Total Revenue

+37% ( " " )

Higher volumes and partial recovery from the more depressed levels in prior periods drove revenues upward. Strength in e-commerce flows and shipper shifts into faster services also contributed, although margins were pressured by rising transportation costs ( " " ).

Airfreight Services

+36% ( " " )

Increased tonnage from shippers opting for air due to longer ocean transit times and capacity constraints in Asia boosted revenues. However, buy rates rose faster than sell rates, limiting profitability gains despite higher volumes ( " " , see also Q2 2024 capacity constraints " " ).

Ocean Freight

+82% ( " " )

The sharp increase reflects a rebound from the significantly reduced rates in prior periods and added congestion caused by Red Sea disruptions. As ocean carriers addressed capacity issues, some rate increases outpaced demand growth, leading to substantially higher revenues on a year-over-year basis ( " " , prior-year drops " ).

Customs Brokerage

+10% ( " " )

Driven by higher shipment volumes and ongoing demand for brokerage capabilities amid complex regulatory environments. Many customers still rely on established brokers for guidance through tariffs and compliance, leading to a modest increase in both volumes and fees compared to the prior year ( " " , see also Q2 2024 factors " ).

United States

+9% ( " " )

Reflects slight demand recovery after notably lower volumes in previous periods. While some expenses remained elevated, revenue continued to strengthen due to stabilized economic activity and moderate increases in domestic freight demand relative to the prior year ( " " ).

North Asia

+77% ( " " )

The baseline was particularly low in the preceding year due to excess capacity and softened demand. This year’s improvement comes from heightened e-commerce traffic and a bounce-back in manufacturing exports, especially for airfreight where capacity shortages helped push up average buy and sell rates ( " " , prior-year declines " " ).

South Asia

+115% ( " " )

A significant spike due to manufacturing relocations into the region and more robust freight activity compared to the very low baseline in the previous year. Tighter carrier capacity and new e-commerce flows also contributed to much higher YoY growth in both ocean and air volumes ( " " , earlier downturn " " ).

Middle East & Africa

+48% ( " " )

Reflects increased regional demand and capacity constraints in certain trade lanes, which elevated rates. Disruptions around the Red Sea led to higher buy rates, raising per-unit pricing and contributing to the jump in revenues despite added cost pressures ( " " , prior period data " " ).

Net Income

-45% ( " " " " " )

Despite revenue growth, net income dropped sharply as transportation costs rose faster than sell rates, compressing margins. Higher operating expenses (including salaries and technology systems) along with lingering volatility in certain trade lanes contributed to the steep decline relative to the previous year ( " " " " " ).