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Welcome, everyone, and thank you for joining us on this earnings call today as we present our third quarter results for 2025. My name is Vincent Clerc. I'm the CEO of A.P. Møller - Maersk. And with me ...

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Umm Shukry inspects her olive trees one by one, just as she did every year for a decade. But this olive harvest season is different. Nearly all her trees are damaged; their branches bare and brittle.