Forwarder CH Robinson reports tough Q2 for air cargo

US trucking and forwarding giant CH Robinson saw airfreight revenues decline in the second quarter as it came under pricing pressure.
The Minnesota-headquartered company recorded an overall 1.2% year-on-year increase in revenues during the quarter to $3.55bn, while net income grew by 15.7% on a year earlier to $137m.
The increases were largely down to improvements in its trucking business as the airfreight division did not fair quite so well.
Airfreight revenues for the quarter were down by 9.9% on a year earlier to $19.6m.
The company, which is ranked as the 22^nd busiest air forwarder in the world, blamed the decline on “lower rates charged to our customers, offset slightly by increased net revenue margin and a small increase in volumes”.
Looking at the results for the first six months, the forwarder managed to record an 2.6% improvement in air revenues to $40.2m. US air forwarders would have benefited from a rush to use airfreight as a result of strike action at US west coast seaports during the opening months of the year.
Panalpina’s airfreight division also had a tough second quarter, while DB Schenker grew roughly in line with the market and K+N increased marketshare.