DHL Global Forwarding reported a 9 per cent drop in third-quarter revenue to US$5.3 billion as lower ocean freight rates hit profitability, reported New York's Journal of Commerce. Volumes in ocean and air freight were unchanged from a year earlier.

Gross profit at the freight division slipped 6 per cent to $1.3 billion, while EBIT fell 30 per cent to $225 million. Ocean freight revenue dropped 20 per cent to $1.5 billion, with gross profit down 11 per cent to $330 million.

Air freight revenue declined 7 per cent to $1.7 billion, though gross profit rose 6 per cent to $287 million. DHL Group CEO Tobias Meyer said the weak global economy and lack of a peak season in ocean freight weighed on results.

Other divisions fared better. Express revenue fell three per cent to $6.8 billion but EBIT rose one per cent to $798 million. Supply Chain revenue was steady at $4 billion, with EBIT up two per cent to $320 million.

Overall, DHL's group net profit increased seven per cent to $1 billion, while EBIT rose eight per cent to $1.7 billion despite a two per cent decline in revenue to $23.8 billion.

Meyer noted US tariffs and the end of the de minimis duty-free rule have slowed trade to the US, making e-commerce shipments more complex and costly. He said other routes are becoming more significant for DHL.