Yang Ming 2Q earnings avoid sequential fall at the EBIT level as sequential fall in revenue was offset by the reduction in operating expense, which is an outliner. Yang Ming led the container liner peers in 13% QoQ reduction in OPEX excluding bunker, depreciation and SG&A,  which consists of mainly port handlings and equity repositioning. Among the liners, e.g. Maersk and Hapag Lloyd,  that have disclosed port handling expenses, unit costs for this item were down QoQ but the drop is mostly off