DSV Panalpina becomes world's largest forwarder after acquiring Agility

DSV Panalpina becomes world's largest forwarder after acquiring Agility

According to Ti's recently published Global Freight Forwarding Market 2021, Kuehne+Nagel (K+N) ranks as the current market leader, with total revenue was €11.5 billion, followed by DHL Global Forwarding, with €10.9 billion.

DSV Panalpina ranks third, with sales of €9.9 billion, and Agility is 12th with €2.8 billion.

With the deal completed in the second half of 2021, this period will change the company's position at the top of the rankings, the report said.

“Agility GIL’s €2.8 billion revenue will help DSV Panalpina replace both KN and DHL GF.”

The report also adds that this will be despite a difficult 2020 for the newly merged DSV-Panalpina, which is in the process of merging the two companies.

The last quarter of 2020 was the first with the full impact of the Panalpina acquisition seen in the comparative figures, and it showed that the new company revenue was smaller than the combined revenue of DSV and Panalpina before. that adds up.

“The loss of a major customer, scaling back of Panalpina’s perishables business and discontinuation of other activities were noted as reasons for air volumes falling a staggering 26% year on year in Q4, well below market performance”.

DSV Panalpina-Agility is also expected to become the market share leader, according to Ti's data.

The report shows that K+N's current market share of 7.3% will be replaced by a combination of DSV-Panalpina's 6.3% and Agility's 1.7% market share.

The report also says that, following last year's Damco rebranding to the parent company as part of Maersk's push for integration. After Maersk integrated the Damco brand, Maersk Logistics & Services is now the world's 18th largest air freight forwarder, with a turnover of  €663 million and a market share of 0.7%.

Source: Phaata.com (According to The Loadstar)
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