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Global 3PL market revenues fall in 2023, with future growth on the horizon, Armstrong report notes

Global 3PL market revenues fall in 2023, with future growth on the horizon, Armstrong report notes
logisticsmgmt.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from logisticsmgmt.com Daily Mail and Mail on Sunday newspapers.

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2022 U.S. 3PL revenues see strong gains, notes Armstrong report

2022 U.S. 3PL revenues see strong gains, notes Armstrong report
logisticsmgmt.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from logisticsmgmt.com Daily Mail and Mail on Sunday newspapers.

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2022 U.S. 3PL revenues see strong gains, notes Armstrong report

2022 U.S. 3PL revenues see strong gains, notes Armstrong report
logisticsmgmt.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from logisticsmgmt.com Daily Mail and Mail on Sunday newspapers.

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High Demand Drives 3PLs to Best Growth Year on Record

Strong consumer demand, continued supply chain bottlenecks and tight carrier capacity sent air, ground and ocean transportation rates soaring to historic levels in 2021 as shippers leaned on third-party logistics providers to bolster inventories and avoid product stockouts. ....

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Pandemic Upends Logistics Market

Expeditors International of Washington, the largest U.S.-based freight forwarder, had a better-than-average 2020 with gross revenue increasing 23.7% to $10.1 billion and net revenue increasing 11% to $2.9 billion. Growth primarily came from airfreight, where gross revenue grew a whopping 63% to $4.8 billion, from $2.9 billion in 2019.
Apex Logistics International, headquartered in Hong Kong, has significant operations in the U.S. and is one of the largest China-U.S. airfreight forwarders. Its airfreight metric tons grew 44% to 750,000 in 2020, driving a 53% increase in gross revenue to $2.3 billion. Apex Logistics managed multiple weekly air charters of PPE from China to the U.S. and has burgeoning e-commerce business. It also more than doubled its ocean freight forwarding business, which ended 2020 with 190,000 20-foot equivalent units. ....

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