K+N experiencing return-to-normal in China while COVID-19 continues — Panjiva
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K+N experiencing return-to-normal in China while COVID-19 continues

Coronavirus 256 Corp - Forwarders 222 Earnings 414 Global 1048 Mode - Seaborne 1501 U.S. 4229

Freight forwarder Kuehne+Nagel reported Q4 revenues that fell by 3.7% year over year, driven by a slump in airfreight and slowing growth in seafreight. That’s a common picture seen across the sector. As with other forwarders, K+N also faces a tough start to 2020 as a result of disruptions caused by COVID-19. The firm’s CEO, Detlef Trefzger, has stated he “would expect a 20% to 40% volume reduction in Q1 in China”, resulting in lower profits compared to a year earlier in Q1. Trefzger has noted, however, that a return to work by 90% of K+N’s China staff and a surge in shipments of empty co...

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