BOTH Kuehne+Nagel (K+N) and DSV, prominent air freight forwarders, experienced a downturn in cargo volumes, revenues and profits during the second quarter, reports London's Air Cargo News.

K+N, known as the world's leading air forwarder, witnessed a 15.5 per cent year-on-year decline in volumes, amounting to 482,000 tonnes.

Additionally, their air net turnover plummeted 48 per cent, and their earnings before interest and tax (EBIT) slipped 65 per cent.

K+N attributed the decrease in volumes to market trends, acknowledging that their cost reduction initiatives had successfully brought down the cost per 100kg nine per cent compared to the previous year's second quarter.

Furthermore, the company revealed its ongoing efforts to acquire Morgan Cargo, a specialist in perishable logistics.

"Volumes in air logistics declined broadly in line with the market," said K+N chief executive Stefan Paul.

"While our ongoing cost control efforts became more visible in the second quarter of 2023, our strategic path is unchanged with a focus on high-quality logistics services and an extraordinary customer orientation."