Kuehne+Nagel CEO Sees China, AI Gear Driving Solid Cargo Demand

(Bloomberg) — Kuehne+Nagel International AG’s chief executive officer said the Swiss freight giant is seeing solid demand from Chinese companies expanding abroad and hyperscalers building data centers, both tailwinds for growth that should prevent elevated cargo rates from weakening any time soon.

“These two blocks are driving demand,” Chief Executive Officer Stefan Paul said Thursday in an interview in London.

Demand in data-center logistics, driven largely by US tech companies, looks to be “secured for the next three years,” Paul said, adding that until 2029 “there is still double-digit growth to be expected.”

Kuehne+Nagel this week announced a deal to handle data-center logistics for Amazon.com Inc., sending its stock to a two-year high.

At the same time, Chinese manufacturers — automakers in particular — are looking to sell into markets other than the US, Paul said. “Trade lanes are growing from China into other markets like the US because this is where they find a home for their products,” he said.

Given the demand outlook and lingering supply constraints, Paul predicted that freight rates probably won’t weaken much through the rest of the year.

“I do not foresee in the next couple of months to come, and as well not into 2027, that we’ll see a significant softening,” Paul said. “Our advice to customers is that it’s more important to stay resilient and ensure that you have proper, resilient, and up-to-date supply chain planning rather than bet on lower prices.”

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