Air freight tonnage was up by 8.4% to 947,000 tons in 2007 and ocean freight volumes rose 13.7% to 1,233 million twenty-foot-equivalent units (TEUs).
All regions except North America contributed to the overall 12.3% organic growth in net forwarding revenue. North America remained at the same level but doubled its earnings before taxes (EBIT), according to Panalpina.
“We have, by pure organic growth, strengthened our worldwide number three and number four ranking in air and ocean freight, respectively,” said Monika Ribar, CEO. “We were able to contract substantial new business in all our strategic customer industries, in particular in the telecommunications and automotive verticals and in project business.”
As a result of a comprehensive review of compliance issues that led to a group-wide standardized Code of Business Conduct, Panalpina suspended parts of its service offering in Nigeria.
CEO Monika Ribar said, “2008 will be a challenging year for the Group, impacted by intensified compliance efforts and related external fees but also due to weakening trends in certain economies. We are, however, convinced that above-market organic growth and under proportional operating cost development will be achieved.”