Global and Regional Infrastructure, Logistics Costs, and Third Party Logistics Market Trends and Analysis January, 2014

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1 Global and Regional Infrastructure, Logistics Costs, and Third Party Logistics Market Trends and Analysis January, 2014 Phone: Website:

2 ABOUT ARMSTRONG & ASSOCIATES, INC. Armstrong & Associates, Inc. is a supply chain management market research and consulting firm specializing in strategic planning, logistics outsourcing, competitive benchmarking, mergers and acquisitions, 3PL service/cost benchmarking, and supply chain systems evaluation and selection. Armstrong & Associates publishes Who s Who in Logistics and Supply Chain Management The Americas and Who s Who in Logistics and Supply Chain Management International. Recent research papers include "Slow Dance PL Market Analysis and 2013 Predictions," "3PL Brand Recognition, RFP Activity and Expected Profit Margins for 3PLs 2013," "Mexico: Trucking, Railroads and Third Party Logistics Market Report," "The Business of Warehousing in North America 2012 Market Size, Major 3PLs, Benchmarking Costs, Prices and Practices" and "Trends in 3PL/Customer Relationships." All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopied, recorded or otherwise, without the prior permission of the publisher, Armstrong & Associates, Inc. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Armstrong & Associates delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such, Armstrong & Associates can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect. Copyright 2014 Armstrong & Associates, Inc. 2 P age

3 Table of Contents Global and Regional Infrastructure... 4 Brazil... 5 India... 6 China... 7 Global Logistics Costs and Third Party Logistics Revenues... 8 Third Party Logistics Market PL Revenue and Growth Rates Analysis Major Region 3PL Market Growth Trends Major Players in Third Party Logistics Global Logistics Costs by Mode or Function Appendix A Global Logistics Costs and Third Party Logistics Revenues E Appendix B APAC Market Comparisons Appendix C Related 3PL Case Studies Menlo Refines its China 3PL Model and Gains Business DHL Supply Chain What I Learned in China UPS What I Learned in China UTi India Emphasis on Growth Chinese NVOCCs Moving From Tactical to Strategic Round The World Logistics & Supply Chain Management Ltd Copyright 2014 Armstrong & Associates, Inc. 3 P age

4 Country Global and Regional Infrastructure Supply chain management capabilities vary greatly between countries. Differences fall into two major categories: 1.) information flow and controls 2.) physical limitations. Advanced economies generally have better highways, ports and railways as well as better communication systems and high tech. Political changes can especially complicate the latter but normally are limited to emerging market/developing economy countries. As a general rule, logistics costs as a percent of gross domestic product (GDP) are lower in advanced economies and higher in emerging market/developing countries. Table 1 presents basic infrastructure results for 15 countries. Rank by 2012 GDP¹ Size Table 1. Global Transporta on Infrastructure (US$ Billions) Roadways Rank Roadways km Railways Rank Railways km Waterways Rank Waterways km Pipelines Gas km PL Revenue United States 15, ,506, , ,009 1,984, China 8, ,106, , ,000 48, Japan 5, ,210, , ,770 4, Germany 3, , , ,467 26, France 2, ,028, , ,501 15, United Kingdom 2, , , ,200 28, Brazil 2, ,580, , ,000 17, Italy 2, , , ,400 20, India 1, ,689, , ,500 13, Canada 1, ,042, , , Australia 1, , , ,000 30, Spain 1, , , ,000 10, Mexico 1, , , ,900 18, South Korea 1, , , ,600 2, Indonesia , , ,579 11, ¹CIA official exchange rate GDPs (www.cia.gov) The World Factbook 12/5/2013 Source: Not surprisingly, the countries with the largest economies dominate infrastructure statistics. The United States has the most kilometers of highways, railways and pipelines. China, with the second largest economy, has the third largest amounts of highways and railways. India is second in the total kilometers of roadways. However, only 2 3% of India's roadways are modern highways. Even some of these, like Highway 9 from Mumbai to Pune, have uneven surfaces and transportation obstacles. India and Brazil both have railway systems with different gauges making railcar and locomotive interchanges impossible. As a result, the rail and intermodal abilities are compromised. Copyright 2014 Armstrong & Associates, Inc. 4 P age

5 Pipelines are the most inexpensive and environmentally friendly methods of transportation. The U.S. and Canada have the largest amounts. Some small countries/regions like Singapore, Hong Kong and the Netherlands have highquality infrastructure for all transportation modes. They are also key crossroad locations for global trade, transportation and storage. In addition to physical infrastructure limitations, most emerging market/developing economy countries have various forms of information controls which seriously disrupt freight flows and the ability to do business. Most of the disruptions increase cost and lower efficiencies within their host countries. Here are some examples: Brazil In Brazil, the governmental challenges to managing transportation are substantial. A third party logistics provider (3PL) can manage carriers, handle proof of delivery (POD) management and settlement, plan routings, handle rates and develop solutions. Sounds like routine transportation management except for the consequences of governmental activity. First among these is the impact of Agência Nacional de Vigilância Sanitária (ANVISA) or The National Health Surveillance Agency. In addition to controlling production and marking of drugs, devices and services, the agency has authority over transportation infrastructure used for the movement of drugs, devices, etc. As a result, the carriers, trucks and warehouses used by a 3PL have to be approved by ANVISA. To comply, a 3PL can keep track of truck licensing, inspection and insurance and has ultimate responsibility for compliance. In addition to the ANVISA requirements, states require individual facility licenses under the Visa program. Much more problematic for transportation management, however, is the value added tax, ICMS. ICMS is the tax on the circulation of goods, interstate and intercity transportation, and communication services, even when the operation is initiated abroad. The ICMS rates vary on average from 7 19% by state in Brazil. Certain states create initiatives for particular industries by reducing ICMS rates on products. For example, Goias has a special incentive for manufacturing drugs and devices. In Manaus, in the Amazon region, there is a free trade zone filled with brand name manufacturers of electronic gear and motorcycles/scooters. The tax free merchandise is shipped down the river in road containers on barges (about 700 miles over three to four days). Payloads, especially for healthcare products, are often limited by insurance limits on the value of cargoes. Copyright 2014 Armstrong & Associates, Inc. 5 P age

6 The value of goods and tax requirements are important considerations for managing transportation. The main freight bill document, the CTRC, includes extensive information on the value of merchandise, financial negotiation, the tax on freight charges and, yes, information on the shipper, consignee, weight, pieces, etc. The transportation manager juggles it all to find the best solution. Along the way he must get government approval for the shipment and two PODs one on the CTRC and one for the accompanying invoice. India 1 The major challenges in India include lack of highways between and within cities, over capacity ports and India's famously cumbersome and large governmental bureaucracy. Traditional corruption complicates business and everyday life. However, GDP growth will be respectable again this year and India's establishment is changing. During our visit, Anna Hazare was leading an effort to force governmental reform of corruption. Hazare was on an extended Gandhi style fest. In India, most large retailers have many (20 24) smaller distribution centers to avoid heavy goods services taxes incurred in moving product across states lines. There are 30 states. Currently, there is a movement to make the goods and services tax (GST) uniform across the states which would allow most companies to reduce their number of distribution centers. In addition, major highways are being built for the "golden quadrangle" that will connect the major cities and regions. The major areas are the North Central based on New Delhi (population 22 million), the Western region with Mumbai (population 20 million), the nation's economic center and major port as its hub, the Northeast around Kolkata (population 15 million) and the South including the key city of Bangalore (population 7 million) and the second largest port of Chennai (population 7 million). Traditionally, Colombo at the north tip of Sri Lanka has been a key port of call for major shipping lines. Much of the Indian East Coast container movement is reloaded to larger vessels there. In addition, Kolkata is a shallow water port and Chennai is over capacity. A fourth port is being built in Mumbai to handle its current over capacity situation. Most inland linehaul between major ports and markets is performed by container or trailer on flat car (COFC/TOFC). For truckers, operations are complicated nearly everywhere by lack and quality of the road network. Restrictions, such as the limitation on truck traffic in Mumbai between 6 a.m. and 6 p.m. make for additional operating challenges. 1 Based on 2011 visit. Copyright 2014 Armstrong & Associates, Inc. 6 P age

7 China China's provinces exercise extensive authority over border crossings. Disruptions are normally based on licenses to operate. Having the right national and local governmental licenses is imperative. While you can have national authority to operate in China for warehousing and road transportation, you must have local licenses to bill and collect for services. DHL Supply Chain is a wholly owned, national operation with local business licenses in 19 major cities. Specific hygiene licenses for food warehousing, co packing and transport are held in Shanghai, Beijing and Guangzhou. Regional road transportation licenses are held for Beijing, Tianjin, Shanghai, Hefei and Suzhou. Obtaining the necessary licenses in China is doable, but requires working through tedious, bureaucratic challenges. Often you need to obtain a local business license and then a second local license for transport or special warehousing operations. Once issued, licenses are not transferrable. Infrastructure challenges create opportunities for modern, sophisticated 3PLs. Most major, international companies find it expedient to let DB Schenker Logistics, UPS Supply Chain Solutions or a similar 3PL address the problems and offer uniform solutions around the globe. Copyright 2014 Armstrong & Associates, Inc. 7 P age

8 Global Logistics Costs and Third Party Logistics Revenues Armstrong and Associates, Inc. (A&A) has developed logistics cost and third party logistics revenue estimates for the period, The tables include the major regions of North America, Europe, Asia Pacific and South America as well as breakdowns for 28 countries. The complete tables are in Appendix A. Global logistics costs have increased from $6.1 trillion in 2006 to $8.4 trillion in We have projected global logistics costs and third party logistics revenues through fiscal year Figure 1. Global Logistics Costs and Third Party Logistics Revenues (US$ Billions) $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ 2011 Year E 2014E 2015E E 2014E 2015E 3PL Revenue $471 $489 $507 $507 $631 $662 $685 $704 $727 $753 Logistics Cost $6,122 $6,377 $6,552 $6,624 $7,689 $8,071 $8,351 $8,578 $8,858 $9,177 Globally, modern industrially developed and post industrial countries have the lowest relative logistics costs as a percent of GDP. For example, for 2012, North America's logistics cost as a percent of GDP was 8.8% and Europe's was 9.2%. Asia Pacific's estimate was 12.8% and South America's was 12.3%. This is a function of logistics (road/rail/port) infrastructure, the lifecycle deployment of leading logistics practices, and influence of ongoing process improvements including eliminating unnecessary governmental, bureaucratic obstacles. Copyright 2014 Armstrong & Associates, Inc. 8 P age

9 $1,800 $1,600 $1,400 Figure Logistics Costs by Region and Key Countries (US$ Billions) $1,640 $1,546 $1,505 $1,335 $1,200 $1,000 $800 $757 $600 $509 $507 $400 $200 $ North America Greater China Europe United States Asia Pacific (ex. Greater China and Japan) South America Japan For a single country, China s logistics cost is the highest in the world at $1.5 trillion per year (in comparison, U.S. logistics cost is $1.3 trillion) and equivalent to more than half the Asia Pacific region. Globally, the Asia Pacific (APAC) is the largest logistics market accounting for 34% of total global logistics costs and 35% of total global 3PL revenues. 20% Figure Logistics Cost by Region (as a % of GDP) 18% 17.2% 16% 14% 12% 12.3% 10.9% 10% 8% 6% 4% 2% 9.2% 8.8% 8.5% 0% Greater China South America Asia Pacific (ex. Greater China and Japan) Europe North America Japan Copyright 2014 Armstrong & Associates, Inc. 9 P age

10 In terms of logistics cost as a percent of GDP, developing economies normally run 11 15%, while Greater China is at 17%. The distribution of logistics cost percentages is similar to that for logistics performance index (LPI) numbers developed by The World Bank. 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Figure 4. Distribution of Logistics (GDP %), 3PL Revenue % and LPI numbers Mexico Canada United States Italy Spain France United Kingdom Netherlands Germany India China South Korea Taiwan Australia Japan Hong Kong Singapore Venezuela Colombia Peru Argentina Brazil Chile Logistics Performance Index (LPI) North America Europe Asia Pacific South America Logistics (GDP %) 3PL Revenue % LPI 12.0% 10.0% 10.8% Figure 5. Logistics Cost Growth (CAGR by Region) 8.0% 6.0% 8.2% 6.7% 5.8% 5.9% 4.6% 4.0% 3.4% 3.5% 2.0% 1.6% 2.1% 2.1% 0.6% 0.0% Greater China Asia Pacific (ex. Greater China and Japan) South America Japan North America Europe E Copyright 2014 Armstrong & Associates, Inc. 10 P age

11 Greater China and Asia Pacific (excluding Japan) are expected to be the fastest growing regions in terms of logistics cost during the period from 2012 to This will primarily be driven by strong growth in private domestic consumption on general merchandise, including a range of fast moving consumer goods for daily consumption, as well as luxury items. This growth reflects a number of factors including strong economic growth, encouraging demographics, sustained urbanization and growth of the middle class. 12.0% 10.0% 10.6% Figure 6. GDP Growth (CAGR by Region) 8.0% 8.0% 6.0% 6.4% 5.5% 5.9% 4.6% 4.0% 3.4% 2.0% 1.6% 2.4% 2.1% 2.1% 0.6% 0.0% Greater China Asia Pacific (ex. Greater China and Japan) South America Japan North America Europe E Copyright 2014 Armstrong & Associates, Inc. 11 P age

12 Third Party Logistics Market Logistics involves the movement and storage of goods between different locations from origin suppliers to intermediate points, and eventually to end users. In the logistics industry, logistics service providers generally focus on two primary service functions: 1.) transportation by different modes (ground, ocean, air, rail) and 2.) warehousing (storage, consolidation/deconsolidation, cross docking). The breadth of value added services and capabilities a logistics provider can offer customers differentiates 3PLs from transactional transportation companies and basic warehousing operations. The table below includes some of the primary 3PL value added services and capabilities. The major change since 1995 has been an increase in the complexity and clustering of these services. Several of the largest 3PLs (DHL Supply Chain & Global Forwarding, DB Schenker Logistics, Kuehne + Nagel, Nippon Express and UPS Supply Chain Solutions) offer a wide array of these services to their largest customers. Table 2. Third Party Logistics Value Added Services Both 3PL/4PL 4PL/Lead Logistics Provider Call Centers Consolidation/Deconsolidation Consulting/Process Reengineering EDI Handling Exception Handling Financial Services Food Grade/Temperature Controlled Hazmat Skills ISO Certification Inventory/Vendor Management Lean Management Skills Order Management Pool Distribution/Cross Docking Radio Frequency/RFID Security Processes Sourcing/Procurement Skills Supply Chain Systems Domestic & International Trans. Mgmt. Cargo Insurance Carrier Contracting/Brokering/Freight Payment Customs Brokerage Duty Drawback Processing Freight Forwarding/NVOCC lncoterms Management EXW to DDP Letters of Credit/Negotiable BOLs Merge In Transit Multimodal Transportation Project Logistics Transportation Execution Transportation Network Planning/Optimization Value Added Warehousing & Distribution Bonded Facilities Easily Deployable IT & Work Processes Installation/Removal JIT/Kanban Kitting/Pick & Pack Light Manufacturing/Assembly Order Fulfillment Reverse Logistics Subassembly Copyright 2014 Armstrong & Associates, Inc. 12 P age

13 The key competitive differentiators between 3PLs include supply chain management systems capabilities, operations management skills, and logistics engineering expertise. Most tier one 3PLs have implemented integrated systems platforms to support global transportation and warehouse management operations. These platforms offer internet visibility and exception handling capabilities combined with transportation management functionality for the daily management of orders, customer inventory, and the optimization of thousands of shipments across large geographical areas. The same 3PLs can run value added warehousing operations, perform supply chain network analysis and design, and manage call center and fulfillment operations. Several 3PLs have expanded to have global scope for all services. Most often, global 3PL expansions have been through acquisitions. The following table provides a list of major deals. Target Company American Backhaulers Table 3. Select 3PL Acquisitions (US$ Millions) Acquisition Date Purchase Price Target Company Yearly Revenue Target Company EBIT or EBITDA EBIT* or EBITDA** Multiplier Acquirer C.H. Robinson Worldwide 12/ cash/36 stock * Tibbett & Britten Exel 12/ , ** Ozburn Hessey Logistics Welsch, Carson, Anderson & Stone 6/27/ ** BAX Global Deutsche Bahn 1/31/2006 1,210 2, * Barthco International Ozburn Hessey Logistics 7/7/ * Jacobson Companies Oak Hill Capital 6/1/ ** EGL Apollo Management/CEVA 7/2007 2,200 3, ** Geodis SNCF 7/1/2008 1,735 7, * Express Logistics Group Toll Holdings 10/23/ * Summit Logistics International Toll Holdings 2/2/ ** ATC Technology Corporation GENCO Distribution System 7/ ** Total Logistic Control Ryder 12/31/ ** TDG Norbert Dentressangle 3/ , ** Exel Transportation Services/Mode Transportation Hub Group 4/4/ * Caterpillar Logistics Services Platinum Equity 5/11/ * Turbo Logistics XPO Logistics 10/24/ * Phoenix International C.H. Robinson Worldwide 11/1/ ** Source: Primary, Company Information; Secondary, Armstrong & Associates, Inc. Estimates Copyright 2014 Armstrong & Associates, Inc. 13 P age

14 International transportation management (freight forwarding and non vessel operating common carrier (NVOCC)) and value added warehousing and distribution are the key components of global third party logistics. International transportation management (ITM) 3PLs have a core competency in freight forwarding and often offer a host of additional value added services. They traditionally act as intermediaries arranging for international and related domestic transportation between their customers and transportation providers. ITM 3PLs arrange and oversee all aspects of the transportation of products and materials, from origin to destination, by ground, ocean, air and rail. An ITM 3PL will typically arrange to pick up goods from a shipper, consolidate shipments, procure transportation, and provide ancillary valueadded services including preparation and submission of documentation, customs and other clearance processes, and warehousing and auditing of shipments. In addition, they will have systems for tracking and tracing shipments and automating processes with customs officials. Typically, ITM operations are non asset. Value added warehousing and distribution (VAWD) 3PLs manage customers warehousing and related transportation management needs. These services are typically performed under multi year contracts in which the 3PLs systems and staff take over responsibility of critical logistics functions. Responsibilities often include managing and optimizing warehousing operations, transport routes and providers whether inbound, outbound or dealing with aftermarket returns kitting and sequencing unassembled parts, providing support during manufacturing, picking and packing finished goods, and providing quality control and other value added services. Europeans tend to lump VAWD and the related outbound transportation into contract logistics. Traditionally, this 3PL segment is assetbased. Copyright 2014 Armstrong & Associates, Inc. 14 P age

15 Figure 7. Key Drivers of 3PL Market Growth Regulatory Compliance Low Cost Country Sourcing Off Shoring & Outsourced Mfg. Cost Reductions Increasing Supply Chain Complexity Focus on Core Competencies Regulatory Compliance Expanding IT Requirements Need Regional & Local Market Expertise Traditionally companies outsourced functions to 3PLs in order to reduce costs, gain operational efficiencies, and focus on core competencies in manufacturing. Starting in the early 1990s, there was a significant increase in offshoring of manufacturing operations and a shift from domestic supply chains with domestic logistics management needs to global supply chains with international logistics needs. Doing business globally is more complex and requires increased regional and local market expertise in managing transportation and warehousing, and adhering to governmental regulations. These increases in supply chain complexity have driven many companies to engage the help of 3PLs as logistics and regulatory specialists. In turn, 3PLs with expertise in international transportation management and warehousing and distribution are providing economies with the operational backbone for global trade. Copyright 2014 Armstrong & Associates, Inc. 15 P age

16 3PL Revenue and Growth Rates Analysis $200 $180 $160 $140 $120 $100 $171 Figure PL Revenue by Region (US$ Billions) $126 $158 $80 $60 $40 $64 $44 $53 $20 $ North America Greater China Europe Asia Pacific (ex. Greater China and Japan) South America Japan Europe continues to fluctuate in and out of recession with ongoing economic austerity which is negatively impacting its output. Based upon its 2012 regional revenue, we estimate that 3PLs operating in the Europe region have penetrated 23% of the total potential market, so the trend to outsource logistics functions to 3PLs continues to provide for growth over and above the overall economy. The best European based 3PLs have made acquisitions to globalize their operations and participate in developing markets with higher rates of growth. North America is benefiting from an improving U.S. economy with increasing manufacturing levels, the nearshoring of some manufacturing to Mexico, and newly addressable oil and gas operations in Canada and the U.S. Consumers in the U.S. bounced back from the great recession of 2009 and started to spend more especially on large ticket items. All of these factors are driving an improved 3PL market. Copyright 2014 Armstrong & Associates, Inc. 16 P age

17 12.0% 10.0% 10.8% Figure 9. 3PL Revenue Growth (CAGR by Region) 8.0% 8.1% 6.0% 6.2% 6.0% 5.4% 5.2% 5.8% 4.6% 4.0% 3.4% 2.0% 1.6% 2.1% 0.6% 0.0% Greater China Asia Pacific (ex. Greater China and Japan) South America North America Japan Europe E The geographic region with the highest 3PL revenue spend and the highest 3PL growth rates is APAC, where growth has traditionally been driven by companies outsourcing or offshoring manufacturing to lower cost countries. While this trend still continues in Myanmar, Malaysia, Indonesia, Vietnam, Cambodia, and to a lesser extent in China, Thailand, the Philippines, and Singapore, increasing domestic consumption and demand for products are driving the need for modern distribution networks in the Asia Pacific region. The emphasis is shifting away from export trade and ocean or air freight forwarding to intra regional ground distribution. 3PLs providing value added warehousing and distribution services in these countries are experiencing significant growth. Copyright 2014 Armstrong & Associates, Inc. 17 P age

18 Thailand, 1.2% Indonesia, 2.8% South Korea, 4.7% Figure Asia Pacific 3PL Revenue Breakdown (%) Hong Kong, 1.0% Singapore, 1.1% Taiwan, 1.9% Philippines, 0.8% Malaysia, Others, 0.7% 0.9% Vietnam, 0.5% Australia, 6.8% India, 6.8% China, 48.8% Japan, 21.9% The graph above shows the 3PL revenue by Asia Pacific countries in As demonstrated, China accounts for 48.8% of all Asia Pacific 3PL revenues. Our estimate of 3PL penetration of the total potential U.S. 3PL market is 21%, up from 10% in This compares to current 3PL market penetration rates of 23% in Europe and only 17% in China. As a result, the underlying structural market dynamics are good and will support the trend for continued outsourcing to 3PLs in Asia. In combination with its above average economic growth, we anticipate Asia to continue to realize aboveaverage growth rates for third party logistics. Copyright 2014 Armstrong & Associates, Inc. 18 P age

19 Major Region 3PL Market Growth Trends Figure 11. 3PL Revenues by Major Geographic Region (US$ Billions) $350 $300 $250 $200 $208 $155 $152 $226 $162 $155 $243 $171 $158 $258 $180 $157 $273 $190 $158 $289 $203 $161 $150 $100 $50 $39 $42 $44 $45 $46 $48 $ E 2014E 2015E Year Asia Pacific North America Europe South America In 2012, the Asia Pacific 3PL market, at $243 billion was 40% larger than the 3PL markets in North America and Europe. We estimate that it will surpass $289 billion in When we look at regions for future 3PL market growth through 2015, the chart above highlights the Asia Pacific with a projected above average compound annual growth rate (CAGR) of 6.9% from 2010 through 2015E. Its growth exceeds North America at 5.5%, South America at 4.4%, and Europe at a below average rate of growth of 1.2%. Copyright 2014 Armstrong & Associates, Inc. 19 P age

20 Figure 12. VAWD Revenues by Major Geographic Region (US$ Billions) $80 $73 $70 $60 $50 $40 $51 $38 $37 $58 $41 $40 $61 $43 $40 $65 $45 $39 $69 $47 $40 $49 $41 $30 $20 $10 $9 $11 $11 $11 $12 $12 $ E 2014E 2015E Year Asia Pacific North America Europe South America Within the specific 3PL market segment of value added warehousing and distribution (VAWD), the Asia Pacific VAWD market grew to $61 billion in 2012 and will surpass $73 billion in With increased regional and interregional consumer demand for goods, VAWD is the fastest growing 3PL segment within the Asia Pacific. Segment growth through 2015, has the Asia Pacific with a projected above average CAGR of 7.4% from 2010 through 2015E. Furthermore, its VAWD growth exceeds North America at 5.1%, South America at 5.2%, and Europe at a below average rate of growth of 1.8%. Copyright 2014 Armstrong & Associates, Inc. 20 P age

21 Figure 13. ITM Revenues by Major Geographic Region (US$ Billions) $120 $100 $80 $74 $78 $79 $85 $90 $95 $60 $56 $54 $56 $54 $56 $52 $58 $52 $61 $52 $64 $53 $40 $20 $14 $14 $14 $15 $15 $16 $ E 2014E 2015E Year Asia Pacific North America Europe South America International transportation management (ITM) is the 3PL segment focused on freight forwarding activities from point of origin to the point of delivery. It often includes significant pieces of domestic ground transportation in conjunction with international air or ocean freight moves. In the Asia Pacific, ITM grew to $79 billion in 2012 and will surpass $95 billion in Even with more recent moderate growth in exports from Asia to the U.S. and Europe, the Asia Pacific has a projected above average CAGR of 5.1% from 2010 through 2015E. Its ITM segment growth exceeds North America at 2.8%, South America at 2.7%, and Europe which is in decline with a rate of 0.5%. Copyright 2014 Armstrong & Associates, Inc. 21 P age

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