Panalpina’s worse than expected results appear to be largely due to the company being picked off by its competitors as its customers wait to see how the merger with DSV shakes out.
Panalpina announced a war risk surcharge in response to increased insurance expense for shipments moving through the Strait of Hormuz.
Danish freight forwarder DSV has begun 2019 in the same groove as the previous five years, registering further growth in 2019 as the company anticipates a merger with its Swiss partner, Panalpina, later this year.
Danish logistics major DSV is acquiring Swiss rival Panalpina in a deal worth $4.6 billion, creating one of the world’s largest companies in logistics and freight forwarding.
Swiss freight forwarder looks to the Middle East for opportunity with deal for one-time provider of logistics services to U.S. military.
In its 2018 annual report, released today (February 7), DSV (NASDAQ OMX: DSV) announced that revenues grew 5.5 percent, from 74.901 billion Danish Krones (DKK), or $11.39 billion, in 2017 to DKK 79.053 billion ($12.022 billion) in 2018.
‘Swedish furniture,’ along with an IT refresh and 24 percent share premium, may factor in combining two top freight forwarders.
U.K. votes down Brexit deal, leading to more uncertainty on rules for freight forwarders; stowaway bugs bug Australia.
