In 2023, international trade stagnation, geopolitical conflicts, and economic uncertainty created a challenging business environment for the world’s largest transportation and logistics providers.

According to the ranking of freight revenue in 2023, the authoritative logistics magazine Transport Topics has released the 2024 list of the top 50 global freight companies.

Source: Transport Topics

This annual list is compiled by Transport Topics in collaboration with SJ Consulting Group and outlines the key players in freight and cargo handling across the globe. It covers various modes including trucking, rail, ocean shipping, air, and parcel delivery, as well as non-asset-based third-party logistics providers. Revenue information is sourced from *Transport Topics* reports and SJ Consulting Group estimates of freight services. All revenue is listed in U.S. dollars, with exchange rates based on the 2023 annual average.

In the 2024 Global Top 50 Freight Companies List, the United States leads with 18 companies making the cut.

Next is China, with six companies on the list: China State Railway Group Co., Ltd. (9th); SF Express (11th); COSCO Shipping (13th); Sinotrans (24th); Evergreen Marine (34th); and Kerry Logistics (44th).

Germany and Japan each have five companies on the list, and Canada has three.

Additionally, the list includes 15 major third-party logistics providers, 10 freight rail providers, 9 ocean carriers, 9 parcel delivery companies, and 7 trucking companies.

Source: Transport Topics

1. Global Top 10 Freight Companies for 2024

According to the 2024 Global Top 50 Freight Companies List, the majority of companies saw a decline in revenue in 2023, with some experiencing significant drops.

Specifically, Amazon, which first topped the list last year, continues to hold the No. 1 spot. The world’s largest online retailer is one of the few companies in the top 50 to see an increase in freight revenue in 2023. According to Amazon, its third-party seller services generated over $140 billion in net sales in 2023, up from $117 billion the previous year.

Parcel delivery and logistics giant FedEx surpassed rival UPS to take the second spot on the list. In 2023, FedEx reported revenues exceeding $93 billion, while UPS came in just below $91 billion.

The U.S. Postal Service (USPS) climbed two places to rank 4th, with $79 billion in revenue, closely followed by German parcel and warehousing giant DHL Group.

Denmark’s Maersk remains the largest ocean carrier on the list, ranking 6th, though its revenue sharply dropped from over $80 billion in 2022 to just under $49 billion in 2023.

Two other major ocean shipping companies, CMA CGM and MSC, follow Maersk, ranking 7th and 8th, respectively.

China State Railway Group Co., Ltd. ranks 9th, and global freight forwarder Kuehne + Nagel International rounds out the top 10.

Graphic: Cross-border E-commerce Logistics OmniSage

2. Changes in the 2024 Global Freight Companies List

A notable change in the 2024 Global Top 50 Freight Companies List is the debut of Canadian Pacific Kansas City (CPKC), which ranks 32nd. The railway company was formed in 2023 through the merger of Canadian Pacific and Kansas City Southern, operating a rail network connecting Canada, the U.S., and Mexico.

Another new entry is U.S.-based truck rental and logistics provider Ryder System Inc., which makes its first appearance on the list, ranking 41st, thanks to its third-party logistics and dedicated transportation services.

As in previous years, several large North American trucking and third-party logistics firms are among the largest freight companies globally.

Freight forwarder C.H. Robinson dropped one place to rank 20th, with revenues falling from $23 billion in 2022 to around $16 billion in 2023. Intermodal and trucking company J.B. Hunt saw its revenue dip from $14.8 billion in 2022 to $12.8 billion in 2023 but moved up one spot to 26th.

Freight forwarder Expeditors International saw its revenue fall from $17 billion in 2022 to $9.3 billion in 2023, resulting in a drop from 23rd in 2023 to 31st in 2024.

LTL carrier XPO ranks 35th with $7.7 billion in revenue. Full-truckload carrier Knight-Swift Transportation follows with over $7.1 billion in revenue, ranking 39th. Canada’s freight group TFI International moved up two spots to 43rd, while LTL carrier Old Dominion Freight Line climbed five spots to 45th.

Trucking company Schneider also improved its ranking, moving from 49th in 2023 to 47th in 2024. Landstar System fell five places to 48th, while LTL carrier Estes Express made its debut in the top 50, ranking 50th.

For access to the full 2024 Global Top 50 Freight Companies Report, scan the QR code and register to receive a free copy!

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