In this article, we discuss the 25 richest billionaires in logistics industry. To skip the detailed analysis of the logistics industry, go directly to the 5 Richest Billionaires in the Logistics Industry.
Global Logistics Industry: An Outlook
The global logistics industry has grown rapidly since the evolution of the e-commerce industry and fast-paced globalization. This has led to an increase in demand for last-mile delivery services. According to Benchmark International, global e-commerce sales are expected to reach $6.3 trillion in 2024. Last-mile gig economy delivery plays a significant role in logistics operations. Last-mile delivery costs account for almost 53% of the total cost of shipping. Therefore, when the gig economy grows, retailers and logistics partners use crowdsourcing technologies to connect directly with local couriers to continue the delivery process. The Netherlands, Germany, Denmark, Finland, and Singapore are some of the most advanced countries in logistics.
According to a report by Precedence Research, the global logistics market was around $7.98 trillion in 2022. It is expected to reach $18.23 trillion by 2030, growing at a compound annual growth rate of 10.7% from 2023 to 2030. The North American logistics market was reported at around $1.97 trillion in 2022, while Asia-Pacific’s logistics market was worth $3.48 trillion. The Asia-Pacific region leads the freight and logistics market and is projected to be the fastest-growing region between 2023 and 2030, growing at a compound annual growth rate of 11.9%. Europe is expected to grow at a compound annual growth rate of 10.2% during 2023 and 2030. The manufacturing sector leads the global market share, which is supported by logistics to enhance production rates, cut costs, and increase customer satisfaction. China and India are two of the leading manufacturing countries in the world. These two countries are important economies for regional growth in the logistics industry and also the international market.
The Global Shipping Crisis
Despite the growing logistics market worldwide, there are potential threats. The Red Sea shipping battle may last a few more months considering the recent developments including the Israel-Iran escalation. According to estimates by JPMorgan Chase & Co. (NYSE:JPM), around 30% of the global container trade passes through the Red Sea route. The experts at JPMorgan Chase & Co. (NYSE:JPM) expect that the disruptions could add 0.7% points to global core goods inflation and 0.3% points to overall core inflation, during the first half of 2024. Here is what, Nora Szentivanyi, a Senior Economist at JPMorgan Chase & Co. (NYSE:JPM) said:
“The lengthening of supplier delivery times acts as an adverse supply shock. The rerouting of ships around Africa’s Cape of Good Hope equates to a roughly 30% increase in transit times, and this implies an approximately 9% reduction in effective global container shipping capacity.”
On March 14, Bloomberg reported that the CEO of one of the top shipping companies, Hapag-Lloyd Aktiengesellschaft (ETR:HLAG), Rolf Habben Jansen spoke about returning to the Rea Sea route. Jansen said:
“We hope that we’re going to be able to go back through in a couple of months. But I know there are also people that think that it will last quite a while longer.”
Hapag-Lloyd Aktiengesellschaft (ETR:HLAG) was impacted during the last quarter due to the escalation in the Red Sea. On March 14, Hapag-Lloyd Aktiengesellschaft (ETR:HLAG) reported results for the full year of 2023. The shipping company posted a massive decline in revenue from $36.40 billion in 2022 to $19.39 billion in 2023. The EBITDA was reported at around $4.8 billion, down from $20.47 billion in 2022. Hapag-Lloyd Aktiengesellschaft (ETR:HLAG) reported a profit of $3.2 billion, which was a low from $17.95 billion in 2022.
In addition, the CEO of ZIM Integrated Shipping Services Ltd. (NYSE:ZIM), Eli Glickman, shared the same view as Jansen. Here is what Glickman said during the Q4 2023 earnings call on March 13:
“Once the Red Sea crisis is resolved, we will likely revert to the supply demand scenario that began to play out in ’23, setting up a more challenging third and fourth quarter of ’24 for the industry, including us. Given that market dynamics in the era will depend largely on the duration of the Red Sea disruption, we are taking a cautious approach in establishing our ’24 guidance. As such, in ’24 we expect to generate adjusted EBITDA of $850 million to $1.45 billion, an adjusted EBIT of negative $300 million to positive $300 million.”
On January 25, ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) announced the launch of ZIM PNW Xpress (ZPX). ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) has launched this new independent service connecting Asia, Canada, and the US through Vancouver Gateway.
AP Møller – Mærsk A/S (CPH:MAERSK-B) is one of the top shipping companies in the world. On February 8, AP Møller – Mærsk A/S (CPH:MAERSK-B) reported the annual results for the year 2023. The company posted revenue of around $51.1 billion, down from $81.5 billion in 2022. The EBIT decreased by $26.9 billion from $30.9 billion in 2022 to $3.9 billion in 2023. The declining freight rates and the Red Sea situation impacted the overall results negatively. On April 19, AP Møller – Mærsk A/S (CPH:MAERSK-B) announced that it is improving its ME2 ocean service which will ensure shorter transit times between India and North Europe. The transit times for shipping between Mumbai ports and North Europe will be reduced by five to seven days.
The global logistics industry is one of the most important segments of international trade. With this context, let’s take a look at the 25 richest billionaires in the logistics industry.
25 Richest Billionaires in Logistics Industry
Our Methodology
We gathered the data for the 25 richest billionaires in the logistics industry from the Forbes Real Time Billionaires Index. The list of billionaires from the logistics industry is ranked in ascending order of billionaires’ net worths, as of April 23.
25 Richest Billionaires in Logistics Industry
25. Constantinos Martinos
Net Worth: $2.3 Billion
Constantinos Martinos co-founded the Greek shipping firm Thenamaris in 1972. With a net worth of around $2.3 billion, Constantinos Martinos ranks 25th among the richest billionaires in the logistics industry.
24. George Prokopiou
Net Worth: $2.6 Billion
George Prokopiou founded the shipping firms Sea Traders in 1974, Dynacom in 1991, and Dynagas in 2004. In 2013, Prokopiou took Dynagas LNG Partners LP (NYSE:DLNG) public on the New York Stock Exchange.
23. Tung Chee Hwa
Net Worth: $2.6 Billion
Tung Chee Hwa is the eldest son of Tung Chao Yung, the founder of shipping giant Orient Overseas (International) Limited (HKG:0316). Chee Hwa was the first Chief Executive of Hong Kong. Tung Chee Hwa is one of the richest billionaires in the logistics industry.
22. Roman Trotsenko
Net Worth: $2.8 Billion
Roman Trotsenko is the owner of Aeon Corporation, the Moscow River Steamship Line, and several river ports. Roman Trotsenko has a net worth of around $2.8 billion and ranks among the richest billionaires in the logistics industry.
21. G. M. Rao
Net Worth: $2.9 Billion
G. M. Rao runs the airport operator GMR Airports Infrastructure Limited (NSE:GMRINFRA). G. M. Rao has a net worth of $2.9 billion.
20. Lindsay Fox
Net Worth: $2.9 Billion
Lindsay Fox owns Australia’s biggest private logistics firm, Linfox. Lindsay Fox ranks 20th among the richest billionaires in the logistics industry.
19. Fernand Huts
Net Worth: $3.3 Billion
Fernand Huts controls the logistics firm, Katoen Natie. With a net worth of around $3.3 billion, Fernand Huts is one of the richest billionaires in the logistics industry in 2024.
18. Tung Chee Chen
Net Worth: $3.4 Billion
Tung Chee Chen is the brother of Tung Chee Hwa. Chee Chen served Orient Overseas (International) Limited (HKG:0316) as chairman and chief executive before both brothers sold their entire stake to COSCO SHIPPING Holdings Co., Ltd. (NASDAQ:CICOY).
17. Yang Shaopeng
Net Worth: $3.7 Billion
Yang Shaopeng chairs the shipping and logistics firm, SITC International Holdings Company Limited (HKG:1308). Yang Shaopeng ranks 17th among the richest billionaires in the logistics industry.
16. Brad Jacobs
Net Worth: $4.1 Billion
Brad Jacobs is the founder of commercial logistics firm, XPO, Inc. (NYSE:XPO). Brad Jacobs has a net worth of around $4.1 billion.
15. Johnelle Hunt
Net Worth: $4.3 Billion
Johnelle Hunt along with her late husband, Johnnie Bryan Hunt, founded the JB Hunt Transport Services, Inc. (NASDAQ:JBHT). With a net worth of around $4.3 billion, Johnelle Hunt ranks 15th among the richest billionaires in the logistics industry.
14. Kjell Inge Rokke
Net Worth: $4.5 Billion
Kjell Inge Rokke has around 68% stake in shipping and offshore drilling company, Aker ASA (OTC:AKAAF). Kjell Inge Rokke has a net worth of around $4.5 billion and is one of the richest billionaires in the logistics industry.
13. Lai Meisong
Net Worth: $4.5 Billion
In 2002, Lai Meisong founded the package delivery firm, ZTO Express (Cayman) Inc. (HKG:ZTO). Lai Meisong has a net worth of around $4.5 billion.
12. Fred Smith
Net Worth: $6.1 Billion
Fred Smith founded FedEx Corporation (NYSE:FDX), one of the largest logistics firms in the world. Fred Smith is one of the richest billionaires in the logistics industry.
11. Maria Angelicoussis
Net Worth: $6.4 Billion
Maria Angelicoussis owns the shipping company Angelicoussis Group. Angelicoussis is serving the company as its CEO. Maria Angelicoussis has a net worth of around $6.4 billion.
10. Helmut Sohmen
Net Worth: $6.9 Billion
Helmut Sohmen ranks 10th among the richest billionaires in the logistics industry. Sohmen served the shipping giant BW Group as chairman for almost 28 years before stepping down in 2014.
9. Dennis Washington
Net Worth: $7.1 Billion
Dennis Washington operates different businesses through his business group called Washington Companies. Dennis owns copper mining, marine transportation, and heavy equipment businesses.
8. Rodolphe Saadé
Net Worth: $8.9 Billion
Rodolphe Saadé is the CEO and chairman of one of the largest shipping firms, CMA CGM Group. Rodolphe jointly controls the firm with his siblings including Tanya Saadé Zeenny and Jacques Saadé Jr.
7. Jacques Saadé Jr
Net Worth: $8.9 Billion
Jacques Saadé Jr inherited CMA CGM Group from his father. Saadé Jr is head of CMA CGM’s real estate assets. Jacques Saadé Jr has a net worth of around $8.9 billion and ranks among the richest billionaires in the logistics industry.
6. Tanya Saadé Zeenny
Net Worth: $8.9 Billion
Tanya Saadé Zeenny controls CMA CGM Group’s corporate social responsibility department and the CMA CGM Foundation. Tanya Saadé Zeenny ranks sixth among the richest billionaires in the logistics industry.
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Disclosure. None. 25 Richest Billionaires in Logistics Industry is originally published on Insider Monkey.