As I sat in my oval office in the wee hours starting to write a very nasty note – the obvious intended angle being to slam a catchy report* published this week – luckily my subconscious drifted away.

(*Quoting analysts who argued that AP Møller-Mærsk (APMM) has a $20bn “war chest”; with me looking for evidence to explain why a fourth of that, assuming certain trends for bunker costs/freight rates/others, could be top end as oil prices storm ahead of fundamentals. Never mind?)

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