K+N expects seafreight rates to continue to roar through to Year of the Tiger

Corp - Forwarders 323 Earnings 647 Mode - Airfreight 179 Mode - Containerized 1418 Mode - Seaborne 1753 Quote Watch 417 U.S. 5149

Freight forwarder K+N reported Q2’21 revenues which expanded by 47.9% year over year and by 35.0% compared to Q2’19. While seafreight revenues surged, much of the expansion was due to rising shipping rates, with volumes handled globally down by 8.3% in Q2’21 versus Q2’19. The higher rates are due to “inefficiencies in global transport networks caused by the pandemic”. K+N’s CFO, Dr. Detlef Trefzger has stated that the current situation “could persist, perhaps through Lunar New Year”, i.e. to Feb. 1, 2022 at the start of the Year of the Tiger. While global ocean freight shipments are down...

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