Deutsche Post's DHL Global Forwarding gross profit declined 8.9 percent year on year to EUR1.79 billion (US$1.89 billion) in 2014, drawn on revenues of EUR5.1 billion, which increased 2.2 percent, according to Shipping Gazette.

DP DHL Group as a whole saw 2014 revenues rise 3.1 percent year on year to EUR56.6 billion, with all four of the company's operating divisions contributing to this improvement.

DHL's global forwarding arm carried four million tonnes of air freight in 2014, an increase of 2.4 percent year on year, despite a weak first half.

Commenting on its air cargo segment, the German logistics giant said: "Margin pressure continued to rise over the course of the year. In light of the falling oil price, major customers engaged in aggressive competitive bidding in the second half of the year.

"Furthermore, airlines reduced their capacities, in particular along the very busy routes from Asia.

"In the fourth quarter, volumes were 2.7 percent and revenue 6.6 percent above the prior-year quarter," said the company statement.

DHL added that air freight rates dropped in the first half of the year as airlines brought more wide-body passenger aircraft into service.

"In contrast, freighter capacities as a proportion of overall capacities decreased to 37.6 percent in the reporting year (previous year: 38.5 percent), as other major carriers deployed fewer freighters.

"This situation, in conjunction with a strong increase in demand, resulted in increased pressure on capacity buying rates in the second half of the year. After transporting 2.2 million export freight tonnes in the previous year, we remained the air freight market leader in 2014."