“Few multinational companies have pulled off such a transformation,” he writes, while the latest news on Damco and the acquisition of customs brokers are “startling wake-up calls that the line between carriers and forwarders has blurred”. He notes the strategy is “bold”, “impressive” – and yet “not a shoe-in victory”.

Well worth a read for anyone wanting to understand APMM, its new place in the world – and the positions of the companies around it.