“As suggested by numerous macro indicators, the third quarter saw sequential improvements in global trade after 2Q20 lows. However, volume improvements, especially in air freight, were less pronounced than the backdrop implies.
“Moreover, average airfreight prices, although sequentially lower, remained high compared to 3Q19. Such a high-priced environment served freight forwarders’ 2Q20 margins surprisingly well. However, with customers understanding market dynamics better, we see some risks for...