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Navia Deepens Southeast Asia Reach With New Office in Johor Bahru

The company's second Malaysian location puts it on Singapore's doorstep and one of the world's busiest trade corridors. This week, Navia announced the opening of its freight forwarding office in Johor Bahru, Malaysia, continuing its expansion as a global player. This is its second location on the Malay Peninsula, its twelfth in APAC, and the next phase in its growth journey. The choice of Johor Bahru as a location was based on a few key factors: Singapore is on the doorstep, deeper coverage across Malaysia, and a relentless ambition for growth. "Our expansion has always followed our customers.... Johor Bahru is us continuing to back the core markets that matter to them." Johor Bahru sits minutes from Singapore, connected by the world's busiest land border crossing, with over 350,000 crossings a day (roughly four times the daily volume of San Diego-Tijuana's San Ysidro crossing, which the U.S. Bureau of Transportation Statistics says is 87,569 crossings a day). A new rail link, opening later this year, will make that journey just five minutes. The state is also home to Port Tanjung Pelepas, the world's 15th-busiest seaport, handling over 14 million TEUs a year, and Senai International Airport. Since January 2025, the Johor-Singapore Special Economic Zone (JS-SEZ) has enabled duty-free trade and a single permit for land cargo moving between the two countries, targeting RM260 billion (approximately S$81 billion) in GDP for the zone, with 7% annual growth by 2030 according to Johor state government predictions. In practice, that gives Navia customers a team with direct access to Singapore via sea and land. Take a shipment from Shanghai landing at Tanjung Pelepas: freight that once needed to clear through a third-party agent before reaching Singapore can now move under one Navia team, with one coordinated Navia solution, from origin port, to bonded storage, to final delivery. All of it is tracked with the same Critical Chain exception visibility and live reporting from the NaviaHub that Navia's customers already use every day. The new office extends Navia's coverage across Malaysia. Alongside its existing Penang office, the Johor Bahru team now places Navia near Port Tanjung Pelepas, where a significant share of its freight already moves through. The Johor Bahru office marks the second expansion Navia has made this year, following the launch of TCI Navia in China in August, another step in the company's growing footprint. "Our expansion has always followed our customers, not the other way round. We've been invested in Malaysia for seven years, and Johor Bahru is us continuing to back the core markets that matter to them. This is another step forward, not just for Malaysia but for what we're building right across the region. What excites me most is the talent we're adding on the ground and the capability we're bringing in-house, so customers get the full Navia ecosystem working for them as one team.", said Simon Borg, Group CEO of Navia. About Navia: Navia is a global freight forwarder and 3PL provider. Founded in Australia in 2003, Navia has grown into one of the largest independently-owned logistics providers in the market, with offices across Australia, China, Hong Kong, Malaysia, New Zealand and the United States. Being independently owned allows the Navia team to provide customers with the network and reach of a multi-national, coupled with the care and attention freight requires. All of this is backed by the NaviaHub proprietary platform, which gives customers real-time SLA reports and exception management down to the SKU-level. https://naviafreight.com Media Contact: Greg Amanatidis, Director of Marketing, [email protected]

Investors bid up 'golden goose' DSV - bar set high for Kuehne

DSV's third-quarter (Q3 26) update out today unequivocally proves that the Danes are the freight forwarding benchmark where it matters, making top dollar in air and sea. Enjoying a Q3 conversion rate (CR: Ebit/gross profit = 45.8%) at its highest level since the start of the Schenker integration, Air & Sea's operating margin was equally outstanding, reaching... (Click to expand the table below and all others) ... 9.4% in the three months to the end of September. For comparable purposes, look backwards from Q3 24, full focus on core Air & Sea operations, just as the Schenker deal was secured... through Q4 24 and then Q1 25 - that's the last quarter without 100% of Schenker (deal closed on 30 Apr '25). The CR read, respectively: 50.5% (Q3 24); 48.3% (Q4 24); and 46.3% at last reading in the first quarter of 2025, right before two months worth of Schenker business was partly consolidated in Q2 25. Ebit margin over those three quarters rose sequentially quarter on quarter from 10.8% to 11.3% in Q4 24, and then dropped to 10% as the first Schenker hit was taken. We are at 9.4% now, getting to over 10% soon enough too, base case. Indeed. Positive earnings momentum in Q3 this year led to Ebit growth of +18.9% year on year in Q3, driven by a reduced cost base, as DSV points out - thank headcount management in the Air & Sea unit, outperforming the fall in volumes on the downslope. More freight is not necessarily the answer, anyway, to paraphrase CEO Jens Lund's remarks in the call with analysts - but high-yielding freight is, while regarding volumes, expected to plateau, DSV is at an inflection point. That said. Both air and ocean freight yields - as gauged by: gross profit per unit - climbed, yet unlikely summited if recent trends are anything to go by, reaching Dkr8,936 ($1,341.8) and Dkr4,142 ($622), respectively, their top readings since Schenker started being consolidated. Both readings are a bit soft compared to ex-Schenker data from Q3 25 (more here: pages 8 & 9, drawing from Q3 25 results), yet they were definitely satisfactory. Equally solid was the performance in Contract Logistics, with Q3 26 Ebit soaring +50% year on year - there are some adjustments to be made there as well as in Air & Sea, but all good. Looking forward, also bear in mind the contract logistics market is expected to grow at mid-single-digit rates, DSV's crystal ball says. As flagged by DeskOne earlier today, reinstating stock buybacks* is a small step in the right direction (also recall DeskOne's 8 October take: 'Investors scream: BRING BACK THE BUYBACKS'). (*However small in size, only $225m, the authorisation was welcome, and needed... given "obligations for share options", DSV CFO told the analysts; share count will marginally shrink, about 1%, starting today to 1 Feb 27.) 'Golden goose' DSV in sub-Dkr1,200/share value territory, as we argued a week ago, in early trade delivered +9% capital appreciation on the stock market today, trading as high as Dkr1,300 from around Dkr1,150 last week. +13% or so: not a bad Premium call, after all, it seemed at that point in time, with 12-month trailing (diluted and adjusted earnings per share) just above Dkr56. Then Master Lund decided to lead the show, and the stock traded as high as Dkr1.363.5, +13.5%. Which leads us to two considerations: the Dkr1,301 (early-trade) level highlighted below... ... is bang in line with the pre-hammering level of exactly a month ago; then, thanks to that and additional daily gains, DSV has recouped nearly $5.8bn of lost value in just a few hours - as much as CH Robinson valued RXO at takeover enterprise value, just saying. (By comparison: 'Dead wood' at Sfr230/share Kuehne + Nagel: +0.2% in early trade then in negative territory, -0.2% at last check, just what it deserves at the moment, given its rich trading multiples... while new US leadership caught our attention overnight ahead of DSV's release.) Also worth noting: DSV's net leverage is still high but free cash flow looks good, implying the group's share repurchase programme is conservative in size. To the bad news now. Volumes in air and sea were just ok-ish (more here: pages 7 & 8), almost unsatisfactory. On top of that, DSV assumes the addressable global air and sea freight markets will grow "around mid-single digits" this year, while in the current quarter (Q4 26), it predicts volume growth for Air & Sea "below the market and with slightly lower average gross profit yields compared to Q3 2026". Elsewhere where it remains troubled - the asset-heavy road business sucks: coveted synergies delayed to next year, as widely expected - it also expects "flat to low-single-digit growth for the road freight market for the remainder of the year". What else not to like? Total workforce is on its way up for the first time sequentially by nearly 1,200 (FTE) heads to 148,405 versus 159,490 (73,402 pre-Schenker deal) since the same quarter last year. But that may end up being a blessing in disguise if business with the hyperscalers keeps rolling in. There are signs it will, based on Lund's thoughtful remarks. Still, please bear with the bear: 2027-2030 tech/AI/whatever-related synergies are not worth the paper they are written on, although there's faith in those targets. DSV also narrowed its full-year Ebit guidance, yet the Dkr24.5bn mid-point is unchanged. Bernstein today - noting DSV is "capable of repurchasing c.Dkr6bn [stock] per quarter once it hits run-rate earnings power with a balance sheet at target leverage (<2x, we expect trends to c.1.5x)" - painted a neat picture of a business that is still healing, where Road will get better soon, if you trust management. Today's update was, overall, a good exercise aimed at building confidence, restoring trust in a 0.5%-yielding stock that anyway, lest you forget, still trades just +8% higher than at closing on Lund's Day One as group CEO, 1 Feb 2024. Classic relief rally, for now, but one that was very much needed.

Value of an A350 freighter pushing close to $200m

A new Airbus A350 freighter delivered next year is expected to have a value of between $197m-$198m, according to aviation advisory firm IBA. In an analysis of the freighter's likely value, the company said that monthly lease rates for the A350F, which conducted its first test flight last month, are expected to reach $1.53-$1.55m. This compares with the only widebody production freighter currently on the market, the Boeing 777F, which is valued at around $170m with monthly lease rates of around $1.35m. "IBA expects the A350F to reach the market at least one to two years ahead of the Boeing 777-8F, giving Airbus an opportunity to establish the aircraft with large-capacity cargo operators before its principal new-generation competitor enters service," the company said. Explaining its value forecast, IBA said the A350F is expected to offer a payload of approximately 111 tonnes, compared with 103 tonnes for the existing Boeing 777F. Meanwhile, the aircraft will share crew, systems and parts commonality with the A350-900 and A350-1000 passenger fleet. The cargo door is another key selling point. Airbus has equipped the aircraft with a 14 ft 1 inch maindeck cargo door - the largest in its class. Jonathan McDonald, Manager - Classic & Cargo Aircraft at IBA, said: "The A350F's first flight marks an important step for Airbus in the large-capacity freighter market. "The strength of the orderbook shows that operators are already willing to consider a new alternative in a segment that has long been dominated by Boeing products. "With a strong value and lease-rate profile, greater payload capacity and commonality with the passenger A350 fleet, the A350F is well positioned to establish itself as a significant part of the next generation of large freighters." Airbus has so far secured 115 firm orders from 14 disclosed customers for the A350F, compared with 89 firm orders from nine disclosed customers for the Boeing 777-8F. A350F customers include Cathay Pacific, Korean Air, Atlas Air and Silk Way West Airlines, several of which currently operate major or exclusively Boeing freighter fleets. "IBA believes the orderbook demonstrates a strong early foothold for Airbus in a large-capacity freighter market historically dominated by Boeing," the company said. Meanwhile, IBA is also expecting demand for widebody freighters to remain positive, supported by sustained "e-commerce demand, the movement of bulky, high-tech and time-sensitive cargo, and continued growth across the Asia-Pacific market". There will also be further A350F order opportunities to emerge as operators plan for the eventual retirement of Boeing 747-400 series freighters.