K&N reported CHF688mn net profit for 22Q3, up 19% YoY but down 14% QoQ,
accelerating sequential fall in earnings. We have expected the earning cycle of
seafreight forwarders to move earlier than the container liners in this down
cycle on the premises that spot rates, which the forwarders may rely on for the
income, have declined faster than the the contract rates, which represent the
bulk of forwarders' cost base. So far, K&N seafreight earnings have started to
come down sequentially since 22Q2,