The investigation by the global forwarding and logistics Group Panalpina in connection with alleged violations of the Foreign Corrupt Practices Act (FCPA) mainly in Nigeria is nearing completion.
The Volex Group - a world leading producer of high speed, fiber optic and complex cable assemblies as well as electrical power cords - has awarded its Global Freight Management to Panalpina.
The Panalpina Group significantly increased its transport volumes in the third quarter of 2009 compared to the second quarter of 2009. Air freight volumes grew by 10% and ocean freight volumes by 13%. Compared to the first nine months of 2008, free cash flow increased by 39% to CHF 161 million despite 18.5% lower gross profits. In terms of operating costs, Panalpina is well on track to achieve the previously announced full year CHF 130 million reduction.
The global forwarding and logistics group Panalpina and its long-time airline partner Atlas Air have renewed their cooperation agreement. Within this cooperation, Panalpina provides own-controlled capacity between Europe, North America and Mexico and links the company’s Oil & Gas hubs. The capacity of the service called “Dixie Jet” is managed by Panalpina while the Boeing 747F freighter aircrafts are operated by Atlas Air.
40 years ago Panalpina established its first delegation office in Tokyo. In the meantime the company operates offices also in Osaka, Narita, Nagoya and Fukuoka. Coinciding with the forty-year anniversary, Panalpina Japan is gearing up to change its status from a commercial delegation to a completely operational entity.
Panalpina, the global transport and logistics group, significantly increased its transport volumes in the air and ocean freight segments in the third quarter of 2009 as compared with the second quarter. That said, based on a 9-month comparison, volume growth and gross profit performance remained significantly below expectations. The cost development is in line with the objectives communicated by the company.
Panalpina and the NYK Group have agreed to realign the level of their current cooperation in Japan. Panalpina Japan will entirely in-source the air and ocean freight operations effective January 2010. In line with an earlier agreement communicated in February 2007, Panalpina will continue to represent the NYK subsidiary Yusen Air & Sea Service interests in various countries.
Thanks to strict cost management and a consistently implemented cost-cutting program, the Panalpina Group succeeded in significantly reducing its cost base year-on-year and as a result was able to compensate for the fall in volume. Compared to the prior-year period, free cash flow increased by 175%, and compared to the first quarter of 2009, air freight volume rose in the second quarter of 2009 by 3%, ocean freight by 8%. A large number of new business deals in the SME customer segment failed to compensate for the falloff in volume from large customers. Currency fluctuations had a negative impact on results. Gross profit fell by 15% compared with the same period in 2008 (-11.5% in local currency terms). Net earnings for the first six months amounted to CHF 16.9 million.
Panalpina received three prestigious awards at the Frost & Sullivan Asia Pacific Transportation and Logistics Awards Ceremony 2009 confirming the company’s strong presence in this key region.
Panalpina has moved its offices and warehouse to a brand new location at Amsterdam Schiphol airport featuring over 12,000 square metres of space, making it the first ever logistics provider to have direct access to the tarmac. Using “Vrachtgebouw Nr. 18” (VR 18) will enable Panalpina to speed up its ground handling activities and improve the security of the supply chain, thus generating added value for customers.
The Annual General Meeting of Panalpina World Transport (Holding) Ltd., held on 5 May 2009, was well attended once again. The participating shareholders represented 53,4 % of the share capital. All motions proposed by the Board of Directors were approved by a clear majority.
The Panalpina Group more than quadrupled free cash flow and grew gross profit per unit of cargo well above 20% in the first quarter 2009. In a very difficult market environment, the company’s gross profit declined by 11,4% compared to the same period of 2008 (-7.7% in local currencies). The implemented cost-cutting program shows encouraging results and is in line with the previously announced target of CHF 130 million savings until the end of the year. Net earnings decreased to CHF 1.9 million.
Panalpina, the global forwarding and logistics service provider, has opened a brand new office in Ho Chi Minh City. Panalpina CEO Monika Ribar officially inaugurated the new location, stating that the Group will continue its well proven growth strategy in Vietnam. In her speech of welcome she also highlighted the great strategic importance of Vietnam for the entire Group.
The new Distribution and Logistics Center was formally inaugurated by Panalpina CEO Monika Ribar, whose speech of welcome highlighted the great strategic importance of Singapore to the Panalpina Group – in the future as in the past.
Panalpina CEO Monika Ribar recently returned from her visit in Ghana where she was invited to inaugurate the Yendi Eye Clinic funded by Panalpina, the multinational logistics group. The event was organized by the Swiss Red Cross, the Ghana Red Cross Society and Ghana Health Gratitude.