Panalpina slips into red in 2009, cautious on 2010

Panalpina, the Swiss global forwarder and logistics services company, fell into the red in the final quarter of 2009, but said it expects ocean and air cargo volumes to recover this year. “Panalpina believes in a moderate recovery of both the air freight and ocean freight markets with mid singledigit growth rates,” said chief executive […]


Panalpina, the Swiss global forwarder and logistics services company, fell into the red in the final quarter of 2009, but said it expects ocean and air cargo volumes to recover this year.

“Panalpina believes in a moderate recovery of both the air freight and ocean freight markets with mid singledigit growth rates,” said chief executive Monika Ribar. “We are confident to grow at least at the market level this year,” she added.

Panalpina transported 731,000 tonnes of air freight in 2009, down 19 per cent on the previous year, while ocean container volume contracted 14 per cent to 1.1 million TEUs (20-foot equivalent units).

The group swung to a US$10.2 million loss in the three months ending 31 December from an $8.3 million year-earlier profit as net forwarding revenue declined to $1.45 billion from $2 billion.

Full year earnings slumped to just $9.3 million from $105.5 million and net forwarding revenue slipped to $5.5 billion from $8.2 billion in 2008.

Vectura outsources logistics to Kuehne + Nagel Vectura AS, a leading supplier of logistics services for producers, agents and importers of wine and spirits in Norway, has signed a three-year agreement to outsource warehousing and distribution activities at its Trondheim site to Kuehne + Nagel.