Kuehne+Nagel Records Mixed Figures in Q3

Kuehne+Nagel Records Mixed Figures in Q3

Sea and air logistics see differing fortunes

Kuehne+Nagel has heralded its "good results" in the months January to September 2023 in a market environment that remained challenging for logistics firms.

The pandemic-related special economic situation of 2021 and 2022 continued to distort the year-on-year comparison of all key figures for Kuehne+Nagel, as it has its competitors.

Because of this, EBIT almost doubled compared to pre-pandemic levels for the first nine months of 2023.

Kuehne+Nagel's results for Q1-Q3, 2023
Kuehne+Nagel's results for Q1-Q3, 2023

Stefan Paul, CEO of Kuehne+Nagel, said: "The Kuehne+Nagel Group performed well in the third quarter of 2023, even though the hoped-for economic recovery failed to materialise.

"We gained market share and secured our yields. We achieved important successes in the implementation of the strategic Roadmap 2026, particularly in the area of renewable energy and in the growth markets of Asia.

"In the final quarter of 2023, we will continue to focus on cost control, which is firmly embedded in our corporate culture."

Shipping Up

Net turnover in the business unit 'Sea Logistics' amounted to US$7.6 billion in the first nine months of 2023 for the German company.

Container volumes stood at 3.2 million TEU through the end of September 2023.

In an overall market that continued to decline, Kuehne+Nagel Sea Logistics recorded slight volume growth in the third quarter of 2023, which intensified in September.

Market share gains were mainly on the Asia-Europe and Trans-Pacific routes.

In August 2023, Kuehne+Nagel Sea Logistics announced a major project as part of the Saudi project NEOM, by 2025 it aims to transport 1.4 million tonnes of equipment for the construction of wind turbines on behalf of Envision Energy.

Air Down

Net turnover in the business unit Air Logistics was $5.6 billion for Q1 - Q3, with 1.5 million tonnes of airfreight handled in that period.

The perishables and aerospace segments performed particularly well.

In recent months, Kuehne+Nagel Air Logistics invested in its infrastructure for future growth. Among other things, the business unit opened a new air freight gateway at Paris Charles de Gaulle Airport with around 13,000 sqm of storage space and direct tarmac access.

Read more: NEOM and DSV Establish $10 Billion Logistics Joint Venture

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