The CMA CGM headline story is there for all to see, but then right underneath its 2019 ebit line, the full damage of years spent looking at shuffling its asset base, often using debt to propel strategy is unmissable: core ebit of $1.13bn, interest expenses of $1.39bn.

This means: look, we are operationally sound but on a wing and a prayer financially. But do those audited numbers do justice to the grand story of the French carrier? And anyway, do you remember ...

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