Kuehne+Nagel operating profit cut 50% in 2023

News Snapshot:

Global logistics powerhouse Kuehne+Nagel suffered substantial revenue and profit erosion in 2023, including the final quarter, as excess air and ocean capacity combined with a post-COVID slow down in trade lowered rate levels, hurting bottom lines across the freight transportation sector. Executives said they are seeing some stabilization in demand , but don’t expect a huge improvement this year. In conjunction with Friday’s quarterly results, Kuehne+Nagel announced an agreement to acquire City Zone Express, a Malaysia-based trucking company that operates across borders throughout Southeast Asia. The motor carrier has 260 vehicles, 500 employees and 860,000 square feet of warehouse space....