solid' results

Strong sea freight volumes helped Kuehne + Nagel hit “solid” results for the first nine months of 2019, despite the poor air freight market and “non-existent” peak season.

The Swiss forwarding giant increased its nine-month group net turnover by 3.1% year on year, to Sfr15.8bn (US$15.9bn), generating a 6.6% upturn in profit (ebit) which hit Sfr794m.

The company’s sea freight business “grew significantly in a stagnating overall market,” K+N said, with volumes increasing 4.3% to 3.67m teu. This led to a 7.3% ...