DSV Panalpina withdraws 2020 outlook in light of COVID-19 outbreak

DSV has announced the expansion of its Air Charter Network, introducing extra weekly inbound departures from Shanghai and a new Hong Kong-Luxembourg route.

As a result of the current global outbreak of COVID-19, DSV Panalpina has announced it is withdrawing its outlook for 2020.

DSV has stated that supply chains and the global transport and logistics markets have been negatively impacted by the outbreak. During February, the impact was mainly related to transports from and to China, but now the impact on supply, demand and transport and logistics capacity is global.

Results have been on budget for January 2020 and approximately DKK*150 million below budget for February 2020.

“Due to the changed outlook for the global supply chains and transport and logistics markets, we expect a negative impact on our business and financial performance in the coming months. Given the rapid day-to-day developments in many markets, we are currently unable to accurately assess the magnitude of this short-term impact, and we thus withdraw our outlook for 2020 pending further clarification of the market developments and the actual financial impact on our business,” DSV Panalpina said in a statement.

Source: DSV Panalpina

SUBSCRIBE TO LOGISTICS BRIEFING:

Get the latest logistics news and high level analysis delivered straight to your inbox:

  • Create a password
  • By clicking submit you consent to creating a Logistics Briefing account