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UPS’s ocean freight forwarding booms as e-commerce packages drag

China 2899 Corp - Forwarders 325 Earnings 667 European Union 774 Mode - Containerized 1424 Mode - Seaborne 1760 Quote Watch 438 U.S. 5200

UPS reported 14.5% year over year revenue growth in Q2’21 with a 7.1% drop in domestic, deferred package deliveries being offset by higher shipping rates and a surge in freight forwarding revenues. The domestic package decline was because “many of our brick-and-mortar enterprise customers reopened their stores”, according to CEO Carol Tomé, cutting into e-commerce related revenues. The firm’s Ocean Freight Forwarding operations doubled their profits as a result of “strong inventory replenishment demand”, CFO Brian Newman has noted. U.S. seaborne imports handled by UPS increased by 70.9% ...

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