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Judging by the interims of Kuehne + Nagel, Panalpina and DSV released this month, the biggest loser in the third quarter was the ocean freight trade.

Seasonality is not the culprit, rather we can blame supply chain affairs that give headaches to all the major freight forwarders, which are squeezed between budget-cautious shippers and constrained carriers.

Not looking good

Falling freight forwarding yields in ocean are symptomatic of strained relationships along the value chain, while associated cash flow productivity trends are no better, ...

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