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Panalpina's ocean freight continues to decline – but the company grew overall

Swiss-based logistics company Panalpina, which has recently been an acquisition target for DSV, saw its ocean freight business decline in 2018. But the air freight division set a new record, while the combined company also grew on the top and bottom line.

Photo: Panalpina

While air freight set a record, the ocean freight business noted a new setback at Swiss logistics company Panalpina, which has emerged as an acquisition target for Denmark's DSV in recent weeks, shows the company's annual report, published Thursday.

Panalpina reports a profit of CHF 75.7 million (USD 75.8 million) in 2018, which is an improvement compared to the profit of CHF 57.5 million in 2017.

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