DHL airfreight volumes nosedive as market ‘normalises’

B777-200LR. Photo: DHL

Deutsche Post DHL Group saw a steep drop in airfreight volumes in the first quarter of 2023 which it attributed to “normalisation of market conditions”.

Airfreight volumes for the second quarter of 2023 were 414,000 tonnes, down 18.7% year on year.

The group said the decline in airfreight volumes was particularly noticeable on trade routes between Asia and the US and between Asia and Europe.

For comparison, DSV saw its airfreight volumes fall by around 20% during the first three months of the year.

The group also reported normalisation of market conditions in the overall Global Forwarding, Freight (GFF) division.

Airfreight revenue in the division was down almost 40% year on year, reflecting the drop in demand and lower rates that the market has seen this year.

First-quarter airfreight revenues decreased by 39.6% year on year to €1.7bn and gross profit was down 29.9% to €342m.

Overall revenue in the GFF division decreased by 25.5% to €5.5bn due to lower volumes and freight rates.

Overall, the Deutsche Post Group recorded revenue of €20.9bn in the first quarter, compared to €22.6 the first quarter of 2022.

The group said as it had anticipated, “the slowdown in global economic momentum was clearly noticeable in the first quarter”.

Tobias Meyer, chief executive designate of Deutsche Post DHL Group, said: “Deutsche Post DHL Group continued to develop as planned in the first quarter of 2023.

“We anticipated the slowdown in global growth momentum at an early stage and were able to respond efficiently.

“Our measures are taking effect and we have achieved a continued high revenue and earnings level. This was made possible by our consistent earnings and cost management, our well-balanced portfolio of logistics services and our international footprint.”

DHL Global Forwarding reports record airfreight revenues

Deutsche Post sees 20% revenue surge in Q3

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Rebecca Jeffrey

Rebecca Jeffrey
New to aviation journalism, I joined Air Cargo News in late 2021 as deputy editor. I previously worked for Mercator Media’s six maritime sector magazines as a reporter, heading up news for Port Strategy. Prior to this, I was editor for Recruitment International (now TALiNT International). Contact me on: [email protected]