While some parts of Deutsche Post-DHL continue to secure big wins that testify to the reach of the German behemoth, one of its flagship divisions, DHL Global Forwarding (DGF), remains an eyesore in its vast asset portfolio.

In particular, it is truly astonishing that DGF did not manage to buck the trend of declining cash flows in the first half of this year, despite a buoyant market for air and sea freight operators – not to mention its sales performance, based on trailing records.

DGF remains ...

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