Key take aways from the 11 liner's 3Q results. The 11 liners represent 66%
global container liner capacity. Figures in the following are aggregates of the
11 liners unless stated otherwise.
1. Liners were down to breakeven point. The average EBIT margin fell to
negative 0.1% or broadly operating breakeven if we exclude only the liners
that have made material provisions/write-back (COSCO); inorganic growth
(Evergreen); and stopped to report (CMA CGM). Including COSCO, Evergreen and