International Container Terminal Services Inc

And it's highly variable below that tier.

But this is also where we might see material improvement in places like Durban, for example, with ICTSI now able to bring world-class operations to the port, as well as much-needed investment in the container handling equipment.

We might see it in Chattogram with the introduction of global terminal operators into that market and many other ports around the world.

But finally, there's the third element, which is the systemic and network resilience.

Well, I think it's good that they finally resolved.

So at the beginning of the year, they resolved the award of the Durban Gateway Terminal concession to ICTSI.

ICTSI have a strong track record in coming into markets with, shall we say, challenging labor conditions and challenging operating conditions.

But this is by far one of the biggest investments they'll be making.

And they're still only a joint venture partner with Transnet.