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Etihad Cargo Reinforces the Premium Product Delivery With Specialised Managerial AppointmentsEtihad Cargo, the cargo and logistics arm of Abu Dhabi’s Etihad Aviation Group, has significantly enhanced delivery of its eight-strong premium product range with the appointment of a specialised managerial team for cool chain products, Mail and eCommerce, Live animals and equine, and high value products.

“Etihad Cargo’s premium products and services account for 30 per cent of operations. Each of these products receive a specialised service to ensure the product is delivered to the highest industry standards” explained Martin Drew, Senior Vice President Sales and Cargo, Etihad Aviation Group. “The renewed emphasis on premium products reflects Etihad Cargo’s desire to provide clients the highest possible service level which will ensure long-term relationships as the air cargo partner of choice.”

Nasir Sajwani will now head up delivery of the carrier’s FlightValet, which manages the global transportation of high-value vehicles across the globe, FlyCulture, the tailored service for the secure and discreet transportation of rare and valuable artworks and musical instruments, and SafeGuard - the dedicated secure transportation service for valuable cargo.

Fabrice Panza, Product Manager, continues to lead Etihad Cargo’s cool chain products including its award-winning PharmaLife which uses specially designed, temperature-controlled equipment and specific processes to ship pharmaceuticals around the world as quickly and as safely as possible while complying with the highest industry compliance standards, and FreshForward which simplifies the movement of fresh fruit, vegetables, dairy, fish, meat, and flowers. Both products leverage Etihad’s extensive experience which has seen it be the first Middle Eastern carrier to be awarded IATA’s Centre of Excellence for Independent Validators (CEIV) certification in Pharmaceutical Logistics and the first regional airline – and second globally – to gain the IATA CEIV Fresh certificate which verifies it as a centre of excellence for perishable logistics.
Ram Vignesh is now managing Etihad Cargo’s AirMail and eCommerce products while Arun Nair leads the carrier’s LiveAnimals and SkyStables, products for the specialised and safe transportation of animals and horses respectively.

Etihad Cargo’s premium products operate across the carrier’s global network which spans Africa, America, Asia, Australia, Europe and the Middle East from its hub in Abu Dhabi.

SkyCooler Unilode Skycooler, a specialist in the leasing of temperature-controlled airline containers for catering operations, has entered into a 10-year repair, maintenance and digitalisation agreement with Unilode Aviation Solutions, the market leader in outsourced unit load device (ULD) management, repair and digital services.

Skycooler’s temperature-controlled containers will be repaired at Unilode’s EASA and FAA-certified repair stations, initially in the United Kingdom, and further locations will be added to meet the needs of Skycooler’s growing network. Unilode will also equip Skycooler’s containers with digital tags for increased supply chain visibility.

Jorgen Veslov, Chief Executive Officer, Skycooler, said: “Skycooler has specialised in the transportation of fresh, chilled and frozen food products to the inflight catering market since 2005. Long-term planning capabilities, reliability and availability of containers are key success factors in our business as our temperature-controlled container leasing operations are integrated within our customers’ supply chain management. Our repair agreement with Unilode will allow us to guarantee quick turnaround times of three to seven business days to our customers. Additionally, Unilode’s digital container tags, reader network and customer dashboard will provide Skycooler with real-time fleet visibility. Unilode will ensure consistent repair quality, compliance and transparency, and we look forward to our long-term partnership.”

Marc Groenewegen, Chief Commercial Officer and Managing Director MRO Solutions, Unilode Aviation Solutions, said: “We are pleased to be partnering with Skycooler that is an important player in a niche market with very promising growth opportunities. Our new 10-year agreement includes both our repair and digital services as Skycooler has recognised the benefits that Unilode’s digital ULD tags with geolocation and various sensor capabilities can provide for its temperature-controlled container fleet. This reflects and confirms the aviation market’s acceptance of Unilode’s digital technology and proves the versatility of our digital solutions that can be used for standard and special ULDs, such as temperature-controlled containers. We look forward to facilitating Skycooler’s growth with Unilode’s repair and digital solutions.”

Corpus Christi record tonnage The Port of Corpus Christi ended 2021 with record tonnage, mainly attributable to an 81.2 percent increase from 2020 in shipments of liquefied natural gas (LNG), while crude oil exports averaged a record 1.76 million barrels per day in 2021, a slight increase over its 2020 record performance.

The Port of Corpus Christi’s new annual tonnage record of 167.3 million tons is a 4.7 percent increase over 2020.

LNG exports fueled much of the growth, reaching 15.7 million tons as the global energy markets continue to recover from the demand destruction wrought by the COVID-19 pandemic last year. In addition, the Port of Corpus Christi saw increases in break bulk cargo such as wind energy components, natural gas liquids, as well as refined products such as diesel and motor gasoline. The Port of Corpus Christi also saw its best quarter in Q4-2021 at 44.3 million tons, besting the prior record from Q2-2021, and setting a new high for the second half of the year. From July through December 2021, the Port of Corpus Christi moved 86.8 million tons of cargo, up 4.7 percent from the previous mark set in the second half of 2020.

The Port of Corpus Christi hit an all-time high for crude oil exports in December, exceeding 60 million barrels in a month for the first time in its 100-year history. For the year, the Port of Corpus Christi’s 1.76 million barrels per day of crude oil exports saw an increase of approximately 100,000 barrels per day over its 2020 record high. The Port of Corpus Christi accounted for roughly 58 percent of all crude oil exports in 2021, according to research firm RBN Energy.

“These tonnage numbers are an indication of a continued recovery in the global energy markets coupled with an economic resiliency resulting from our transportation infrastructure investments alongside our customers increased investments in their operations,” said Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi. “While 2021 was no less challenging than 2020, I commend our Port Commissioners and Staff for their continued dedication to creating more value for our customers as we increase the competitiveness of goods movement through our gateway.”

The Port of Corpus Christi and the South Texas Coastal Bend has seen over $55 billion in private industrial investments over the past five years, an unprecedented level of growth resulting in a vibrant regional economy. Additional investments in infrastructure include the Corpus Christi Ship Channel Improvement Project, which once completed in late 2023 will render the Corpus Christi Ship Channel the deepest and widest ship channel in the entire U.S. Gulf. Work on Phases 2 and 3 of this four-phase project are ongoing, with funding for the fourth and final phase pending federal appropriations.

The Port of Corpus Christi continues to diversify its customer and commodity portfolio with new and innovative initiatives, including scalable hydrogen and renewable energy production, as well as a centralized Carbon Capture Utilization and Storage (CCUS) solution for its existing target sources and anticipated new industrial developments coming to South Texas.

“As the Energy Port of the Americas, the Port of Corpus Christi remains committed to helping its customers meet the demand for American-produced energy now and into the future, while also continuing the Port of Corpus Christi’s evolution as a renewable energy hub,” said Charles W. Zahn Jr., Port of Corpus Christi Commission Chairman. “We stand, as always, aligned with our industry partners as we move ahead with new projects in 2022 that will undoubtedly open the door to new investments and more jobs in Texas.”

Port of Antwerp NextGen district This week saw the official signing of the first concessionaires for the NextGen District in the heart of the port of Antwerp.

The commitment of two pioneers, Triple Helix and Bolder Industries, is an important milestone in securing this future circular economy hotspot. Together with innovative game changers, this cluster of circular companies aims to contribute to the transition to a climate-neutral society.

NextGen District will be the future circular economy hotspot in the port of Antwerp, on the former 88 hectares of General Motors. Port of Antwerp consciously chose to set aside this large area close to Europe's largest chemical cluster for the circular economy. Innovative players in the circular process and manufacturing industry will give end-of-life products a second or third life, explore circular carbon solutions and carry out experiments with renewable energy. In order to attract as many national and international pioneers in the field of circularity as possible, a market survey was organised in October 2020 and June 2021.

The two companies that signed first are both real game changers. The Antwerp-based company Triple Helix is set to build a factory to convert polyurethane foam from, among others, discarded mattresses, insulation panels and car seats, along with used PET from the retail and food industries, into polyols. These pure chemicals can then be reused, for example in the production of new polyurethane products. The factory will be fully circular and self-sufficient in terms of energy.

Bolder Industries, the pioneer of advanced sustainable chemical manufacturing sourced from end-of-life tires, delivers dramatic environmental savings to the global rubber and plastics industry and their customers. The company’s proprietary material science process repurposes the chemicals in end-of-life tires to create BolderBlack® and BolderOil™ for rubber, plastic, and petrochemicals supply chains and their new product outputs. In this recovery process, 98% of the tire's materials are utilized and 75% of the solids and liquids make their way back into new tires, manufactured rubber goods, and plastics.

The total investment value of these two new players amounts to approx. 100 million euros and will generate at least 70 new jobs. After applying for the necessary permits, the objective is to be operational by 2023-2024.

In the meantime, talks with other potential candidates are still in full swing. The projects are judged on feasibility, future orientation, innovative value, climate impact and adaptability. More news on this will follow in the course of 2022.

Jacques Vandermeiren, CEO Port of Antwerp: "The signing of these first two concessionaires represents a milestone for NextGen District and for Port of Antwerp. Several teams within our organisation have pulled out all the stops in recent months to achieve this milestone. With this, we are taking another important step forward in our pioneering role in the context of the climate transition. I want to thank both companies for being bold enough to take this leap of faith and I hope other gamechangers will follow."

Steven Peleman, CEO Triple Helix: “To drastically reduce emissions and waste pollution, we want to show the principle of material reincarnation to the world. In our plant at NextGen District, we want to recover polyurethane foams at the end of their life and transform them into their main components to be used again in new products. This is innovative and challenging, but with Port of Antwerp, BlueChem and our industrial and knowledge partners, we are ready to fight this battle. Not words but deeds!”

Tony Wibbeler, CEO Bolder Industries: “Since 2015, we have delivered material solutions that are now in thousands of rubber, plastics, and petrochemical products globally and with some of the world’s most recognized brands. We’re very proud to join the Port of Antwerp NextGen District, which is strategically situated, allowing Bolder Industries to better serve our global customers and make a meaningful contribution to the circular economy.”

Annick De Ridder, Vice-Mayor city of Antwerp & President Port of Antwerp: "These new players and the investment and jobs they generate are very good news for the sustainable growth of our port. In the NextGen District these pioneers will be given every opportunity to innovate and contribute to the strengthening, synergy and diversification of the port platform. With this cluster of circular companies at a prime logistical location, we can accelerate the transition to a climate-neutral society."

Claire Tillekaerts, CEO Flanders Investment & Trade Agency: “Even in Covid times, Flanders remains an attractive destination for new foreign investors. The synergy between the central location of our region and the logistical assets of Port of Antwerp, sharpened by a hands-on policy of the Flemish government committed to circular economy forms a very attractive framework for innovative companies, with mutually complementary effects. I am therefore very pleased to welcome Bolder Industries as a new ecosystem-strengthening partner in Flanders.”

ECU LCLECU Worldwide is betting on further growth in India as global importers source more Asia-made goods to meet roaring consumer and manufacturing demand.

ECU is one of the largest global cargo consolidators and a leading non-vessel-operating common carrier (NVOCC) and CEO Tim Tudor told The Loadstar demand for LCL (less-than-container-load) services would continue to grow as ocean capacity tightened this year, because of widespread disruption caused by the pandemic.

“There are currently 100 vessels outside the port of Los Angeles, and similar delays are being seen in many other ports around the world,” Mr Tudor said. “This [congestion and dysfunction] will continue to work well for LCL, as shippers reconsider their freight flow and many opt for a more continual feed supply chain, which would include more LCL.”

According to him, although a fresh surge in Covid cases in India will inevitably cause disruption, authorities at various levels are taking timely proactive steps to ward off any large-scale supply chain hiccups to enable resurgent economic activity to continue as seamlessly as possible.

“Indian ports are ably supported by CFS [container freight station] infrastructure around the ports, which came in handy during the first and second Covid-19 events and will help ease congestion in future as well, should there be disruptions due to a shortage of labour and equipment at the container terminals,” said Mr Tudor.

He believes the pandemic has redefined the business environment, accelerating the pace of automation and making industry stakeholders realise the importance of being able to react, adapt and respond in a “stop-and-start” sort of economic scenario.

“Indian companies have taken a cue or more from the past two years and have focused on improving operational experience with a stronger thrust on digitalisation,” Mr Tudor said. “The Indian government is continuing to focus on building a robust infrastructure and this, in turn, will help the logistics sector to better manage future disruption.”

He added that it was imperative for future supply chain partners to begin factoring resilience and adaptability into their calculations and rely on digital technologies that, over the past two years, had become more dependable and conventional.

A wholly owned subsidiary of Mumbai-based Allcargo Logistics, ECU has significantly broadened its worldwide network in recent years through targeted acquisitions and organic growth. A majority-stake buy in Scandinavian freight consolidator Nordicon last July was its most recent on that front.

ECU has a network of about 300 offices across 80 countries, providing 2,400 direct trade services and door-to-door offerings in 56 global markets. It is said to command 13% of the global LCL market.

KLM EnvirotainerEnvirotainer, the global market leader in secure cold chain solutions for air transportation of pharmaceuticals and Air France KLM Martinair Cargo (AFKLMP Cargo), the leading airline in pharmaceutical logistics, today announced their collaboration on sustainability.

Envirotainer and Air France KLM Martinair Cargo each have a strong focus on sustainability and are pursuing multiple initiatives with a view to achieving more sustainable operations. Being long-term close partners, both organisations sought to strengthen the initiatives by collaboration.

Air France KLM Martinair Cargo has approved the newly introduced Envirotainer Releye® container and is in the process of implementing it in its booking system as part of its product portfolio. The Releye provides outstanding environmental performance, delivering up to 90% reduction in CO2 emissions compared to available passive solutions, based on life-cycle analysis.

Envirotainer will reduce the impact of the use of its containers on the environment by investing in Sustainable Aviation Fuel (SAF). SAF offers a cleaner alternative for conventional jet fuel. SAF is produced from sustainable feedstock, such as cooking oil, animal waste or solid waste from homes and businesses. It reduces CO2 emissions by up to 85%, when compared to conventional jet fuel. The reduction occurs throughout the entire lifecycle of producing and using sustainable aviation fuel compared to that of fossil fuel.

“We are very happy that a close partner of ours since many years keeps delivering top quality service and secures that the pharmaceutical industry, together with us, provides further capacity of latest technology”, comments Don Harrison, Head of Global Key Accounts, Airlines at Envirotainer.

Marcel Kuijn, Global Head of Pharmaceutical Logistics at AFKLMP Cargo says: “We really appreciate our long-term partnership with Envirotainer. Sustainability and Pharmaceuticals are among our strategic focus areas. That is why this initiative is of such great importance to us.”

In 2020, Envirotainer revised its Sustainability Strategy, based on Agenda 2030 and the UN Global Compact. The revised strategy includes a stakeholder analysis, materiality assessment, mapping of key SDGs to which Envirotainer can contribute. And a detailed calculation of Envirotainer’s total CO2 footprint according to the Greenhouse Gas Protocol, as well as concrete targets and actions.

Envirotainer’s target of being climate neutral was reached in 2020 and the company is since then CO2 emission neutral in Scope 1, 2 and 3, excluding use-phase, as the first company in the industry. In addition, life cycle analysis, performed by a third party, shows that our products are the most climate friendly cold chain solutions in the industry.

80-90% of the CO2 emissions in the pharmaceutical value-chain are generated in the production and raw material sourcing, so preventing temperature-sensitive pharmaceuticals from being exposed to temperature deviations during transport is crucial. Envirotainer is happy to report industry-leading levels of less than 0.1% temperature deviations. We believe this is especially noteworthy considering that some 600 million vials of pharmaceuticals were transported in our cold-chain solutions in 2020. Also, Envirotainer develops, manufactures, and provides innovative cold chain air transportation solutions, including validation, support, and service, for pharmaceutical products that require a temperature-controlled environment. Being part of this truly circular economy, where our products are leased to our customers and are thus re-used hundreds of times during their lifetime, strongly benefits the environment by reducing packaging landfills.

In October 2021, Air France KLM Group has committed to having its CO2 emissions reduction targets validated by the independent reference organization SBTi, ensuring that its targets are in line with the Paris Agreement. Air France-KLM is one of the first European airline groups to have its decarbonisation trajectory validated by SBTi. This new important step in the Group's decarbonisation strategy comes in addition to its objective of net zero emissions by 2050.

The Air France-KLM group's decarbonisation trajectory includes: An ambitious plan to renew the fleet of the Group’s airlines with new generation aircraft emitting 20 to 25% less CO2. Between 2019 and 2021, the Group invested 2.5 billion euros in fleet renewal.

The use of Sustainable Aviation Fuels (SAF). These non-fossil fuels are produced from industrial or domestic waste in a circular economy, and do not compete with the human food chain. Air France and KLM have been pioneers in the use of these fuels, which will play a key role in the decarbonisation of air transport, as they reduce greenhouse gas emissions by an average of 80% over the entire life cycle. Today, the Group is working to make these fuels more accessible in terms of quantity and price by creating an actual sustainable aviation fuel industry in Europe.

The search for greater efficiency in its operations, by favouring more direct trajectories and applying procedures that limit fuel consumption (lighter aircraft, single-engine taxi, continuous descent). Air France and KLM have set themselves the target of carbon neutrality for ground operations by 2030.

In addition, Air France-KLM is mobilizing the entire sector and is committed to the development of innovative solutions for aircraft design and maintenance, engines, or synthetic fuels, which will gradually lead to totally carbon-free aviation.

Envirotainer and AFKLMP Cargo have been working with similar objectives to improve the temperature sensitive supply chain quality, reliability and accessibility over the years. Now we can also add improved sustainability to our joint objectives to further strengthen our relationship.

Maersk Net ZeroMaersk (Maersk) announces new aspiring emissions targets expected to align the company with the Net Zero criteria of the Science Based Targets initiative (SBTi) pathway to limit global warming to 1.5°C.

They include a societal commitment to act now and drive material impact in this decade, and a commitment to deliver net zero supply chains to customers by 2040. The targets go beyond previous efforts to reduce emissions related to the ocean fleet as they cover all direct and indirect emissions across the entire Maersk business.

"As a global provider of end-to-end logistics services across all transport modes, it is a strategic imperative for Maersk to extend our net zero ambition to the total footprint of the business. The science is clear, we must act now to deliver significant progress in this decade. These very ambitious targets mark our commitment to society and to the many customers who call for net zero supply chains." Soren Skou CEO of A.P. Moller - Maersk.

Tangible near-term targets for 2030 are set to ensure significant progress on curbing direct Maersk emissions already in this decade.

These include a 50% reduction in emissions per transported container in the Maersk Ocean fleet and a 70% reduction in absolute emissions from fully controlled terminals. Depending on growth in the ocean business, this will lead to absolute emissions reductions between 35% and 50% from a 2020 baseline.

"Our updated targets and accelerated timelines reflect a very challenging, yet viable pathway to net zero which is driven by advances in technology and solutions. What is needed is a rapid scale-up which we will strive to achieve in close collaboration with customers and suppliers across the entire supply chain." Henriette Hallberg Thygesen CEO of Fleet & Strategic Brands, A.P. Moller - Maersk.

As recommended by SBTi, over the decade Maersk will go above and beyond the 1.5°C-aligned targets and invest in building a portfolio of natural climate solutions that will result in around five million tons of CO2 savings per year by 2030.

To maximise progress towards net zero supply chains in 2040, ambitious 2030 targets for a range of green product offerings are introduced, adding to solutions including Maersk’s Emissions Dashboard and Maersk ECO Delivery. They aim to reinforce Maersk as an industry leading provider of green supply chain solutions and cover Ocean, Air, Contract Logistics (warehouses and depots) and Cold Chain businesses (see fact box below). These products will utilise green technologies and solutions to ensure that they provide real emission reductions within the supply chain.

Covering indirect emissions means the targets also address emissions from e.g., inland transport services and vessel building which are provided by third party suppliers. Tackling this challenge will require extensive data insights and close collaboration with local and regional suppliers of products and services across the Maersk business footprint.

Qatar Cargo A330FMunich Airport welcomes a further increase in so-called cargo-only services.

As of today, Qatar Airways is operating regular flights to and from Munich with a cargo version of its Boeing 777. The routing starts in Bangalore, India, and leads via Qatar's capital Doha to Munich and then on to Chicago. On the return flight, in exactly the opposite rotation, the freighter reaches Munich every Tuesday. Qatar Airways operates this service on behalf of the international logistics provider DB Schenker.

Munich's cargo network will thus be expanded by more significant destinations. This new freight service proves once again that, even in times of pandemic, Munich Airport plays an important role as a reliable part of the infrastructure and a key component of global supply chains.

EUROGATE Rail Hungary EUROGATE Intermodal GmbH (EGIM),Hamburg-based provider of combined transport by rail and road, today announced Floyd Zrt., its Hungarian rail subsidiary, will begin operating under the new name EUROGATE Rail Hungary Zrt., effective immediately.

By renaming Floyd to EUROGATE Rail Hungary, EGIM’s goal is to support brand alignment and present its services under a more unified front. Customers and partners will experience no product or personnel changes when conducting business with the Hungarian rail company under its new identity.

Christopher Beplat, EGIM Managing Director, explains: “By rebranding Floyd as EUROGATE Rail Hungary, we are creating more transparency in the market and solidifying our portfolio of international intermodal products. This decision is another reflection of our continued commitment to simplifying rail connectivity across borders.”

Based in Budapest, EUROGATE Rail Hungary offers rail freight transport connections across Hungary, Austria and Germany. EGIM has been the majority shareholder in the company since 2008 and currently holds 64% of the organisation. The remaining 36% of EUROGATE Rail Hungary is owned by I.C.E. Holding Kft., which is headquartered in Budapest.

APM Aarhus A booming Danish export market is not the only factor driving volume growth at Denmark’s largest container terminal, APM Terminals Aarhus.

The terminal continued to attract new services in 2021 and last week completed the installation of a further 180 reefer plugs to ensure it can continue to offer the service and flexibility that customers are looking for.

Despite supply-chain disruption caused by the global pandemic, volumes at the terminal grew by around 13% in 2020. This trend accelerated further in 2021 when the terminal handled a record 397,121 container moves – an increase of +20% over the previous year. Reefer volumes alone were up 7% in 2021. In 2022, reefer volumes are forecast to grow further as the terminal starts to handle a growing share of Royal Arctic Line reefers.

Accurate forecasting enabled APM Terminals Aarhus to plan ahead with phases 1 & 2 of its reefer rack expansion already completed in 2020 and phases 3 & 4 completed in December 2021 and January 2022 respectively. This latest addition increased capacity by 360 plugs, bringing the total capacity at the terminal to 1,548 reefer plugs.

“The additional reefer capacity will allow us to plan for additional reefer cargo,” says Helle Almind, Commercial Manager at APM Terminals Aarhus. “The reefer racks are strategically located in the yard and therefore we also expect an improvement in operational efficiency, which will benefit both landside and shipping line customers.”

APM Terminals Aarhus handles more than 60 percent of the container volumes in Denmark and continually ranks among the most efficient and productive container terminals in Europe, delivering over 33 gross moves per hour (GMPH).

Slovenian Logistics Expo On 11 January, the Transport Association of the Slovenian Chamber of Commerce and Industry, together with the SPIRIT agency, organised a presentation of Slovenian logistics at the EXPO 2020 Dubai World Expo, which has been taking place in the capital of the United Arab Emirates since October last year and will close at the end of March.

In addition to representatives of Luka Koper, headed by the President of the Management Board, Boštjan Napast, the event was attended by the Minister of Infrastructure, Jernej Vrtovec.

At the event, which was also streamed live on the internet, representatives of logistics companies presented the best of Slovenian logistics. As we were mainly addressing the overseas foreign business public, the focus was primarily on the geographical position of Slovenia, which represents the shortest connection between the markets beyond the Suez Canal and Central Europe. As the whole presentation of Slovenia is based on the Expo’s orientation towards a green and environmentally friendly destination, we also presented Slovenian logistics in this light. The shortest route between Central Europe and the East also means lower carbon dioxide emissions. The voyage from Suez to Koper is 4,141 km shorter and just one ship of average size and speed emits 687 kg less CO2 than if it were headed to Hamburg.

Slovenia also has a high share of rail freight, especially transit transport, which means 3.5 times lower CO2 emissions compared to road transport, measured in tonnes per kilometre. This is why Slovenia has invested heavily in recent years in the renewal of its rail network and in new lines. Since 2015, it has invested more than €3 billion. This figure does not include the construction of the new track between Koper and Divača which started last year.

Slovenian logistics is not just about ports and rail. It is also Ljubljana Airport, where different types of goods are handled. It is road transport, not only of extraordinary cargo, but also of passengers; and it is warehousing, with many distribution centres and much more. According to SPIRIT estimates, there are well over three thousand companies and 39 thousand employees in the logistics sector, which together generate more than €5 billion in revenue annually.

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