Sea freight is by far the cheapest, most economical way to move goods.

If we drive cost down, we will be able to live with low freight rates.

Our priority has always been to have the lowest cost so we can be comfortable with weak freight rates. A big part of having the lowest cost is maintaining the largest network, and this means growing market share.

I never predict freight rates; nobody can do that.

What drives the attractiveness of a trans-shipment hub are really three things. Location, location, location is very helpful. But so is productivity - a stable labor force and getting ships in and out as quickly as possible. And then, getting costs as low as possible will drive carrier behavior.