The global forwarding market in 2024 was characterized by capacity constraints as a result of the disruption in the Red Sea and by ongoing geopolitical conflicts, particularly in Ukraine and the Middle East. Market volumes exceeded the previous year’s figures. Higher demand, particularly in e-commerce, and limited capacity caused freight rates in air and ocean freight to rise over the course of 2024.
In the European road freight market, the decline in demand continued in the year under review and did not recover in months that are usually seasonally high volume. At the same time, costs remained at a high level. This was caused by rising labor costs, difficult market conditions and a significant tightening of capacity, which increased procurement prices.
Global Forwarding, Freight: increase in revenue from higher volumes and freight rates
Revenue in the Global Forwarding, Freight division increased in the year under review by 1.8% to €19,649 million due to higher volumes and freight rates. Excluding negative currency effects of €88 million, revenue was up 2.2% on the prior-year level. At €5,115 million, the division’s fourth-quarter revenue in 2024 was up by 12.0% year on year.
Revenue in the Global Forwarding business unit increased by 2.1% to €14,559 million in the year under review. Without taking negative currency effects of €84 million into account, the increase was 2.7%. Gross profit in the Global Forwarding business unit was down from the previous year by 5.9% to €3,467 million.
We registered an increase of 6.8% in air freight volumes in 2024 with growth primarily on trade lanes from Asia and Europe. Air freight revenues increased by 4.1%, while gross profit fell by 11.3%. In the fourth quarter of 2024, air freight revenue increased by 16.4% and gross profit by 21.3%. Ocean freight volumes increased by 7.3% year on year in 2024, with growth especially on trade lanes from Asia. Ocean freight revenue for the year under review increased by 3.5%, while gross profit declined by 9.4%. In the fourth quarter of 2024, ocean freight revenue grew by 25.4% and gross profit by 19.0%. Despite ocean freight markets being affected by ongoing disruptions, gross profit per TEU (twenty-foot container unit) saw only a slight decline of 2.0% compared with the previous quarter.
Revenue in the Freight business unit in the year under review amounted to €5,196 million and was thus 0.7% above the previous year. Volumes were down by 4.3% and gross profit declined by 4.4% to €1,270 million. Fourth-quarter revenue was 0.5% above the prior-year figure.
EBIT in the Global Forwarding, Freight division declined by 24.5% in the 2024 fiscal year to €1,074 million. The EBIT margin was 5.5%. EBIT in the division thus corresponds to 22.7% of gross profit and 28.2% for the Global Forwarding business unit. At €255 million, division EBIT in the fourth quarter of 2024 was below the prior-year level of €340 million. The prior-year figure included an earnings contribution of €114 million from the increased shareholding in DHL Logistics in the United Arab Emirates.
