YMM's reported another set of great results much in line with the other liners
already reported. However, market consensus may have expected it and the market
focus at this point is whether the liner earnings could sustain.
YMM's net profit were down 12% QoQ on sequential decline in the spot freight
rates and increase in bunker price. In the details, liner EBIT down 8% QoQ or
$217mn. Revenue was down $110mn QoQ, driven primarily by the spot freight rates,
while bunker expenses, driven by bunker