On 25 Nov, CMA CGM reported 3Q earnings which was down 7% QoQ driven by 3% QoQ lower freight rates and 9% QoQ higher OPEX. Main delta for OPEX increase are fuel and chartering expenses. CMA CGM’s group level profit margin is lower than that of the liner industry average, being affected by the less profitable logistics businesses. However, CMA CGM enjoys relatively better capital efficiency on less idle cash on its balance sheet, which helps CMA CGM deliver a Return on Equity ratio on par with