Panalpina sea freight volumes grow 15%

News that construction work has started on Panalpina's warehousing centre at Dubai Logistics City (DLC) coincided with the announcement that sea freight volumes handled have risen by 14.6% so far this year.

On the back of encouraging worldwide performance the company is planning to significantly increase its presence in the Middle East through the ambitious DLC facility, which will include a 10,000m² warehouse and 2600m² office. An additional 15,000m² has also been earmarked for future expansion. Panalpina has designed its warehouse for mixed use, catering to cross-dock transit operations, inbound and outbound cargo movement, temperature controlled storage, and a variety of value-added services.

"We have access to a dedicated road leading to the cargo terminal and airport tarmac, which creates a great advantage for our airfreight operations," explained René Wernli, Panalpina Area Managing Director. "The facility also boasts of capabilities to serve the burgeoning ocean traffic and will be connected via road to the Jebel Ali seaport."

In the first six months of 2007, the global freight transport and logistics group Panalpina continued its solid organic growth, further improved its profitability and increased market shares in all respects. While gross profit rose by 17.5%, earnings before interest and taxation grew by 53.5% and net earnings by 56.4%.

Panalpina's ocean freight activities continued to increase well above the respective market growth rates. Sea freight volumes rose by 14.6% compared to a market average of 9 to 10%. Gross profit level represented by ocean freight rose by 8.1%. Total supply chain management activities by shot up 20.7%.

"After an exceptionally outstanding first quarter, we are in a position to report further convincing results that are in line with our ambitious growth targets. I am especially pleased that we were able to expand gross profit at a faster rate than our turnover, while the month of June even showed the highest gross revenue in the Company's history," said chief executive Monika Ribar.

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