K&N reported yesterday (25thApr). The YoY drop in revenue, profit and volume in the group results, and the sea and air segment are no surprises. But the sequential rebound in EBIT/GP conversion rate for Sea Logistics was exceptional given the deterioration of the container shipping market during 1Q 2023. One reason that we figure was that the drop in the freight rates in contracts between K&N and the liners may have come steeper than the drop in spot rates that K&N is selling to the market durin