According to the report released by Armstrong & Associates, a world-renowned consulting company, the top 7 air freight forwarding companies transported approximately 8 million tons of cargo in 2020, 8.6 million tons less than 2019.
DHL Global Forwarding (DHL)
DHL continues to dominate first place. Like all the other freight forwarding companies, it’s difficult to survive in the market due to coronavirus in 2020. Airfreight volume decreases by 12.1% YoY to 1.7 million tons, while its revenue increases by 28.6% to 6.1 billion Euros, and its gross profit increases by 17.2% to 11 billion Euros.
K+N ranks second. Its annual air freight volume drops by 12.8% to 1.4 million tons, while the revenue increases by 11.6% YoY to 5.2 billion CHF, and the EBIT increased by 53.5% to 505 million CHF. It’s noteworthy that K+N should complete the acquisition of Apex Logistics (China), which means the volume will increase by 750,000 tons annually in the future.
DSV Panalpina (DSV)
DSV surpassed DB Schenker and entered the top 2 for the first time, which is due to the acquisition of Panalpina in the second half of 2019. The annual air freight volume increased by 18.8% YoY. Revenue increased by 64.9% YoY to 44.8 billion DKK, and gross profit increased by 55.8% to 10.3 billion DKK.