DSV expects new online shopping trends to have a significant impact on air freight rates and capacity in the coming years, as global e-commerce continues to expand. The company, which reported a 7% increase in air freight volumes in 2024, has seen strong demand driven by rising cross-border trade, particularly from China. The global air cargo sector saw a strong boost, highlighting the rapid shifts in cross-border trade and consumer demand.

The surge in e-commerce has tightened air freight capacity and influenced pricing dynamics. While DSV has limited direct exposure to major e-commerce platforms—many of which contract their own freight space—the broader market trends are expected to reshape air cargo operations worldwide.

Concerns over a potential abolition of the de minimis tax exemption—which allows duty-free imports of low-value goods—eased after the U.S. administration reversed its decision on shipments from China.

Despite this growth, DSV’s gross margin fell to 25.7% from 29.1% in 2023, impacted by higher revenues but lower profit yields. The company’s conversion ratio also dipped to 37.5%, down from 40.4% last year.

To strengthen its operations, DSV expanded its air charter network in 2024, adding new routes and more frequent departures. The company also grew its Fulfilment Factory network with eight new sites to support rising e-commerce demand.

DSV handled over 4 million TEU of sea freight and 2.5 million tonnes of air freight following the integration of its Air & Sea division. However, on the sustainability front, the company faces challenges—air freight accounted for over half of its total emissions, which rose 20.9% in 2024 compared to the previous year.

With e-commerce and retail playing a key role in its long-term strategy, DSV continues to expand its logistics network and adapt to changing market dynamics.