Basel-based freight forwarder, Panalpina said net profit for the three months was US$3.7 million, a 40 per cent slide in year-on-year revenue while net forwarding revenue declined to $1.4 billion from $2.36 billion a year earlier.

Volumes are down from last year by 25 per cent for air cargo and 18 per cent for sea freight, which the group attributed to the chronically weak market conditions that have affected the entire global freight industry over the last year.

Speaking on the results Monika Ribar, CEO of Panalpina, said: “Between the second and third quarter of 2009, Panalpina recorded higher volumes in both air and ocean freight. But as the numbers in the nine-month comparison clearly show, the market environment remains extremely difficult. This is why we continue to intensify our sales efforts by optimising our customer mix and by expanding our offerings in global supply chain management.”

Panalpina said that while many trade lanes remain weak it has gained air market share on trans-Pacific routes and ocean market share on the Asia-Europe trade, its most important shipping market.

Air cargo traffic rose 10 per cent from the previous quarter and ocean freight by 13 per cent but on a year-to-year basis were down by 25 and 18 per cent respectively.