There could something fundamentally wrong in an industry where the market leader and other players experience huge swings in working capital management (WCM), leading to tighter short-term liquidity.

That is usually true when most of the players in a sector are financially weak, particularly with capital heavy businesses.

But that is not the case with the world leader in ocean freight, Kuehne + Nagel. However, its performance in the first nine months of the year should raise eyebrows, as far as WCM ...

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