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DSV Panalpina’s third upgrade comes with view of normalization in 2022

Corp - Forwarders 324 Earnings 666 Global 1366 Mode - Airfreight 179 Mode - Containerized 1424 Mode - Seaborne 1760 Quote Watch 437

DSV Panalpina reported Q2’21 revenue growth of 34.4% year over year as the freight forwarder’s ocean business benefited from elevated rates linked to “port congestion [and] a lack of equipment/capacity”. The firm has upgraded its earnings guidance for 2021 for the third time and expects that “current market conditions are likely to last until Chinese New Year 2022”. The drivers of growth appear to be changing though. U.S. seaborne imports handled by DSV Panalpina climbed 18.8% in June 2021 versus June 2019. Within that the growth in shipments from China slowed to 16.2% while imports from...

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