Freight forwarder Panalpina reported a drop in both revenues – by 1.6% year over year – and profitability in 2Q 2019. A slide in ocean freight handling of 2.4% and a collapse in airfreight margins meant total profitability dropped to 4.3% from 4.8% a year earlier in EBITDA terms, the first decline after five quarters of improvements. The firm also underperformed DSV, which is in the process of trying to complete an acquisition of Panalpina. The former’s U.S. seaborne volumes surged 17.2% higher year over year in 2Q while Panalpina’s rose by just 1.1%. A 13.4% drop in Europe-to-U.S. volum...