Comment / Market Insight: In a diving market, Panalpina's air freight volumes were up – how did it fill the planes?

Panalpina

The second quarter results of Panalpina (PAN) recorded earnings per share falling almost 24%, mainly due to appalling air freight numbers in terms of underlying profitability.

However, one metric highlighted by the Swiss 3PL – that its air freight volumes  grew by 1% vs market contraction in volumes of 5% – didn’t make a lot of sense at first glance, and had one of my senior sources, Mr Flawless, insisting there had to be a rational explanation for such a strong ...