SANTOVATHE best and bravest investors are not the ones who jump on bandwagons and follow the herd. They are not content when there’s merely blood on the streets, they’re looking for the moment when everything is at its bleakest, when you’re entering the Inferno and you see the sign “Lasciate ogni speranza, voi ch’entrate.”If you’ve got large enough trousers to handle the risk, this is when you’ll find valuations at their most appealing and you’ll soon see which operators have the bottle to handle the tough stuff.Markets at the moment may not quite be at full Inferno level, but they’re not exactly humming, and Santova’s results show the mark of an operation that is making a fine fist of extracting full value from a testing period. The logistics provider stated that growth in the industry was flat as a result of reduced trade volumes and ongoing overcapacity in ocean freight, yet it was able to post a tidy increase in headline earnings as a result of its clearly defined growth strateg...

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