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DSV posts ‘historic’ first quarter performance | Brazil Modal

Danish group now expects to close Panalpina takeover by end of Q3 2019.

DSV has made a very strong start to 2019 gaining market share across all of its business segments.

Speaking at conference call with analysts earlier today,  CEO ,Jens Bjørn Andersen described the Danish forwarding and logistics group’s financial performance in the first quarter as “historic.”

He also revealed that the transaction for the acquisition of Panalpina, announced at the start of the month,  was now likely to be completed by the end of the third quarter this year and not during the fourth quarter as initially stated.

Looking at the Q1 performance in more detail,  revenue growth for the period, adjusted for exchange rate fluctuations (in constant currencies), was 7.9% to DKK 19,979 million.

Each of DSV’s three divisions increased  turnover, driven by growth in freight volumes as well as higher average rates per shipment.

Group operating profit (EBIT) grew by 14.9%  to DKK 1,454 million, all divisions contributing  but with Air & Sea the “powerhouse.”

Andersen described the Air & Sea’s performance as “rock, rock solid”, adding that the divsion’s  management and staff had done “an extraordinary job in the first three months of the year.”

Volumes in air freight increased 5% despite a negative market picture (-1%), which produced a positive yield development, mainly driven by growth in exports from the Americas.

Sea freight volumes were up 4%, comfortably outperforming the market (+1% in Q1) , with a positive yield development. too The Americas was also the main growth driver in the segment.

The division’s EBIT increased by 20.5% to almost DKK 1 billion while the conversion ratio (gross profit to EBIT) was 41.2%, compared to 37.1% a year ago, closing in on DSV’s target of 42.5%.

“It’s fantastic that the division continues to perform and everybody can be proud of themselves,” Andersden noted.

DSV’s Road division  posted revenue growth of 5.7%,  reflecting a higher activity level and a slight increase in rates  and the positive impact of a higher number of working days in the first quarter.

EBIT was up 13.6% to DKK 298 million.

The Solutions (Logistics) division increased its revenue by 6.2%, also benefitting from a higher activity level with growth driven by the retail and industrial verticals.

EBIT rose by 3.9% to DKK 193 million.

Q1 growth across DSV’s business segments had been achieved “without pricing sacrifices  in other words, gross profit has grown in line with revenue in the period.”

Commenting on the forthcoming merger with Panalpina, subject to regulatory approval, Andersen said:

“We are very much looking forward to teaming up with Panalpina, and while preparing for the integration, we are focused on delivering good customer service and managing the day to day operations. Our Q1 report is a clear testament to this.”


Source: Lloyd’s


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964 mineral fuels oil export trade mail

The U. FOREIGN TRADE. The trade deficit in the period January-December 2010 was 2 148 839 thousand US dollars. This bar chart …


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DSV unveils plans for 150,000sqm new Scandinavia hub | Brazil Modal

Warehouse near logistics group’s HQ on Zealand in Denmark will become its largest in northern Europe and ‘will be state-of-the-art and optimised in every way’.

Ambitious European logistics group DSV has unveiled plans to build a 150,000sqm warehouse, next to the DSV headquarters on Zealand in Denmark, that will become the group’s largest hub in northern Europe.

DSV described the facility as “a future gateway from Denmark to Scandinavia”. It said construction of the new facility was “well underway, no more than a few hundred metres from DSV Headquarters”, saying the first of four new buildings was expected to be open for business in early 2020.

Nikolaj Meyland-Smith, the group’s director of Solutions Warehouses in Denmark, said:

“This is going to be really big, and we’re doing everything we can to build and design the warehouses smart from the very beginning. Because we’re building a completely new facility and we are getting a lot of space, we have a unique possibility to tailor 3PL solutions and design warehouse space to suit specific needs. And we can do that using the latest available technology within the different logistics segments.”

He said solid infrastructure and short distances to port, airport and rail terminal “will help ensure efficient supply chains into the new logistics hub. Outgoing logistics to Scandinavia is ensured through DSV’s own network with around 500 trucks on regular routes from Denmark to Sweden, Norway and Finland.”

DSV said creating more room would increase productivity. And while the new site is under construction, Meyland-Smith and DSV Solutions “are researching the market for new innovative and automated resources to be part of creating economies of scale”.

Meyland-Smith noted: “The new site will be state-of-the-art and optimised in every way. Having this many square metres available, it’s not enough to tailor 3PL-solutions according to customer needs.

“With more than 150,000 sqm at our disposal, we have to deliver cost-efficient solutions that help our customers achieve the highest productivity possible. We will do that by utilising the many square metres in the warehouse optimally, and by harvesting synergies in our use of resources.”


Source: Lloyd’s


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New European and American foreign trade printing big flower

Fabric: Acrylic Size: S M L XL Color classification: picture color Ingredients: 81% (inclusive) – 90% (inclusive) Year Season: Summer 2019 Commuting: …


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New GM at the Port of Southampton | Brazil Modal

Craig joins the UK’s number one automotive export port from the Humber International Terminal, which included the Immingham Renewable Fuel Terminal, situated in the Port of Immingham. He has been with the UK’s leading port operator group for four years and during this time has led ABP’s largest operation, the Humber International Terminal, as well as the Immingham Container Terminal and dry bulks operations for the ports of Hull and Goole.

Craig takes on this operational role in Southampton, focusing on leading the planning and landside operations for the port, as well as managing the team at ABP’s rail freight terminal in Hams Hall in the Midlands.

Alastair Welch, Director at the Port of Southampton said: “It’s an exciting time for the Port of Southampton. Craig has a strong and extensive background in leading landside operations at a busy port so we’re delighted that he’s joining us and further strengthening our senior management team.”

The Port of Southampton is the Gateway to the World and handles £71 billion of trade each year. The port is also Europe’s leading cruise turn-around port welcoming two million passengers each year.

Credits: Associated British Ports


Source:  Associated British Ports


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China Focus: Foreign companies sharing Chinese opportunities at Canton Fair – World News Monitor

GUANGZHOU, April 28 (Xinhua) — Foreign companies, mostly from countries and regions participating in the Belt and Road Initiative, are seeking opportunities at the 125th China Import and Export Fair, also known as the Canton Fair.

As the countries’ largest trade fair, which opened in Guangzhou City, capital of southern China’s Guangdong Province, on April 15, the fair has drawn 650 foreign enterprises from 38 countries and regions looking for opportunities in the Chinese market.

Karavan, a Russian company specializing in freight service between China and Russia, considers its first presence at the fair as a milestone in its development.

“The volume of business is growing constantly thanks to the development of the trade between China and Russia,” said Zhao Yong, general manager of Guangzhou branch of the company.

Founded in 2004, the company has seen the number of its trucks increasing by nine times to cater to the growing business.

The volume of trade between China and Russia surpassed 100 billion U.S. dollars in 2018. The growth rate of bilateral trade last year was the fastest among the top 10 trading partners of China.

LiOA, a lamp manufacturer from Vietnam founded in 1988, hopes to find distributors at the fair to expand into the Chinese market.

“We have brought our latest products for outdoor use to the fair, which I believe could be popular in the Chinese market,” said Vu Thanh Nga, manager of the export department of the company.

“Since China is a very big market, with the biggest population in the world, we hope that we have the chance to export (products) to China, and develop the (Chinese) market together with local distributors,” she added.

Nine companies from Egypt attended the import exhibition of the first phase of the Canton Fair.

“We are here not only to target the Chinese market but also to target all the international markets, as the fair is the biggest gathering of the international buyers from all over the world,” said Taymour Essam, project manager of the Export Development Authority of Egypt.

The Canton Fair will last until May 5, and is widely seen as a barometer of China’s foreign trade.


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WFS seizes Jet Airways B777 over unpaid fees | Brazil Modal

Aircraft belonging to financially troubled Indian airline held at Amsterdam Schiphol Airport after failure to settle outstanding airport handling charges.

Global airline cargo handling and ground handling group Worldwide Flight Services (WFS) has seized a Boeing 777 aircraft operated by financially troubled Indian airline Jet Airways at Amsterdam Schiphol Airport because of unpaid fees. 

Commenting on the action yesterday, WFS told Lloyd’s Loading List:“A Jet Airways passenger aircraft was seized at Amsterdam Schiphol Airport today following a court order issued by Haarlem Court in favour of Worldwide Flight Services (WFS) in relation to the outstanding payment of handling fees.

“We regret having to take this course of action and apologise for any inconvenience to the airline’s customers. We hope Jet Airways will be able to resolve this matter as quickly as possible.”

Jet Airways confirmed to Lloyd’s Loading Listthat yesterday’sflight 9W 231 from Amsterdam(AMS) to Mumbai (BOM) had been “cancelled due to operational reasons”.

Once seen as the bright light in India’s airline sector, Jet Airways is now said to havemore than $1.2bn in debt and owing money to banks, pilots and suppliers.In early January, Jet Airways and its main lender, State Bank of India, met aircraft lessors to assure them there was a plan to rescue the debt-laden carrier so it could pay them, but some aircraft lessors decided of pull their aircraft from Jet’s fleet, reported.

The 26-year-old airline has posted losses in eight of the past 10 years and its share of the domestic passenger market has fallen to about 15.5% in 2018 from 22.5% in 2015. And on Monday, Jet’s lenders laid out terms for potential bidders to buy up to 75% stake in the carrier, with final bids due on 30 April.

But lessors remain concerned, and some, such as Avolon, SMBC Aviation Capital, Aircastle and a subsidiary of Mitsubishi Corp, have asked India’s aviation regulator to de-register a combined 18 planes, according to the regulator’s website, reported. “Lessors don’t seem to think the carrier can be rescued, judging by the urgency in repossessing aircraft,” said Shukor Yusof, the head of the aviation consultancy Endau Analytics.


Source: Lloyd’s


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North Korea, trade high on agenda for Trump-Abe meeting

WASHINGTON (AP) — North Korea’s nuclear program and trade are at the top of the agenda for President Donald Trump’s meeting Friday with Japanese Prime Minister Shinzo Abe, one of the president’s key backers on the world stage.

The meeting comes on the heels of Thursday’s nuclear talks between North Korean leader Kim Jong Un and President Vladimir Putin of Russia. Trump’s second summit with Kim in Hanoi in February ended with no agreement, but the president says progress is being made.

“I have a great relationship with Kim Jong Un,” Trump told reporters at the White House. “I appreciate that Russia and China are helping us. And China is helping us because I think they want to — they don’t need nuclear weapons right next to their country. But I also think they’re helping us” because the U.S. and China are engaged in trade talks.

Kim had harsher words for Trump. North Korea’s state-run Korean Central News Agency said Friday that Kim strongly criticized Washington for taking a “unilateral attitude in bad faith” that caused the diplomatic standstill following the meeting with Trump in Hanoi.

Following their talks on Thursday, Putin said Kim is willing to give up nuclear weapons, but only if he gets ironclad security guarantees supported by a multinational agreement. He also told Putin that the situation on the Korean Peninsula has reached a “critical point” and whether tensions resume will “entirely depend on the U.S. future attitude.”

Trump did not appear to be taken aback by Kim’s comments to Putin, who supports sanctions and diplomatic efforts to get North Korea to give up its nuclear weapons.

“I think we’re doing very well with North Korea,” Trump said. “A lot of progress is being made. I appreciated President Putin’s statement yesterday. He wants to see it done, also. I think there’s a lot of excitement toward getting a deal done with North Korea.”

Beyond the formal talks between Trump and Abe, the Japanese leader and his wife, Akie, were to help celebrate first lady Melania Trump’s 49th birthday Friday at a couples’ dinner in the White House residence.

Abe was the first foreign leader to meet with Trump after he won the 2016 presidential election. The two share a love for golf, have teed off together both in Japan and the U.S., and are expected to play golf Saturday.

Trump and the first lady will reciprocate in May by traveling to Japan for a state visit to meet the new emperor.

The United States and Japan announced that they would open trade negotiations in September 2018. U.S.-Japan friction about trade mounted after Trump took office and started seeking to fix a chronic trade imbalance totaling $67.6 billion in Japan’s favor last year, according to U.S. figures.

Japan — the world’s third largest economy — only reluctantly agreed to the talks with the U.S. as a way to stave off tariffs that Trump has threatened to impose on imported autos. Last fall, Abe said at a news conferences on the sidelines of the U.N. General Assembly that the U.S. had agreed not to impose tariffs that had been threatened on Japanese autos. The U.S., however, could still impose the so-called Section 232 tariffs on autos, which would escalate trade tensions.

The trade war is slowing the Japanese economy. Japan’s exports to China fell 9.4% from a year earlier, although exports to the United States rose 4.4%, exacerbating the politically sensitive trade surplus.

The trade talks also focus on farm products.

Japanese officials have said that they made significant concessions on imports of dairy and other farm products in earlier trade negotiations and that’s as far as Japan is willing to go. Japan’s conservative ruling party has traditionally relied on strong support from rural voters and has sought to protect the country’s farm sector from foreign competition.


AP Writer Deb Riechmann contributed to this report.

President Donald Trump speaks to the annual meeting of the National Rifle Association, Friday, April 26, 2019, in Indianapolis. (AP Photo/Evan Vucci)


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Belships Continues with Fleet Expansion | Brazil Modal

Illustration. Image Courtesy: Daniel Norris on Unsplash.

The Ultramax ship in question is M/V Sofie Victory, built at New Times Shipbuilding in China in 2016.

As informed, Belships will acquire all shares in the single purpose company Sofie Victory AS, being the owner of the vessel.

Sellers are Norway-based company EGD Ultra Eco AS, which holds 80 percent of the shares in Sofie Victory and Cyprus-based Blossom Shipmanagement, which owns 20 percent of the shares in the bulker.

The agreed purchase price is USD 24.15 million, of which approximately USD 14 million is debt, according to Belships.

Of the net consideration of approximately USD 10 million, USD 2 million will be paid in cash while the remaining amount will be settled through a proposed issue of new Belships shares to the sellers of Sofie Victory AS.

The 78,500 cbm vessel is time chartered to ED&F Man Shipping until March 2021.

The acquisition is expected to be completed by the end of the second quarter of 2019.

Following the transaction, the Belships fleet will count 17 Supramax and Ultramax bulk carriers. Furthermore, Belships will take delivery of one newbuilding in the first half of 2020.

Belships said that the acquisition of Sofie Victory and the proposed share issue will, in accordance with Belships’ shareholder strategy, further expand the company’s shareholder base and improve share liquidity.

Earlier this month, the company also inked an agreement to acquire a 58,700 dwt bulker from Wenaas Shipping. The agreed purchase price is USD 13 million, of which half will be paid in cash.


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China’s Foreign Exchange Regulator Piloting Blockchain in Trade Finance

The agency that regulates and manages China’s foreign exchange reserves has developed a blockchain system aimed to address inefficiencies in cross-border trade finance.

As reported by local financial news source CNStock, the State Administration of Foreign Exchange (SAFE) worked with the Hangzhou Blockchain Technology Research Institute to build the open blockchain platform, which uses multi-signature technology to keep transaction content private, revealing details only to the firms involved and regulators such as those relating to customs, taxation, industry and commerce.

Traditionally, China’s import and export financing uses a manual, paper-based operation for processing a hugely complex industry and that brings low efficiency, commonplace errors, high operational risk and, thus, elevated cost of financing. Putting the financial data on a distributed network enables information to be shared transparently and in real-time, according to the report.

The forex watchdog’s blockchain platform takes a focus on export receivables – the funds owed to a company by a foreign buyer after delivery – allowing firms to enter data on financing, audits, loans repayments and so on, and manages the entire process. It further automatically verifies customs documents and calculates a final balance for the customs declaration, a factor that prevents double or excessive financing, according to the report.

With initial development now complete, SAFE will now pilot the blockchain platform in three major trading provinces – Jiangsu, Zhejiang and Fujian – and two cities, Shanghai and Chongqing, CNStock indicates.

The pilot will run for six months and is expected to be taken nationwide going forward, with many banks said to be involved in the scheme.

Chinese yuan and U.S. dollars image via Shutterstock


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