DSV has announced on 13 September 2024 an agreement to acquire Schenker from Deutsche Bahn in a deal valued at €14.3Bn (US$15.95Bn). The combination of DSV and Schenker would create the 2nd largest ocean freight forwarder in the world just behind Kuehne & Nagel, and overtaking the current no. 2 DHL. The Schenker deal is the 8th large acquisition by DSV since 2000 and follows the earlier acquisitions of DFDS Dan Transport in 2000, JH Bachmann in 2005, Frans Maas in 2006, ABX Logistics in 2008, UT
K&N reported CHF688mn net profit for 22Q3, up 19% YoY but down 14% QoQ, accelerating sequential fall in earnings. We have expected the earning cycle of seafreight forwarders to move earlier than the container liners in this down cycle on the premises that spot rates, which the forwarders may rely on for the income, have declined faster than the the contract rates, which represent the bulk of forwarders' cost base. So far, K&N seafreight earnings have started to come down sequentially since 22Q2,