Hapag Lloyd’s earnings during 3Q fell back to the pre-2020 level. Yet. Hapag Lloyd still lead the liner peers on EBIT margin and Return on Equity (RoE).  Hapag-Lloyd has been consistently generating better EBIT margin than the other top 5 liners, save for COSCO, which are on a different set of accounting policies. The better RoE is attributable to both higher EBIT margin and better capital efficiency. Hapag-Lloyd has been cutting its fuel costs by both higher fuel efficiency and scrubber fittin