Swiss logistics group Kuehne & Nagel has seen the pace of decline slow, but does not expect a sustainable recovery before 2010, its chief executive said recently. “The decline in the volumes is not as dramatic as it was a few months ago, but we are not seeing a definite recovery,” Reinhard Lange told Swiss newspaper Handelszeitung, according to Reuters.

Air freight volumes were still down around 20 per cent, close to levels in the first quarter, Lange said, adding there had been a slight recovery in sea freight volumes but they were also at low levels.

“The coming third quarter will not contribute much to a recovery because of the traditional summer lull in Europe. In the final quarter Christmas business is a reason for some hope, but how thiswill go is still open,” Lange said.