WSJ: No peak shipping season in 2023
Freight operators appear to be bracing for a second straight year without a peak shipping season, writes the Logistics Report. Forwarding giant Kuehne + Nagel International says it’s focused on holding down costs and rival DSV has also pared its workforce during the run-up to the shipping period heading into the fall. Kuehne + Nagel CEO Stefan Paul put it That’s a tough outlook for operators that saw demand fizzle out midway through last year when consumer spending pivoted away from goods and retailers launched a de-stocking drive. Both Kuehne + Nagel and DSV saw revenue tumble at a steep rate in the second quarter. DSV isn’t as downbeat on the market and even raised its earnings outlook. The comparisons to last year will grow easier, but what the forwarders really need is more freight volume.
