Panalpina, the Swiss global forwarder and logistics services company, fell into the red in the final quarter of 2009 but said it expects ocean and air cargo volumes to recover this year.

The Basel-based group swung to a $10.2 million loss in the three months to end-December from an $8.3 million year-earlier profit as net forwarding revenue shrunk to $1.45 billion from $2 billion.

Full year earnings slumped to $9.3 million from $105.5 million and net forwarding revenue slipped to $5.5 billion from $8.2 billion in 2008.

"Panalpina believes in a moderate recovery of both the air freight and ocean freight markets with mid single-digit growth rates," said Chief Executive Monika Ribar.

"We are confident to grow at least at the market level this year," she added.

Panalpina transported 731,000 metric tons of air freight in 2009, down 19 percent on the previous year, while ocean container volume contracted 14 percent to 1.1 million 20-foot equivalent units.

Panalpina said it suffered due to the relatively high proportion of its business with large companies that significantly reduced trade volumes in 2009.

The company also lost business as a result of the ongoing investigation by the U.S. Department of Justice into corrupt practices.