( – FocusAsia Media Ltd

FRANKFURT, Jul 21 (FAM) – Higher freight rates and margin pressure subdued profits at international freight forwarding and logistics group Panalpina in the first half-year of 2017 despite “robust” volume growth in both its air and ocean freight businesses.

And the group expects higher air freight rates will continue to impact the profitability of the group’s air freight unit in the second half of this year, while “higher but stable” ocean freight rates will support the recovery of profitability within its ocean freight unit.