Panalpina: Freight growth slowing

Swiss logistics group Panalpina sees freight growth slowing in the fourth quarter after its third-quarter gross profit growth just missed expectations.

The group, which competes with Kuehne & Nagel, continued to outpace the market with nine-month volume growth of 27 per cent for air and 16 per cent for ocean freight. It reiterated yesterday its forecast for 2010 market growth of at least 15 per cent in air cargo and 10 per cent in ocean freight. The group said it had settled a bribery case in the US, paying a total fine of $81.9m. But it said the market began to slow in the third quarter due to less restocking activity, a higher comparison base and a shorter-than-usual peak season in ocean freight.