Higher freight rates boost DSV’s revenue, but profit drops

DSV, a Danish logistics company, saw a dip in second-quarter earnings to 2.7 billion kroner from 3.4 billion despite increased revenue. Profit fell due to lower earnings per ton of freight compared to last year, though stable from the first quarter of 2023. Revenue rose 9% to about 41.2 billion kroner, fueled by higher sea freight prices and greater freight volumes, especially from Asia and the Pacific. DSV’s sea freight volume grew by 4%. Elevated freight rates were partly due to routing changes caused by Houthi attacks on cargo ships, including Maersk, in the Red Sea, prompting detours around Africa. DSV is one of the final bidders for the German logistics titan DB Schenker after Maersk and others withdrew.