A drop of 47.2%! Kuehne & Nagel announces first-half results; The car freighter caught fire off the coast of Holland
Recently, Kuehne & Nagel, the world's largest shipping and air freight forwarder, announced its first-half results. Kuehne & Nagel Group achieved net operating income of SFr12.72 billion, down 38.3% from the same period last year; Gross profit of CHF 4.65 billion, down 21.2%; Earnings before interest and tax (EBIT) of CHF 1.14 billion, down 48.3% year-on-year; Profit for the period was CHF 860 million (approximately $995 million), down 47.2 percent from the same period last year. The Group's conversion rate remained high at 24%.
Among them, Marine logistics achieved net revenue of 4.86 billion Swiss francs, down 50.8% year-on-year; Ebit was CHF 640 million, down 47.1 per cent year-on-year.
Air logistics achieved net revenue of CHF 3.52 billion, down 44.4% year-on-year; Ebit was CHF 290 million, down 64.5 per cent year-on-year.
Land transport logistics achieved net revenue of CHF 1.87 billion, down 7.9% year-on-year; Ebit was CHF 93 million, up 16.2 per cent on the previous year.
UPS has reached a preliminary national contract agreement with the Teamsters union. The agreement covers approximately 230,000 UPS employees and aims to improve employee benefits and working conditions. The deal focuses on wage increases, lowering the threshold for temporary workers to become full-time employees, and increasing retirement benefits for some workers.
The preliminary agreement will go through the approval process within the union, and if ratified by union members, it will become a new contract agreement and bring long-term labor stability to both sides.
Recently, the Port of Oakland, a well-known port in the United States, released its throughput data for June.
Data show that the Port of Oakland handled 120,433 TEUs in June, down 26.5% from a year ago; The volume of imported containers decreased 30.6% to 66,295 TEUs; Export volume decreased 20.8% to 54,138 TEUs.
In addition, empty container exports at the Port of Oakland fell 40.9% to 23,879 TEUs in June 2023, while empty container imports fell 2.3% to 11,516 TEUs.
HMM recently announced a new GRI from northern India to the east coast of South America. Seoul-based shipping company HMM has announced an increase in General freight rates (GRI) for cargoes from northern India to the East Coast of South America (ECSA), including ports in Brazil, Argentina and Uruguay.
From August 13, HMM will apply GRI at $200 per TEU and $400 per FEU and high cubic containers. "All other ancillary costs applicable at the time of transport will continue to be assessed on the basis of quoted sea freight rates," the company noted in a statement.
Reuters, the Associated Press and other foreign media reported on the 26th that a cargo ship fire near the Ameland sea in the Netherlands, killing one crew member and injuring several others. The ship was scheduled to travel from Bremerhaven, Germany, to Port Said, Egypt, with nearly 3,000 vehicles on board. At present, all the personnel on the freighter have been evacuated, but the freighter fire is still not extinguished.
A spokesman for the Dutch coast Guard said there were 2,857 vehicles on board the freighter, 25 of which were electric, making it more difficult to contain the fire. The spokesman also said that one of the 25 electric vehicles on board was suspected of starting the fire.
