DB Schenker air cargo growth lags behind rivals
27 / 07 / 2016
German logistics giant DB Schenker recorded an above market increase in airfreight demand during the first half of the year but growth lagged behind that of two if its largest rivals.
DB Schenker, which is the world’s third largest airfreight forwarder and owned by Deutsche Bahn, said that air cargo demand increased by 0.8% during the first half of the year to an estimated 547,000 tonnes.
While this increase is above the overall market, which is estimated by Panalpina to have decreased by 3% during the first half of the year, it lags behind the 1.3% increase recorded by Kuehne+Nagel and the 8% jump registered by Panalpina.
Deutsche Bahn chief financial officer Richard Lutz said the overall performance of DB Schenker was “very positive” as it managed to increase profits and margins.
DB Schenker first-half earnings before interest and tax increased by 21.2% on last year to €200m.
However, first-half revenues declined by 2.9% to €7.5bn as a result of currency effects – particularly the weakening of the UK pound − and lower air and ocean rates.