Yes, Q1 22 has been very difficult for Expeditors – if all quarters were like that, however, there would be only winners in logistics.

To be sure, the cyber-attack that the Seattle-based 3PL faced and dealt with from 20 February, has caused one-off costs and charges of about $60m so far – our provisional range for cyber-related damage was $100m to $200m.

Buybacks were zero’d, down from $86m one year earlier, emergency budget sorted cash flow-wise.

Yet air and ocean volumes, oh dear ...

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