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Panalpina boosted its fast-growing less-than-containerload Asia-Europe network with the launch of three services from China and Singapore to Hungary, the Czech Republic and Austria.
Panalpina expects further growth on its intra-Asia and Asia-Latin America trades by air and sea in the coming months.
Panalpina’s second quarter profit tumbled 37.5 percent from a year ago, but the Swiss logistics and freight forwarder boosted its ocean and air freight market shares.
Panalpina, the global freight forwarding and logistics group, has opened four new logistics competence centers around the world, supported by a new supply chain solutions center in Frankfurt.
FedEx CEO Fred Smith said more shippers are transporting goods via ocean shipping at the expense air carriers, a modal shift reflected in the parcel giant’s recent earnings report.
Forwarder Phoenix International could be the latest company to get swept into a recent whirl of merger and acquisition activity, according to a report.
Panalpina has started flying the first of two new Boeing 747-8 freighters with a maiden cargo flight from Hong Kong to Luxembourg.
Panalpina swung to a loss of $64.5 million in the first quarter ended March 30 from a profit of $38.2 million in the same quarter last year.
European antitrust officials on Wednesday fined 13 of the world’s largest logistics companies, including Kuehne + Nagel, Panalpina and UPS, a total of $225 million for fixing international air c
Panalpina and CEVA Logistics have launched new less-than-containerload services, tapping into strong customer demand in fast growing trade lanes in Latin America and the Asia-Pacific region.